Goodwill and Other Intangibles

6 Months Ended

Jun. 30, 2012

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill is reviewed annually for impairment in accordance with generally accepted accounting principles. The Company uses judgment in assessing whether assets may have become impaired between annual impairment tests. Circumstances that could trigger an interim impairment test include but are not limited to: the occurrence of a significant change in circumstances, such as continuing adverse business conditions or legal factors; an adverse action or assessment by a regulator; unanticipated competition; loss of key personnel; the likelihood that a reporting unit or significant portion of a reporting unit will be sold or otherwise disposed; or results of testing for recoverability of a significant asset group within a reporting unit. The testing of goodwill for impairment is performed at a level referred to as a reporting unit. Goodwill is allocated to each reporting unit based on the goodwill valued in connection with each business combination consummated within each reporting unit.

The changes in the net carrying amount of goodwill by reportable segment for the six month periods ended June 30, 2012 and 2011 were as follows:



(in thousands)
Segment	Balance at January 1, 2012		Acquisitions/ Other			Balance at June 30, 2012		Accumulated Impairment Losses
Precious Metal	$	1,489	$	(9	)	$	1,480	$	—
Tubing	1,895		—			1,895		—
Engineered Materials	52,985		—			52,985		—
Arlon	9,298		—			9,298		(1,140		)
	$	65,667	$	(9	)	$	65,658	$	(1,140	)
Segment	Balance at January 1, 2011		Acquisitions/ Other			Balance, June 30, 2011		Accumulated Impairment Losses
Precious Metal	$	1,492	$	32		$	1,524	$	—
Tubing	1,895		—			1,895		—
Engineered Materials	51,232		1,623			52,855		—
Arlon	9,298		—			9,298		(1,140		)
	$	63,917	$	1,655		$	65,572	$	(1,140	)

Other intangible assets as of June 30, 2012 and December 31, 2011 consisted of:



(in thousands)	June 30, 2012							December 31, 2011							Weighted Average Amortization Life (in Years)
	Cost		Accumulated Amortization			Net		Cost		Accumulated Amortization			Net		Weighted Average Amortization Life (in Years)
Products and customer relationships	$	37,965	$	(11,945	)	$	26,020	$	37,965	$	(10,666	)	$	27,299	16.6
Trademarks & Brand names	4,398		(1,494		)	2,904		4,398		(1,354		)	3,044		17.5
Patents and patent applications	4,638		(1,357		)	3,281		4,466		(1,192		)	3,274		15
Non-compete agreements	906		(777		)	129		906		(754		)	152		6.5
Other	1,409		(1,162		)	247		1,409		(1,101		)	308		8
Total	$	49,316	$	(16,735	)	$	32,581	$	49,144	$	(15,067	)	$	34,077

Amortization expense totaled $0.8 million and $0.9 million for the three months ended June 30, 2012 and 2011, respectively. Amortization expense totaled $1.7 million and $1.6 million for the six months ended June 30, 2012 and 2011, respectively. The estimated amortization expense for the remainder of 2012 and for the years thereafter is as follows:



(in thousands)	Products and Customer Relationships		Trademarks		Patents and Patent Applications		Non-Compete Agreements		Other		Total

Remainder of 2012	$	1,184	$	171	$	143	$	74	$	22	$	1,594
2013	2,463		311		310		55		81		3,220
2014	2,463		311		310		—		68		3,152
2015	2,463		311		310		—		58		3,142
2016	2,463		311		310		—		8		3,092
Thereafter	14,984		1,489		1,898		—		10		18,381
	$	26,020	$	2,904	$	3,281	$	129	$	247	$	32,581

- 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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