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Goodwill and Acquired Intangible Assets
12 Months Ended
Oct. 31, 2012
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Acquired Intangible Assets
Goodwill and Acquired Intangible Assets

Goodwill

All of the Company’s goodwill relates to the Engineered Products segment. The changes in the carrying amount of goodwill for the years ended October 31, 2012 and 2011 are as follows (in thousands):
 
 
Engineered
Products Goodwill
Balance at October 31, 2010
$
25,189

Acquisition
44,623

Foreign currency translation adjustment
(380
)
Balance at October 31, 2011
$
69,432

Foreign currency translation adjustment
(1,101
)
Balance at October 31, 2012
$
68,331




In accordance with ASC Topic 350, “Goodwill and Other Intangible Assets,” a detailed determination of the fair value of the reporting unit may be carried forward from one year to the next if all of the following conditions are met: a) assets and liabilities that make up the reporting unit have not changed since the previous year's fair value determination, b) the most recent fair value determination resulted in an amount that exceeded the carrying amount of the reporting unit by a substantial margin, c) based on analysis of events that have occurred and circumstances that have changed since the most recent fair value determination, the likelihood that a current fair value determination would be less than the current carrying amount of the reporting unit is remote. Based on the Company’s analysis of the above criteria, the Company carried forward the fiscal 2009 detailed determination of the fair value of its reporting units to fiscal 2010. As the fair value of the reporting units exceeded their respective carrying amount, no impairment of goodwill was incurred at August 31, 2010.

Pursuant to the policy described in Note 2, the Company tested the recoverability of its goodwill balances as of August 31, 2012 and 2011 and concluded that they were not impaired at either date.


Acquired Intangible Assets

Intangible assets consist of the following (in thousands):
 
 
As of October 31, 2012
 
As of October 31, 2011
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Gross
Carrying
Amount
 
Accumulated
Amortization
Intangible assets subject to amortization:
 
 
 
 
 
 
 
Patents and other technology
$
24,773

 
$
(9,382
)
 
$
25,300

 
$
(7,552
)
Trademarks and trade names
44,519

 
(14,520
)
 
44,857

 
(11,540
)
Customer relationships
43,737

 
(11,675
)
 
44,260

 
(8,588
)
Other
1,392

 
(464
)
 
1,392

 
(186
)
Total
$
114,421

 
$
(36,041
)
 
$
115,809

 
$
(27,866
)


The intangible assets are being amortized over the period they are expected to contribute to the future cash flows of the Company. No residual value is estimated for the intangible assets.
 
The aggregate amortization expense for intangibles for the years ended October 31, 2012, 2011, and 2010 is $8.2 million, $6.3 million and $3.1 million, respectively. Estimated amortization expense for the next five years for existing intangibles follows (in thousands):
 
Fiscal Years Ending
October 31,
 
Estimated
Amortization
2013
 
$
8,124

2014
 
8,015

2015
 
7,887

2016
 
7,682

2017
 
7,590



The Company did not recognize any material impairments to its intangible assets during the years ended October 31, 2012, 2011 or 2010.