Business Acquisitions

12 Months Ended

Dec. 31, 2012

Business Acquisitions [Abstract]

Business Acquisition

Business Acquisitions

In December 2012, the Company acquired Lorex Technology Inc., a provider of consumer oriented and professional grade video surveillance systems, for approximately $61.2 million in cash and Traficon International NV, a provider of video image processing software and hardware for traffic analysis applications, for approximately $46.3 million in cash. Tangible assets acquired, including accounts receivable and inventories, are included in the Consolidated Balance Sheet as of December 31, 2012 and are included in Thermal Vision and Measurement segment assets in Note 17 - Operating Segments and Related Information. The allocation of the purchase price to identifiable intangible assets and goodwill is subject to the final determination on the valuation of assets acquired and liabilities assumed. Accordingly, the excess purchase price of approximately $84.1 million has been recorded in Other assets as of December 31, 2012. The operating results for Lorex and Traficon are not included in the Company's results of operations since their respective dates of acquisition as the amounts of such results were immaterial.

In July 2011, the Company acquired Aerius, a leading provider of short-wavelength infrared detectors and advanced laser components, for approximately $27.0 million in cash. The Company has recorded $8.8 million of identifiable intangible assets and $16.5 million of goodwill, in conjunction with this acquisition, which has been recorded in the Company’s Thermal Vision and Measurement business segment. Goodwill consists largely of the Company’s ability to enhance its component offerings and expand its OEM customer base, to augment the Company’s multi-spectral systems development capabilities, and to minimize the cost of commercializing Aerius detectors and laser components into the Company’s current and future product offerings.

Additionally in 2011, the Company acquired all of the outstanding stock of Tacktick Ltd. and Belamarin OY for approximately $5.1 million in cash. Purchase price allocations recorded in 2011 in connection with these acquisitions in the Raymarine business segment include identifiable intangible assets of approximately $1.1 million and goodwill of approximately $1.5 million.

None of the goodwill recognized is expected to be deductible for income tax purposes.

The operating results of these acquisitions in 2011 are included in the Company’s results of operations since their respective dates of acquisition.

These acquisitions are not significant, either individually or in the aggregate, as defined in Regulation S-X of the Securities and Exchange Commission, compared to the Company’s overall financial position.