Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2011

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill: The following table sets forth the change in the carrying amount of goodwill for each reportable segment and the Company:



		Logistics and Manufacturing Services			Precision Components			Total Company
January 1, 2010		$	166,400		$	207,164		$	373,564
Goodwill adjustments		—			(50		)	(50		)
Foreign currency translation		(2,412		)	13,139			10,727
December 31, 2010		163,988			220,253			384,241
Goodwill acquired	—	—			167			167
Divestiture		(17,200		)	—			(17,200		)
Foreign currency translation		(896		)	(208		)	(1,104		)
December 31, 2011		$	145,892		$	220,212		$	366,104

Of the $366,104 of goodwill at December 31, 2011, $144,067 represents the original tax deductible basis.

The Company allocated $17,200 of goodwill to the BDE business based on the estimated relative fair values of the businesses within the Barnes Distribution reporting unit being sold and retained. The fair values were determined by the sale price of the BDE business and the fair value of the remaining businesses, which were valued utilizing a discounted cash flow valuation technique. The BDE business was sold on December 30, 2011. See Note 2 of the Consolidated Financial Statements.

Other Intangible Assets: Other intangible assets at December 31 consisted of:



		2011					2010
	Range of Life-Years	Gross Amount		Accumulated Amortization			Gross Amount		Accumulated Amortization
Amortized intangible assets:
Revenue Sharing Programs	Up to 30	$	293,700	$	(46,367	)	$	293,700	$	(36,318	)
Customer lists/relationships	10	23,506		(17,292		)	28,578		(17,974		)
Patents, trademarks/trade names	5-30	18,622		(11,829		)	22,746		(12,120		)
Other	Up to 15	11,492		(4,454		)	10,405		(3,099		)
		347,320		(79,942		)	355,429		(69,511		)
Foreign currency translation		4,714		—			4,880		—
Other intangible assets		$	352,034	$	(79,942	)	$	360,309	$	(69,511	)

Amortization of intangible assets for the years ended December 31, 2011, 2010 and 2009 was $16,907, $13,424 and $13,862, respectively. Over the next five years, the estimated annual aggregate amortization is expected to decrease from approximately $16,000 in 2012 to $15,500 in 2016.

The Company has entered into a number of aftermarket RSP agreements each of which is with a major aerospace customer, General Electric. See Note 1 of the Consolidated Financial Statements for a further discussion of these Revenue Sharing Programs. As of December 31, 2011, the Company has made all required participation fee payments under the aftermarket RSP agreements.

In September 2011, the Company acquired a hydro-pneumatic suspensions business from Curtiss-Wright Antriebstechnik Gmbh for a cash payment of 3,140 Swiss francs ($3,495). The business was integrated into the Precision Components operating segment. Goodwill of $167 and other intangible assets of $2,370 were recorded as a result of this acquisition. The impact of this acquisition was not material to the Company's consolidated Balance Sheets or Statements of Income and therefore the unaudited pro forma operating results of the Company have not been presented.

- 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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