GOODWILL AND INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 2013

GOODWILL AND INTANGIBLE ASSETS

Summary of goodwill amount

	Gross Carrying Value		Accumulated Impairment Losses			Net
	(in thousands)
Balance at December 31, 2012	$	32,274	$	(23,777	)	$	8,497
Addition due to acquisition	6,009		—			6,009
Balance at June 30, 2013	$	38,283	$	(23,777	)	$	14,506

Summary of the major components of intangible assets other than goodwill

	June 30,			December 31,
	2013			2012
	(in thousands)
Gross amortizable intangible assets:
Land rights	$	2,803		$	2,784
Patents	3,023			3,006
Technical know-how, customer list, and other	21,584			12,392
Total gross amortizable intangible assets	27,410			18,182
Accumulated amortization:
Land rights	(145		)	(116		)
Patents	(2,850		)	(2,807		)
Technical know-how, customer list, and other	(4,390		)	(3,870		)
Total accumulated amortization	(7,385		)	(6,793		)
Amortizable intangible assets, net	20,025			11,389
Intangible asset not subject to amortization:
Assets associated with Bridgeport acquisition (1)	7,271			7,595
Usach and Forkardt trade names(2)	8,150			2,840
	15,421			10,435
Intangible assets other than goodwill, net	$	35,446		$	21,824

(1) Represents the aggregate value of the trade name, trademarks and copyrights associated with the former worldwide operations of Bridgeport. We use the Bridgeport brand name on all of our machining center lines. After consideration of legal, regulatory, contractual, competitive, economic and other factors, the asset has been determined to have an indefinite useful life. The $0.3 million decrease in the balance from 2012 was the impact of foreign currency exchange.

(2) Represents the value of the trade names associated with Usach and Forkardt which the Company acquired in 2012 and 2013, respectively. We use the Usach trade name on all of the grinding machines and grinding systems manufactured by Usach. We use the Forkardt trade name on all of the workholding products manufactured by Forkardt. After consideration of legal, regulatory, contractual, competitive, economic and other factors, the asset has been determined to have an indefinite useful life.