GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2012

GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract]

NOTE 7 - GOODWILL AND OTHER INTANGIBLE ASSETS

The following table presents the changes in the carrying amount of goodwill and other intangible assets during the year ended December 31, 2012 (in thousands):

	Goodwill	Other Intangible Assets	Total

Balance as of December 31, 2011	$ 101,764	$ 43,194	$ 144,958
Acquired during the year	44,074	30,831	74,905
Adjustments to prior year estimates	(50)	50	-
Amortization	-	(10,886)	(10,886)
Balance as of December 31, 2012	$ 145,788	$ 63,189	$ 208,977

The following table presents the changes in the carrying amount of goodwill and other intangible assets during the year ended December 31, 2011 (in thousands):

	Goodwill	Other Intangible Assets	Total

Balance as of December 31, 2010	$ 84,942	$ 32,236	$ 117,178
Acquired during the year	15,822	17,530	33,352
Payment of earnout	1,000	-	1,000
Amortization	-	(6,572)	(6,572)
Balance as of December 31, 2011	$ 101,764	$ 43,194	$ 144,958

The following table presents goodwill balance by reportable segment as of December 31, 2012 and 2011 (in thousands):

	As of December 31,
	2012	2011
Service Centers	$ 121,901	$ 77,877
Innovative Pumping Solutions	15,980	15,980
Supply Chain Services	7,907	7,907
Total	$ 145,788	$ 101,764

The following table presents a summary of amortizable other intangible assets (in thousands):

	As of December 31, 2012			As of December 31, 2011
	Gross Carrying Amount	Accumulated Amortization	Carrying Amount, net	Gross Carrying Amount	Accumulated Amortization	Carrying Amount, net
Vendor agreements	$ 2,496	$ (1,081)	$ 1,415	$ 2,496	$ (956)	$ 1,540
Customer relationships	90,851	(30,010)	60,841	64,262	(23,508)	40,754
Non-compete agreements	1,541	(608)	933	2,611	(1,711)	900
Total	$ 94,888	$ (31,699)	$ 63,189	$ 69,369	$ (26,175)	$ 43,194

Other intangible assets are generally amortized on a straight-line basis over their estimated useful lives. The estimated future annual amortization of intangible assets for each of the next five years and thereafter are as follows (in thousands):

2013	11,747
2014	11,473
2015	10,039
2016	7,735
2017	7,686
Thereafter	14,509

- 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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