XML 64 R45.htm IDEA: XBRL DOCUMENT v2.4.0.6
ASSETS AND LIABILITIES MEASURED AT FAIR VALUE (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Mar. 31, 2011
Dec. 31, 2011
Dec. 31, 2010
Level 3 [Member]
Dec. 31, 2012
Recurring Fair Value Measurement [Member]
Dec. 31, 2011
Recurring Fair Value Measurement [Member]
Dec. 31, 2012
Recurring Fair Value Measurement [Member]
Level 1 [Member]
Dec. 31, 2011
Recurring Fair Value Measurement [Member]
Level 1 [Member]
Dec. 31, 2012
Recurring Fair Value Measurement [Member]
Level 2 [Member]
Dec. 31, 2011
Recurring Fair Value Measurement [Member]
Level 2 [Member]
Dec. 31, 2012
Recurring Fair Value Measurement [Member]
Level 3 [Member]
Dec. 31, 2011
Recurring Fair Value Measurement [Member]
Level 3 [Member]
Dec. 31, 2012
Non-recurring Fair Value Measurement [Member]
Dec. 31, 2011
Non-recurring Fair Value Measurement [Member]
Dec. 31, 2012
Non-recurring Fair Value Measurement [Member]
Level 1 [Member]
Dec. 31, 2011
Non-recurring Fair Value Measurement [Member]
Level 1 [Member]
Dec. 31, 2012
Non-recurring Fair Value Measurement [Member]
Level 2 [Member]
Dec. 31, 2011
Non-recurring Fair Value Measurement [Member]
Level 2 [Member]
Dec. 31, 2012
Non-recurring Fair Value Measurement [Member]
Level 3 [Member]
Dec. 31, 2011
Non-recurring Fair Value Measurement [Member]
Level 3 [Member]
Assets at Fair Value [Abstract]                                      
Money market fund         $ 7,503 [1]   $ 7,503 [1]   $ 0 [1]   $ 0 [1]                
Intangible assets, net                       48,793 [2] 17,642 [3] 0 [2] 0 [3] 0 [2] 0 [3] 48,793 [2] 17,642 [3]
Liabilities at Fair Value [Abstract]                                      
Contingent consideration       7,950 [4]   0 [4]   0 [4]   7,950 [4]     0 [5]   0 [5]   0 [5]   0 [5]
Impairment loss (1,163) [3] (1,163)                                  
Accrued liabilities     1,235 [5]                                
Fair value adjustment, liabilities   72                                  
Change in amount of contingent consideration   $ 1,235                                  
[1] Institutional Money Market: Valued at the closing price reported on the active markets on which the individual securities are traded (Level 1); included in cash and cash equivalents at December 31, 2011. The money market fund was fully liquidated at its carrying value during the third quarter of 2012 to fund the TASS acquisition.
[2] The fair values of intangibles relating to the 2012 acquisitions of TASS and Valent were determined by third parties in connection with the purchase and recorded at those values.
[3] During the first quarter of 2011, a triggering event occurred with regard to a certain proprietary technology intangible asset as a result of a failure to conclude a possible sale of a product line. The Company did not have plans to utilize this technology in the near term and believed the current market for the product line to be limited; thus, utilizing the income approach with a level 3 valuation, the Company expected zero cash flows. As such, a full impairment loss of $1,163 was recognized as of March 31, 2011. The impairment loss was recognized in the Aerostructures segment in the selling, general and administrative expenses line of the Consolidated Statements of Income.
[4] The Monte Carlo simulation was used with a normal probability distribution of the best estimate of EBITDA for 2013 to approximate fair value.
[5] Included in accrued liabilities as of December 31, 2010 was $1,235 of contingent consideration, representing the fair value of the amount payable to former Intec shareholders if certain sales targets were achieved by Intec or if proceeds from the sale of certain portions of Intec exceeded a pre-established threshold by March 31, 2011. This amount was calculated utilizing an income approach with a level 3 valuation in which the Company analyzed expected future cash flows of likely scenarios as of December 31, 2010. Neither the sales targets nor the sale of certain portions of Intec occurred by March 31, 2011. As such, the $1,235 of contingent consideration was deemed not to be owed, and a benefit was recorded in the selling, general and administrative expenses line of the Consolidated Statements of Income.