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Goodwill, Intangible and Other Assets
12 Months Ended
Dec. 31, 2011
Goodwill, Intangible and Other Assets [Abstract]  
Goodwill, Intangible and Other Assets

7.    Goodwill, Intangible and Other Assets:

Goodwill

The changes in the carrying amount of goodwill, by segment, are as follows (in millions):

 

 

                                                         
     Balance at
December 31,
2009
                Balance at
December 31,
2010
                Balance at
December 31,
2011
 

Segment:

  Goodwill     Acquisitions/
(Dispositions)(2)
    Other(4)     Goodwill     Acquisitions/
(Dispositions)(3)
    Other(4)(5)     Goodwill  

Residential Heating & Cooling

  $ 33.7     $     $       $ 33.7     $     $ (7.6   $ 26.1  

Commercial Heating & Cooling

    31.3             (1.3     30.0             (0.6     29.4  

Service Experts(1)

    106.9       4.0       5.7       116.6       3.0       (3.1     116.5  

Refrigeration

    85.5             6.0       91.5       42.0       0.1       133.6  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
    $ 257.4     $ 4.0     $ 10.4     $ 271.8     $ 45.0     $ (11.2   $ 305.6  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

 

(1) Service Experts goodwill includes accumulated impairment losses of $208.0 million from prior periods with no impairment losses in the current year.

 

(2) During 2010, our Service Experts segment acquired a company which resulted in additional goodwill of $4.0 million.

 

(3) During the first quarter of 2011, our Refrigeration segment acquired Kysor/Warren which resulted in additional goodwill of $42.0 million. See Note 3 for more information on the Kysor/Warren acquisition. During the second quarter of 2011, our Service Experts segment acquired a company, which resulted in additional goodwill of $3.0 million.

 

(4) Other consists primarily of changes in foreign currency translation rates.

 

(5) In 2011, Other for our Residential Heating & Cooling segment also includes $7.6 million in goodwill impairment for its Hearth Reporting Unit. See Note 5 Goodwill and Other Long-Lived Asset Impairments for more information.

Intangible and Other Assets

Identifiable intangible and other assets subject to amortization are recorded in Other Assets in the accompanying Consolidated Balance Sheets and were comprised of the following (in millions):

 

 

                                                 
    For the Years Ended December 31,  
     2011     2010  
     Gross
Amount
    Accumulated
Amortization
    Net
Amount
    Gross
Amount
    Accumulated
Amortization
    Net
Amount
 

Deferred financing costs

  $ 11.5     $ (7.2   $ 4.3     $ 9.2     $ (6.3   $ 2.9  

Customer relationships

    47.6       (20.4     27.2       4.5       (1.5     3.0  

Other

    12.6       (10.8     1.8       23.6       (22.3     1.3  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ 71.7     $ (38.4   $ 33.3     $ 37.3     $ (30.1   $ 7.2  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

Amortization of intangible assets was as follows (in millions):

 

 

                         
    For the Years Ended
December 31,
 
     2011     2010     2009  

Amortization expense

  $ 5.3     $ 2.0     $ 1.6  

Estimated intangible amortization expense for the next five years is as follows (in millions):

 

 

         

2012

  $ 3.7  

2013

    3.6  

2014

    3.4  

2015

    3.3  

2016

    3.2  

Thereafter

    16.1  

As of December 31, 2011 and 2010, we had $9.9 million and $4.9 million respectively of intangible assets primarily consisting of trademarks, which are not subject to amortization.