Goodwill and Other Intangible Assets

6 Months Ended

Jul. 01, 2011

GOODWILL AND OTHER INTANGIBLE ASSETS, NET [Abstract]

Goodwill and Intangible Assets Disclosure

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

Goodwill

The following table sets forth the change in the carrying amount of goodwill for each segment and for the Company:



	Industrial Distribution		Aerospace			Total
In thousands
Gross balance at December 31, 2010	$	39,868	$	89,131		$	128,999
Accumulated impairment	—		(14,181		)	(14,181		)
Net balance at December 31, 2010	39,868		74,950			114,818
Additions	523		637			1,160
Exchange rate changes	50		1,598			1,648
Net balance at July 1, 2011	$	40,441	$	77,185		$	117,626

The additions to the goodwill balance relate to the Industrial Distribution segment's acquisition of a distribution business comprised of two locations for a purchase price of $0.9 million that will be merged into our existing distribution operations and earn out payments made to the former owners of one of the Aerospace segment's earlier acquisitions.

14.GOODWILL AND OTHER INTANGIBLE ASSETS, NET (CONTINUED)

Other Intangible Assets

Other intangible assets consisted of:



		At July 1, 2011					At December 31, 2010
	Amortization Period	Gross Amount		Accumulated Amortization			Gross Amount		Accumulated Amortization
In thousands
Customer lists / relationships	10-21 years	$	53,337	$	(7,039	)	$	50,798	$	(5,135	)
Trademarks / trade names	3-7 years	1,398		(556		)	1,396		(403		)
Patents	17 years	636		(458		)	657		(442		)
Non-Compete Agreements and other	1-9 years	3,962		(1,806		)	3,902		(1,345		)
Total		$	59,333	$	(9,859	)	$	56,753	$	(7,325	)

The increase in the intangible asset balance relates primarily to payments made by the Company's Aerospace segment in accordance with an exclusive teaming arrangement, fluctuations in foreign currency exchange rates and the acquisition mentioned above.

- 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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