Goodwill and Acquired Intangible Assets (Note)

9 Months Ended

Aug. 31, 2013

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND ACQUIRED INTANGIBLE ASSETS

All goodwill is stated on a gross basis, as the Company has not recorded any impairment charges against goodwill. Based on a decline in the net sales of our TransWeb business, in the third quarter of 2013 we performed an impairment review of the related indefinite-lived intangible assets ($900 carrying value) and definite-lived intangible assets ($9,332 carrying value) and determined that the estimated future cash flows of the relevant asset group were sufficient to cover the carrying value and no impairment existed. We also performed an impairment review of goodwill at the related reporting unit, and determined that the estimated fair value of the reporting unit exceeds its book value and no impairment existed. Our analysis includes management judgment and estimates related to future cash flows, which we believe are reasonable. The following table reconciles the activity for goodwill by segment for the nine months ended August 31, 2013.



	Engine/Mobile Filtration			Industrial/ Environmental Filtration			Packaging		Total
Goodwill at beginning of year	$	21,593		$	220,331		$	—	$	241,924
Currency translation adjustments	(218		)	(1,020		)	—		(1,238		)
Goodwill at end of period	$	21,375		$	219,311		$	—	$	240,686

The following table summarizes acquired intangibles by segment. Other acquired intangibles include parts manufacturer regulatory approvals, developed technology, patents and non-compete agreements.



	Engine/Mobile Filtration			Industrial/ Environmental Filtration			Packaging		Total
August 31, 2013
Indefinite Lived Intangibles:
Trademarks - indefinite lived	$	603		$	41,795		$	—	$	42,398

Finite Lived Intangibles:
Trademarks, gross - finite lived	$	303		$	488		$	—	$	791
Accumulated amortization	(100		)	(326		)	—		(426		)
Trademarks, net - finite lived	$	203		$	162		$	—	$	365

Customer relationships, gross	$	4,297		$	45,523		$	—	$	49,820
Accumulated amortization	(1,827		)	(19,327		)	—		(21,154		)
Customer relationships, net	$	2,470		$	26,196		$	—	$	28,666

Other acquired intangibles, gross	$	243		$	39,567		$	—	$	39,810
Accumulated amortization	(243		)	(19,993		)	—		(20,236		)
Other acquired intangibles, net	$	—		$	19,574		$	—	$	19,574

Total finite lived intangible assets, net	$	2,673		$	45,932		$	—	$	48,605

Acquired intangible assets, less accumulated amortization	$	3,276		$	87,727		$	—	$	91,003

The following table summarizes estimated amortization expense.



Fiscal year 2013	$	5,899
Fiscal year 2014	5,677
Fiscal year 2015	5,616
Fiscal year 2016	5,484
Fiscal year 2017	5,246

- 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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