Goodwill And Intangible Assets

12 Months Ended

Dec. 29, 2012

Goodwill and Intangible Assets Disclosure [Abstract]

(5) Goodwill and Intangible Assets

Goodwill

As described in Note 4 to the Consolidated Financial Statements, the Company acquired four businesses in both 2012 and in 2011. The excess of purchase price over estimated fair value was assigned to goodwill.

The following table presents changes to goodwill during the periods indicated (in millions):




	Total			Electrical Segment			Mechanical Segment
Balance as of January 1, 2011	$	775.7		$	763.5		$	12.2
Acquisitions and valuation adjustments	350.5			350.4			0.1
Translation adjustments	(8.6		)	(8.9		)	0.3
Balance as of December 31, 2011	$	1,117.6		$	1,105.0		$	12.6

Acquisitions and valuation adjustments	25.9			2.7			23.2
Translation adjustments	7.5			4.0			3.5
Balance as of December 29, 2012	$	1,151.0		$	1,111.7		$	39.3

Intangible Assets

Gross intangible assets consist of the following (in millions):




	Useful Life (years)	December 31, 2011		Acquisitions		Translation Adjustments		December 29, 2012
Customer Relationships	3 - 14	$	227.5	$	16.2	$	1.2	$	244.9
Technology	3 - 9	128.2		1.7		0.4		130.3
Trademarks	3 - 20	30.9		1.6		0.2		32.7
IPRD	N/A	17.2		—		—		17.2
Patent and Engineering Drawings	10	16.6		—		—		16.6
Non-compete Agreements	3 - 5	8.1		0.1		—		8.2
Total Gross Intangibles		$	428.5	$	19.6	$	1.8	$	449.9

Accumulated amortization on intangible assets consist of the following:



	December 31, 2011			Amortization			Translation Adjustments			December 29, 2012
Customer Relationships	$	(56.4	)	$	(22.0	)	$	(0.3	)	$	(78.7	)
Technology	(24.7		)	(17.0		)	(0.1		)	(41.8		)
Trademarks	(12.8		)	(2.8		)	(0.1		)	(15.7		)
Patent and Engineering Drawings	(11.6		)	(1.7		)	—			(13.3		)
Non-compete Agreements	(6.7		)	(0.5		)	—			(7.2		)
Total Accumulated Amortization	$	(112.2	)	$	(44.0	)	$	(0.5	)	$	(156.7	)
Intangible Assets, Net of Amortization	$	316.3								$	293.2

In-process research and development projects are estimated to be completed within three years. Amortization will begin upon project completion.

The Company's customer relationships are generally long-term in nature with useful lives established at acquisition based on historical attrition rates.

Amortization expense was $44.0 million in fiscal 2012, $33.2 million in fiscal 2011 and $20.0 million in fiscal 2010.



	Estimated Amortization
Year	Estimated Amortization
2013	$	44.1
2014	42.8
2015	35.0
2016	30.8
2017	24.4

- 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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