3. Acquisitions, Goodwill and Other Intangible Assets Acquisitions in 2012

RV Entry Door Operation

On February 21, 2012, the Company acquired the business and certain assets of the United States RV entry door operation of Euramax International, Inc. The acquired business had annualized sales of approximately $6 million. The purchase price was $1.7 million, of which $1.2 million was paid at closing, with the balance to be paid over the subsequent three years. The results of the acquired business have been included in the Company's RV Segment and in the Condensed Consolidated Statement of Income since the acquisition date.

The acquisition of this business was recorded on the acquisition date as follows (in thousands):


Cash consideration	$	1,164
Present value of future payments		482
Total fair value of consideration given	$	1,646

Customer relationships	$	270
Other identifiable intangible assets		40
Net tangible assets		785
Total fair value of net assets acquired	$	1,095

Goodwill (tax deductible)	$	551

The customer relationships are being amortized over their estimated useful life of 7 years. The consideration given was greater than the fair value of the net assets acquired, resulting in goodwill, because the Company anticipates leveraging its existing manufacturing capacity and purchasing power to reduce costs in this product line.

Goodwill

Goodwill by reportable segment at March 31, 2013 and December 31, 2012, was as follows (in thousands):


		RV Segment			MH Segment			Total
Accumulated cost	$	61,679		$	10,025		$	71,704
Accumulated impairment		(41,276	)		(9,251	)		(50,527	)
Net balance	$	20,403		$	774		$	21,177

Goodwill represents the excess of the total consideration given in an acquisition of a business over the fair value of the net tangible and identifiable intangible assets acquired. Goodwill is not amortized, but instead is tested at the reporting unit level for impairment annually in November, or more frequently if certain circumstances indicate a possible impairment may exist. The impairment tests are based on fair value, determined using discounted cash flows, appraised values or management's estimates. No impairment tests were required or performed during the three months ended March 31, 2013.

Other Intangible Assets

Other intangible assets consisted of the following at March 31, 2013 (in thousands):


		Gross		Accumulated		Net	Estimated Useful
		Cost		Amortization		Balance	Life in Years

Customer relationships	$	50,105	$	18,893	$	31,212	3 to 16
Patents		45,994		15,750		30,244	2 to 19
Tradenames		7,959		4,863		3,096	5 to 15
Non-compete agreements		4,989		2,782		2,207	1 to 7
Other intangible assets	$	109,047	$	42,288	$	66,759

Other intangible assets consisted of the following at December 31, 2012 (in thousands):


		Gross		Accumulated		Net	Estimated Useful
		Cost		Amortization		Balance	Life in Years

Customer relationships	$	50,105	$	17,857	$	32,248	3 to 16
Patents		45,964		14,850		31,114	2 to 19
Tradenames		7,959		4,525		3,434	5 to 15
Non-compete agreements		4,989		2,567		2,422	1 to 7
Other intangible assets	$	109,017	$	39,799	$	69,218