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Goodwill, Net

12 Months Ended

Dec. 28, 2013

Goodwill, Net [Abstract]

Note 4 – Goodwill, Net

The changes in the carrying amount of goodwill were as follows:

(In thousands)		Plumbing & Refrigeration Segment				OEM Segment				Total

Balance at December 31, 2011:
Goodwill		$	141,684			$	9,971			$	151,655
Accumulated impairment and amortization			(39,434	)			(9,971	)			(49,405	)

			102,250				—				102,250

Additions			—				2,329				2,329
Balance at December 29, 2012:
Goodwill			141,684				12,300				153,984
Accumulated impairment and amortization			(39,434	)			(9,971	)			(49,405	)

			102,250				2,329				104,579

Additions			310				—				310
Disposition			(10,532	)			—				(10,532	)
Balance at December 28, 2013:
Goodwill			131,462				12,300				143,762
Accumulated impairment and amortization			(39,434	)			(9,971	)			(49,405	)

Goodwill, net		$	92,028			$	2,329			$	94,357

In 2012, the Company acquired Westermeyer Industries, Inc. Of the $11.6 million purchase price, $2.3 million was allocated to goodwill. In 2013, the Company acquired Howell Metal Company (Howell). Of the $55.3 million purchase price, $0.3 million was allocated to goodwill based on a preliminary allocation of the purchase price.

As discussed in Note 14, $10.5 million of goodwill relating to the SPD reporting unit was disposed of in 2013 in conjunction with the sale of a business.

There were no impairment charges resulting from the 2013, 2012, or 2011 impairment tests since the estimated fair value of the reporting units substantially exceeded their carrying value.

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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