Goodwill and Acquired Intangible Assets (Note)

12 Months Ended

Dec. 03, 2011

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND ACQUIRED INTANGIBLE ASSETS

The following table reconciles the activity for goodwill by segment for fiscal years 2011 and 2010. All goodwill is stated on a gross basis, as the Company has not recorded any impairment charges against goodwill.



	Engine/Mobile Filtration			Industrial/ Environmental Filtration			Packaging		Total
November 30, 2009	$	22,551		$	205,631		$	—	$	228,182
Acquisitions	—			666			—		666
Currency translation adjustments	(917		)	174			—		(743		)
November 30, 2010	$	21,634		$	206,471		$	—	$	228,105
Acquisitions	—			7,976			—		7,976
Currency translation adjustments	(547		)	(4		)	—		(551		)
November 30, 2011	$	21,087		$	214,443		$	—	$	235,530

The Company completed an annual impairment review at each fiscal year-end and concluded there was no impairment of goodwill. In performing the impairment reviews, the Company estimated the fair values of the reporting units using a present value method that discounted future cash flows. Such valuations are sensitive to assumptions associated with cash flow growth, discount rates, terminal value and the aggregation of reporting unit components. The Company further assessed the reasonableness of these estimates by considering relevant market multiples.

The following table summarizes acquired intangible assets by segment. Other acquired intangible assets include parts manufacturer regulatory approvals, proprietary technology, patents and noncompete agreements.



	Engine/Mobile Filtration			Industrial/ Environmental Filtration			Packaging		Total
November 30, 2011
Indefinite Lived Intangibles:
Trademarks - indefinite lived	$	603		$	41,922		$	—	$	42,525

Finite Lived Intangibles:
Trademarks, gross - finite lived	$	306		$	488		$	—	$	794
Accumulated amortization	(74		)	(302		)	—		(376		)
Trademarks, net - finite lived	$	232		$	186		$	—	$	418

Customer relationships, gross	$	4,256		$	42,694		$	—	$	46,950
Accumulated amortization	(1,535		)	(13,559		)	—		(15,094		)
Customer relationships, net	$	2,721		$	29,135		$	—	$	31,856

Other acquired intangibles, gross	$	243		$	39,632		$	—	$	39,875
Accumulated amortization	(243		)	(15,757		)	—		(16,000		)
Other acquired intangibles, net	$	—		$	23,875		$	—	$	23,875

Total finite lived intangible assets, net	$	2,953		$	53,196		$	—	$	56,149
Acquired intangible assets, less accumulated amortization	$	3,556		$	95,118		$	—	$	98,674



	Engine/Mobile Filtration			Industrial/ Environmental Filtration			Packaging		Total
November 30, 2010
Indefinite Lived Intangibles:
Trademarks - indefinite lived	$	603		$	41,022		$	—	$	41,625

Finite Lived Intangibles:
Trademarks, gross - finite lived	$	302		$	486		$	—	$	788
Accumulated amortization	(58		)	(287		)	—		(345		)
Trademarks, net	$	244		$	199		$	—	$	443

Customer relationships, gross	$	4,161		$	34,188		$	—	$	38,349
Accumulated amortization	(1,371		)	(10,562		)	—		(11,933		)
Customer relationships, net	$	2,790		$	23,626		$	—	$	26,416

Other acquired intangibles, gross	$	243		$	35,928		$	—	$	36,171
Accumulated amortization	(243		)	(13,238		)	—		(13,481		)
Other acquired intangibles, net	$	—		$	22,690		$	—	$	22,690

Total finite lived intangible assets, net	$	3,034		$	46,515		$	—	$	49,549
Acquired intangible assets, less accumulated amortization	$	3,637		$	87,537		$	—	$	91,174

The Company performed annual impairment tests on its indefinite-lived intangible assets at each fiscal year-end using the relief-from-royalty method to determine the fair value of its trademarks and trade names. There was no impairment as the fair value was greater than the carrying value for these indefinite-lived intangible assets as of these dates. In addition, the Company reassessed the useful lives and classification of identifiable finite-lived intangible assets at each year-end and determined that they continue to be appropriate.

The following tables summarize actual amortization expense for the past three fiscal years and estimated amortization expense for the next five fiscal years.



Amortization expense for the years ended:
2011	$	5,609
2010	4,802
2009	4,957



Estimated amortization expense for the next five years:
2012	$	5,610
2013	5,462
2014	5,274
2015	5,261
2016	5,129

- 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.

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