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Note 4 - Goodwill and Other Intangible Assets

12 Months Ended

Dec. 29, 2012

Goodwill and Intangible Assets Disclosure [Text Block]

4. Goodwill and Other Intangible Assets

The amounts for goodwill and changes in the carrying value by operating segment are as follows at December 29, 2012 and December 31, 2011 (in thousands):

		2012		Additions (Reductions)(a)			Adjustments(c)		2011		Additions (Reductions)(b)			Adjustments(c)			2010
Electronics	$	35,423	$	-		$	447	$	34,976	$	—		$	(330	)	$	35,306
Automotive		56,255		16,098			970		39,187		(1,979	)		(204	)		41,370
Electrical		41,914		(143	)		523		41,534		6,457			(934	)		36,011
Total	$	133,592	$	15,955		$	1,940	$	115,697	$	4,478		$	(1,468	)	$	112,687

(a)	Automotive additions in 2012 of $16.1 million resulted from the acquisition of Accel and Terra Power. Electrical reductions in 2012 resulted from adjustments to the final purchase price allocation for the Selco acquisition.

(b)	Automotive reductions in 2011 of $2.0 million resulted from the finalization of the Cole Hersee purchase price allocation. Electrical additions in 2011 are from the acquisition of Selco.

(c)	Adjustments reflect the impact of changes in foreign exchange rates.

There were no accumulated goodwill impairment losses at December 29, 2012, December 31, 2011 or January 1, 2011.

The company recorded amortization expense of $6.1 million in 2012, $6.6 million in 2011 and $5.0 million in 2010. The details of other intangible assets and related future amortization expense of existing intangible assets at December 29, 2012 and December 31, 2011 are as follows:

	2012						2011
(in thousands)	Weighted Average Useful Life		Gross Carrying Value		Accumulated Amortization		Weighted Average Useful Life		Gross Carrying Value		Accumulated Amortization
Patents, licenses and software(a)		11.8	$	43,939	$	32,795		11.9	$	41,909	$	31,156
Distribution network(b)		13.6		47,206		28,242		13.8		44,738		25,431
Customer lists, trademarks and tradenames(c)		13.5		22,422		9,590		13.8		17,451		8,651
Tradenames(d)		—		5,872		—		—		5,723		—
Total		12.3	$	119,439	$	70,627		12.4	$	109,821	$	65,238

(a)	Increase to gross carrying value for patents, licenses and software in 2012 is related to the preliminary Accel acquisition purchase price allocation discussed in Note 2. Other changes are primarily due to the impact of foreign currency translation adjustments.

(b)	Increase to gross carrying value for distribution network in 2012 is related to the preliminary Accel acquisition purchase price discussed in Note 2. Other changes are primarily due to the impact of foreign currency translation adjustments.

(c)	Increase to gross carrying value for customer lists, trademarks and tradenames in 2012 is related to the preliminary Accel and Terra Power acquisition purchase price allocation discussed in Note 2. Other changes are primarily due to the impact foreign currency translation adjustments.

(d)	Tradenames with indefinite lives.

Estimated amortization expense related to intangible assets with definite lives at December 29, 2012 is as follows (in thousands):

2013	$	6,511
2014		5,590
2015		4,449
2016		4,071
2017		3,690
2018 and thereafter		18,629
	$	42,940

- 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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