XML 30 R14.htm IDEA: XBRL DOCUMENT v2.3.0.15
Goodwill And Other Intangibles
9 Months Ended
Oct. 01, 2011
Goodwill And Other Intangibles [Abstract] 
Goodwill And Other Intangibles

7. GOODWILL AND OTHER INTANGIBLES

Goodwill

As required, the Company performs an annual impairment test of goodwill during the fourth quarter or more frequently if events or circumstances change that would more likely than not reduce the fair value of its reporting units below their carrying value.

At October 1, 2011, substantially all of the Company's goodwill is attributable to the Electrical Segment and the Company believes that substantially all of the goodwill is deductible for tax purposes. The following information presents changes to goodwill during the periods indicated (in thousands):

 

     Total     Electrical
Segment
    Mechanical
Segment
 

Balance as of January 1, 2011

   $ 775,371      $ 763,135      $ 12,236   

Acquisitions and Valuation Adjustments

     369,611        369,546        65   

Translation Adjustments

     (9,280     (8,921     (359
  

 

 

   

 

 

   

 

 

 

Balance as of October 1, 2011

   $ 1,135,702      $ 1,123,760      $ 11,942   
  

 

 

   

 

 

   

 

 

 

Balance as of January 2, 2010

   $ 663,920      $ 663,920      $ —     

Acquisitions

     39,492        28,823        10,669   

Translation Adjustments

     7,831        7,239        592   
  

 

 

   

 

 

   

 

 

 

Balance as of October 2, 2010

   $ 711,243      $ 699,982      $ 11,261   
  

 

 

   

 

 

   

 

 

 

Intangible Assets

Intangible assets consisted of the following (dollars in thousands):

 

     Useful Life
(years)
     October 1, 2011     October 2, 2010  
        Gross
Value
     Accumulated
Amortization
    Gross
Value
     Accumulated
Amortization
 

Customer Relationships

     3 -17       $ 195,019       $ (52,037   $ 130,462       $ (37,681

Technology

     3- 9         127,824         (20,400     34,122         (11,962

Trademarks

     3 -20         30,795         (12,001     25,529         (9,269

In-Process Research and Development

     N/A         19,000         —          —           —     

Patents & Engineering Drawings

     10         16,610         (11,246     16,610         (9,586

Non-Compete Agreements

     3- 5         8,138         (6,506     6,406         (5,639
     

 

 

    

 

 

   

 

 

    

 

 

 
      $ 297,386       $ (102,190   $ 213,129       $ (74,137
     

 

 

    

 

 

   

 

 

    

 

 

 

Net Values

         $         $ 138,992   
        

 

 

      

 

 

 

In-process research and development projects are estimated to be completed within two years of October 1, 2011. Amortization will begin upon project completion.

Estimated Amortization (in millions)

 

2011

   2012      2013      2014      2015  
$32.5    $ 39.7       $ 39.2       $ 38.0       $ 30.6   

Amortization expense recorded for the three and nine months ended October 1, 2011 was $8.7 million and $23.1 million, respectively. Amortization expense recorded for the three and nine months ended October 2, 2010 was $5.2 million and $14.6 million, respectively.