GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2013

5. GOODWILL AND INTANGIBLE ASSETS

The following sets forth the intangible assets by major asset class, all of which were acquired through business purchase transactions:

		December 31, 2013						December 31, 2012
						Net						Net
	Useful Life	Original		Accumulated		Book		Original		Accumulated		Book
	(Years)	Cost		Amortization		Value		Cost		Amortization		Value
Customer contracts and
relationships	8-30	$	424.0	$	85.7	$	338.3	$	410.8	$	64.0	$	346.8
Acquired technologies	5-34		126.6		54.4		72.2		127.7		50.6		77.1
Replacement parts annuity
and product approvals	7-22		7.9		6.0		1.9		28.3		25.7		2.6
Technical qualifications,
plans and drawings	10-22		19.3		16.2		3.1		26.9		22.7		4.2
Trademarks and patents	3-20		23.0		15.4		7.6		27.1		19.4		7.7
Covenants not to compete	4-5		5.5		1.7		3.8		3.3		0.8		2.5
Trade names	15-indefinite		45.7		0.4		45.3		43.6		-		43.6
		$	652.0	$	179.8	$	472.2	$	667.7	$	183.2	$	484.5

Amortization expense of intangible assets was $30.7, $29.1 and $25.0 for the years ended December 31, 2013, 2012 and 2011, respectively. Indefinite lived intangible assets were $21.5 and $43.6 as of December 31, 2013 and 2012, respectively. Amortization expense associated with identified intangible assets as of December 31, 2013 is expected to be approximately $37 in each of the next five years. The future amortization amounts are estimates and exclude amounts related to LT Energy Services (“LT”) and Wildcat Wireline (“Wildcat”), which were not acquired until 2014. Actual future amortization expense may be different due to future acquisitions, impairments, changes in amortization periods, or other factors.

In accordance with ASC 350, goodwill is not amortized but is subject to an annual impairment test. As of December 31, 2013, the Company completed step one of the impairment test and fair value analysis for goodwill, and no impairment loss was recorded during the years ended December 31, 2013, 2012 or 2011. The accumulated goodwill impairment loss (incurred in 2008) was $369.3 as of December 31, 2013.

The changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012 are as follows:


	Commercial		Consumables		Business
	Aircraft		Management		Jet			Total
Balance as of
December 31, 2011	$	384.2	$	535.4	$	88.7		$	1,008.3
Acquisitions		2.5		450.6		1.5			454.6
Effect of foreign
currency translation		1.7		19.8		(0.2	)		21.3
Balance as of
December 31, 2012		388.4		1,005.8		90.0			1,484.2
Acquisitions		-		58.7		-			58.7
Effect of foreign
currency translation		6.2		22.0		(0.1	)		28.1
Balance as of
December 31, 2013	$	394.6	$	1,086.5	$	89.9		$	1,571.0

- 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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