Goodwill and Acquired Intangible Assets

12 Months Ended

Dec. 31, 2011

Goodwill and Acquired Intangible Assets [Abstract]

(6) Goodwill & Acquired Intangible Assets

Goodwill

The changes in the carrying amount of goodwill during the years ended December 31, 2011 and 2010 are as follows (in thousands of dollars):

				Power
(Thousands of dollars)	Oil Field			Transmission			Total

Balance as of 01/01/10	$	38,018		$	6,983		$	45,001

Goodwill acquired during the period		7,839			331			8,170
Foreign currency translation		5			(165	)		(160	)

Balance as of 12/31/10		45,862			7,149			53,011

Goodwill acquired during the period		179,910			-			179,910
Foreign currency translation		(2	)		13			11

Balance as of 12/31/11	$	225,770		$	7,162		$	232,932

Intangible Assets

The Company amortizes identifiable intangible assets on a straight-line basis over the periods expected to be benefitted. All of the below intangible assets relate to acquisitions since 2009. The components of these intangible assets are as follows (in thousands of dollars):

							Weighted
	December 31, 2011						Average
	Gross						Amortization
	Carrying		Accumulated				Period
	Amount		Amortization		Net		(years)

Non-compete agreements and trademarks	$	6,258	$	1,091	$	5,167		5.1
Customer relationships and contracts		72,818		4,572		68,246		9.6

	$	79,076	$	5,663	$	73,413		7.4

							Weighted
	December 31, 2010						Average
	Gross						Amortization
	Carrying		Accumulated				Period
	Amount		Amortization		Net		(years)

Non-compete agreements and trademarks	$	2,550	$	619	$	1,931		6.3
Customer relationships and contracts		15,183		2,375		12,808		10.0

	$	17,733	$	2,994	$	14,739		7.0

Amortization expense of intangible assets was approximately $2.7 million, $1.7 million and $1.3 million during 2011, 2010 and 2009, respectively. Expected amortization expense by year is (in thousands of dollars):

For the year ended 12/31/12	$	10,239
For the year ended 12/31/13		10,047
For the year ended 12/31/14		9,439
For the year ended 12/31/15		9,402
For the year ended 12/31/16		9,311
Thereafter	$	24,975

- 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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