Goodwill And Intangible Assets

12 Months Ended

Dec. 31, 2011

Goodwill And Intangible Assets [Abstract]

(6)

Goodwill and Intangible Assets

Goodwill

As described in Note 4 to the Consolidated Financial Statements, the Company acquired four businesses in 2011 and six businesses in 2010. The excess of purchase price over estimated fair value was assigned to goodwill.

The Company believes that substantially all of the goodwill is deductible for tax purposes. The following table presents changes to goodwill during the periods indicated (in thousands):


	Electrical Segment			Mechanical Segment		Total Company
Balance, January 2, 2010	$	663,920		$	—	$	663,920

Acquisitions		90,875			11,040		101,915
Translation Adjustments		8,340			1,196		9,536

Balance, January 1, 2011	$	763,135		$	12,236	$	775,371

Net Acquistions		350,400			65		350,465
Translation Adjustments		(8,578	)		291		(8,287	)

Balance, December 31, 2011	$	1,104,957		$	12,592	$	1,117,549

Intangible Assets

Intangible assets consists of the following (in thousands):

Gross Intangibles


Asset Description	Useful Life (years)		January 1, 2011		Acquisitions		Translation Adjustments			December 31, 2011
Customer Relationships		3 -14	$	139,348	$	89,443	$	(1,266	)	$	227,525
Technology		3- 9		60,600		67,400		198			128,198
Trademarks		3-20		30,979		—		(50	)		30,929
In-Process Research and Development		N/A		—		17,200		—			17,200
Patents		10		15,410		—		—			15,410
Non-Compete Agreements		3- 5		7,550		400		126			8,076
Engineering Drawings		10		1,200		—		—			1,200

Total Gross Intangibles			$	255,087	$	174,443	$	(992	)	$	428,538

Accumulated Amortization


Asset Description	January 1, 2011			Amortization Adjustments			Translation 2011			December 31, 2011
Customer Relationships	$	(40,841	)	$	(16,295	)	$	757		$	(56,379	)
Technology		(13,117	)		(11,533	)		(88	)		(24,738	)
Trademarks		(9,759	)		(3,063	)		55			(12,767	)
Patents		(9,274	)		(1,541	)		—			(10,815	)
Non-Compete Agreements		(5,879	)		(659	)		(121	)		(6,659	)
Engineering Drawings		(727	)		(120	)		—			(847	)

Total Accumulated Amortization	$	(79,597	)	$	(33,211	)	$	603		$	(112,205	)

Intangible Assets, Net of Amortization	$	175,490								$	316,333

In-process research and development projects are estimated to be completed within two 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 $33.2 million in fiscal 2011, $20.0 million in fiscal 2010 and $19.4 million in fiscal 2009.

Estimated Amortization (in millions)



2012	2013	2014	2015	2016
$42.6	$41.7	$40.0	$32.6	$28.8

- 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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