Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2012

Note 13 – Goodwill and Intangible Assets

Definite Lived Intangible Assets

(Dollars in thousands)	March 31, 2012						December 31, 2011
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Trademarks and patents	$	1,019	$	161	$	828	$	879	$	140	$	739
Technology		36,514		5,762		30,752		35,769		4,655		31,114
Covenant-not-to-compete		978		188		790		956		135		821
Customer Relationships		20,317		1,498		18,819		19,851		1,315		18,536
Total other intangible assets	$	58,828	$	7,609	$	51,189	$	57,455	$	6,245	$	51,210

*Gross carrying amounts and accumulated amortization may be different from prior periods due to foreign exchange rate fluctuations.

Amortization expense for the first quarter of 2012 and 2011 was approximately $1.2 million and $1.4 million, respectively. The estimated annual future amortization expense is $3.2 million, $5.9 million, $5.9 million, $5.7 million and $5.3 million for the remainder of 2012, 2013, 2014, 2015 and 2016, respectively. These amounts could vary based on changes in foreign currency exchange rates.

The weighted average amortization period as of March 31, 2012, by intangible asset class, is presented in the table below:

Intangible Asset Class	Weighted Average Amortization Period
Trademarks and patents	8.9
Technology	6.0
Covenant not-to-compete	3.6
Customer relationships	9.3
Total other intangible assets	7.2

On January 4, 2011 we acquired Curamik, which contributed $52.4 million of intangible assets and $79.8 million of goodwill. The intangible assets are comprised of trademarks, technology, and customer relationships. This includes $5.3 million of indefinite-lived intangible assets comprised of trademarks, which are assessed for impairment annually. The definite-lived intangibles are amortized using an accelerated method of amortization that is based on the projected economic use of the related underlying asset.

Goodwill

The changes in the carrying amount of goodwill for the period ending March 31, 2012, by reportable segment, are as follows:

(Dollars in thousands)	High Performance Foams		Printed Circuit Materials		Curamik Electronics Solutions		Power Distribution Systems		Other		Total
December 31, 2011	$	22,597	$	-	$	77,357	$	-	$	2,224	$	102,178
Foreign currency translation adjustment		360		-		1,821		-		-		2,181
March 31, 2012	$	22,957	$	-	$	79,178	$	-	$	2,224	$	104,359

- 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.

+ References+ Details