Intangible Assets Including Goodwill

3 Months Ended

Sep. 30, 2012

Note 3—Intangible Assets Including Goodwill

Goodwill

The changes in the carrying value of goodwill by segment are as follows:


	Electrical Infrastucture			Oil Gas & Chemical			Storage Solutions			Industrial			Total
	(In thousands)
Goodwill	$	29,666		$	5,841		$	11,071		$	7,097		$	53,675
Cumulative impairment loss (A)		(17,653	)		(3,000	)		(922	)		(3,425	)		(25,000	)

Balance at June 30, 2012		12,013			2,841			10,149			3,672			28,675
Translation adjustment		—			—			88			—			88

Net balance at September 30, 2012	$	12,013		$	2,841		$	10,237		$	3,672		$	28,763

(A)	A $25.0 million impairment charge was recorded in February 2005 as a result of the Company’s operating performance in fiscal 2005.

Other Intangible Assets

Information on the carrying value of other intangible assets is as follows:


			At September 30, 2012
	Useful Life		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	(Years)		(In thousands)
Intellectual property		6 to 15	$	2,460	$	(627	)	$	1,833
Customer based		1 to 15		2,657		(330	)		2,327
Other		3 to 5		547		(185	)		362

Total amortizing intangibles				5,664		(1,142	)		4,522
Trade name		Indefinite		1,870		—			1,870

Total intangible assets			$	7,534	$	(1,142	)	$	6,392


			At June 30, 2012
	Useful Life		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
	(Years)		(In thousands)
Intellectual property		6 to 15	$	2,460	$	(586	)	$	1,874
Customer based		1 to 15		2,657		(285	)		2,372
Other		3 to 5		547		(159	)		388

Total amortizing intangibles				5,664		(1,030	)		4,634
Trade name		Indefinite		1,870		—			1,870

Total intangible assets			$	7,534	$	(1,030	)	$	6,504

Amortization expense totaled approximately $0.1 million in the first quarter of fiscal 2013 and the first quarter of fiscal 2012. Amortization expense is expected to be $0.4 million annually in fiscal years 2013 to 2016 and $0.3 million in fiscal 2017.

- 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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