Goodwill and Intangibles

6 Months Ended

Dec. 31, 2011

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying amount of goodwill for the Service Center Based Distribution segment for the period ended December 31, 2011 are as follows:



Balance at July 1, 2011	$	76,981
Goodwill acquired during the period	336
Other, primarily currency translation	(1,800		)
Balance at December 31, 2011	$	75,517

At December 31, 2011, accumulated goodwill impairment losses, subsequent to fiscal year 2002, totaled $36,605 and related to the Fluid Power Businesses segment.

The Company’s intangible assets resulting from business combinations are amortized over their estimated period of benefit and consist of the following:



December 31, 2011	Amount		Accumulated Amortization		Net Book Value
Finite-Lived Intangibles:
Customer relationships	$	77,160	$	26,105	$	51,055
Trade names	25,480		6,439		19,041
Vendor relationships	13,638		4,004		9,634
Non-competition agreements	4,654		2,706		1,948
Total Finite-Lived Intangibles	120,932		39,254		81,678
Indefinite-Lived Trade Names	1,290				1,290
Total Intangibles	$	122,222	$	39,254	$	82,968



June 30, 2011	Amount		Accumulated Amortization		Net Book Value
Finite-Lived Intangibles:
Customer relationships	$	78,084	$	23,111	$	54,973
Trade names	25,944		5,666		20,278
Vendor relationships	14,211		3,696		10,515
Non-competition agreements	5,127		2,632		2,495
Total Finite-Lived Intangibles	123,366		35,105		88,261
Indefinite-Lived Trade Names	1,290				1,290
Total Intangibles	$	124,656	$	35,105	$	89,551

Amounts include the impact of foreign currency translation. Fully amortized amounts are written off.

Estimated future amortization expense by fiscal year (based on the Company’s intangible assets as of December 31, 2011) is as follows: $5,500 for the remainder of 2012, $10,000 for 2013, $8,800 for 2014, $8,100 for 2015, $7,500 for 2016 and $6,900 for 2017.

- 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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