Goodwill (Tables)

3 Months Ended

Mar. 31, 2012

Goodwill [Abstract]

Changes in carrying amount of goodwill

	Balance December 31, 2011		Business Combinations		Foreign Currency Translation/ Other		Balance March 31, 2012
	(Dollars in millions)
Actuation and Landing Systems(1)	$	519.9	$	—	$	11.2	$	531.1
Nacelles and Interior Systems		629.5		—		2.5		632.0
Electronic Systems		841.6		—		2.4		844.0
	$	1,991.0	$	—	$	16.1	$	2,007.1

(1) On May 12, 2011, the Company acquired Microtecnica for $457.1 million in cash, net of cash acquired. Based on the Company’s purchase price allocation, $312.4 million was identifiable intangible assets, $214.3 million was goodwill and $105.8 million was net deferred tax liabilities primarily related to the intangible assets. Of the total identifiable intangible assets, $305.1 million related to customer relationships and will be amortized over a useful life of 27 years. This useful life was determined, in part, from an appraisal performed by an independent valuation firm which based the life of the customer relationships on existing customer programs that have long production and aftermarket cycles. The Company analyzed the period of future performance and estimated cash flows to determine the fair value of the customer relationships and the resulting useful life. The useful life is typical of the aerospace and defense industry where a company sells product to an airframe manufacturer for new aircraft production that may run 10 to 25 years, followed by sales of spare and replacement parts and maintenance, repair and overhaul services that are sold to the aircraft operators for as long as the aircraft remains in service, which is typically 10 to 25 years after the aircraft is delivered. The goodwill primarily represents the expected value from combining Microtecnica’s expertise in flight controls with the Company’s flight control actuation business and is not deductible for tax purposes.