Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2013

Goodwill and Intangible Assets Disclosure [Abstract]

The following table, which may contain summation differences due to rounding, sets forth information for the Company’s goodwill and intangible assets as of the dates indicated (in millions):



	March 31, 2013			December 31, 2012
Amortizing intangible assets:⁽¹⁾
Gross carrying amount	$	129.4		$	129.5
Less: accumulated amortization	(62.5		)	(58.5		)
Amortizing intangible assets, net	$	66.8		$	71.0
Non-amortizing intangible assets:
Trade names	$	34.7		$	34.8
Pre-qualifications	31.3			31.3
Non-amortizing intangible assets	66.0			66.1
Goodwill	$	824.0		$	824.7
Goodwill and other intangible assets	$	956.9		$	961.8

(1)Consists principally of customer relationships, backlog, trade names and non-compete agreements with finite lives.

During the first quarter of 2013, the Company recorded a $4.7 million post-closing purchase price adjustment for the DTS acquisition based on DTS's final closing tangible net worth and net working capital, as prescribed in the related purchase agreement, which resulted in the revision of comparative financial information as of December 31, 2012. See Note 3 - Acquisitions and Other Investments.

See Note 4 - Discontinued Operations for information pertaining to goodwill and other intangible assets of discontinued operations.

The following table, which may contain summation differences due to rounding, provides a reconciliation of changes in goodwill and other intangible assets for the periods indicated (in millions):



				Other Intangible Assets
	Goodwill			Non-amortizing			Amortizing			Total
Balance as of December 31, 2011	$	714.8		$	66.2		$	44.5		$	825.5
Accruals of acquisition-related contingent consideration ^(a)	$	—								$	—
Amortization expense							$	(2.8	)	$	(2.8	)
Balance as of March 31, 2012	$	714.8		$	66.2		$	41.7		$	822.7

Balance as of December 31, 2012	$	824.7		$	66.1		$	71.0		$	961.8
Accruals of acquisition-related contingent consideration ^(a)	—									$	—
Amortization expense							(4.2		)	$	(4.2	)
Currency translation adjustments	(0.7		)	(0.1		)	—			$	(0.8	)
Balance as of March 31, 2013	$	824.0		$	66.0		$	66.8		$	956.9


(a)	Represents contingent consideration for acquisitions prior to January 1, 2009, which is only accrued as earned, in accordance with U.S. GAAP.

The following table provides a reconciliation of changes in goodwill by reportable segment for the periods indicated (in millions):



	Communications		Electrical Transmission		Oil and Gas			Power Generation and Industrial		Total Goodwill
Balance as of December 31, 2011	$	258.0	$	129.5	$	209.7		$	117.6	$	714.8
Accruals of acquisition-related contingent consideration ^(a)	—		—		—			—		$	—
Balance as of March 31, 2012	$	258.0	$	129.5	$	209.7		$	117.6	$	714.8

Balance as of December 31, 2012	$	306.8	$	129.5	$	270.8		$	117.6	$	824.7
Accruals of acquisition-related contingent consideration ^(a)	—		—		—			—		$	—
Currency translation adjustments	—		—		(0.7		)	—		$	(0.7	)
Balance as of March 31, 2013	$	306.8	$	129.5	$	270.1		$	117.6	$	824.0

(a) Represents contingent consideration for acquisitions prior to January 1, 2009, which is only accrued as earned, in accordance with U.S. GAAP.

See Note 16 - Segments and Operations by Geographic Area for details pertaining to the Company's reportable segments.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References+ Details