Goodwill and Acquired Intangible Assets

9 Months Ended

Aug. 29, 2015

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. The following table reconciles the activity for goodwill by segment for the nine months ended August 29, 2015.



	Engine/Mobile Filtration			Industrial/ Environmental Filtration			Packaging		Total
Goodwill at beginning of year	$	216,114		$	291,058		$	—	$	507,172
Acquisitions and purchase accounting adjustments	(7,377		)	11,938			—		4,561
Disposals and write-offs	—			(491		)	—		(491		)
Currency translation adjustments	(838		)	(2,445		)	—		(3,283		)
Goodwill at end of period	$	207,899		$	300,060		$	—	$	507,959

In the three and nine months ended August 29, 2015, the Company exited certain international operations related to its HVAC air filtration business, which operations had not been integrated into the Company's broader industrial air filtration business. Pursuant to this exit, the Company wrote-off $491 of related goodwill.

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 29, 2015
Indefinite Lived Intangibles:
Trademarks - indefinite lived	$	783		$	75,349		$	—	$	76,132

Finite Lived Intangibles:
Trademarks, gross - finite lived	$	278		$	568		$	—	$	846
Accumulated amortization	(128		)	(412		)	—		(540		)
Trademarks, net - finite lived	$	150		$	156		$	—	$	306

Customer relationships, gross	$	139,475		$	131,120		$	—	$	270,595
Accumulated amortization	(16,038		)	(36,558		)	—		(52,596		)
Customer relationships, net	$	123,437		$	94,562		$	—	$	217,999

Other acquired intangibles, gross	$	11,243		$	60,695		$	—	$	71,938
Accumulated amortization	(1,710		)	(27,474		)	—		(29,184		)
Other acquired intangibles, net	$	9,533		$	33,221		$	—	$	42,754

Total finite lived intangible assets, net	$	133,120		$	127,939		$	—	$	261,059

Acquired intangible assets, less accumulated amortization	$	133,903		$	203,288		$	—	$	337,191

The following table summarizes estimated amortization expense.



Fiscal year 2015	$	24,933
Fiscal year 2016	24,372
Fiscal year 2017	24,179
Fiscal year 2018	23,512
Fiscal year 2019	23,291

Amortization expense for the nine months ended August 29, 2015 and August 30, 2014 was $19,282 and $14,126, respectively.

- 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.

+ References + Details