Goodwill And Other Intangible Assets

3 Months Ended

Mar. 31, 2012

Goodwill And Other Intangible Assets [Abstract]

Note 5. Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill attributable to each reportable segment for the three-month period ended March 31, 2012, and the year ended December 31, 2011, are presented in the table below:


	Industrial Products Group			Engineered Products Group			Total

Balance as of December 31, 2010	$	250,084		$	321,712		$	571,796
Acquisitions		112,221			—			112,221
Foreign currency translation		(4,070	)		(3,365	)		(7,435	)

Balance as of December 31, 2011		358,235			318,347			676,582
Adjustments		(634	)		—			(634	)
Disposals		(195	)		—			(195	)
Foreign currency translation		7,664			4,289			11,953

Balance as of March 31, 2012	$	365,070		$	322,636		$	687,706

The $112.2 million increase in goodwill related to acquisitions in 2011 was associated with the valuation of Robuschi.

The following table presents the gross carrying amount and accumulated amortization of identifiable intangible assets, other than goodwill, at the dates presented:


	March 31, 2012					December 31, 2011
	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
Amortized intangible assets:
Customer lists and relationships	$	178,643	$	(39,545	)	$	172,724	$	(36,028	)
Acquired technology		101,321		(58,385	)		99,383		(56,879	)
Trademarks		55,279		(11,427	)		53,510		(10,591	)
Other		11,811		(10,547	)		9,171		(6,141	)
Unamortized intangible assets:
Trademarks		126,091		—			123,735		—

Total other intangible assets	$	473,145	$	(119,904	)	$	458,523	$	(109,639	)

Amortization of intangible assets for the three-month periods ended March 31, 2012 and 2011 was $7.5 million and $4.3 million, respectively. The increase in amortization expense in 2012 is primarily due to the amortization of intangible assets related to the Robuschi acquisition, including $3.4 million of amortization expense associated with customer backlog. Amortization of intangible assets recorded as of March 31, 2012 is anticipated to be approximately $19.6 million in 2012 and $16.1 million annually in 2013 through 2016 based upon exchange rates as of March 31, 2012. The increase in the carrying amount of identifiable assets other than goodwill between December 31, 2011 and March 31, 2012 was primarily due to the effect of changes in foreign currency exchange rates.

- 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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