Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2011

Goodwill and Intangible Assets [Abstract]

6. Goodwill and Intangible Assets

A roll-forward of goodwill is as follows (see Note 5 for additional information about the Company’s business acquisitions):


Balance as of December 31, 2010	$	3.1
Goodwill arising from Alexco acquisition		34.1

Balance as of June 30, 2011	$	37.2

All of the Company’s goodwill is included in the Fabricated Products segment.

Identifiable intangible assets at June 30, 2011 and December 31, 2010 are comprised of the following:

June 30, 2011:


	Weighted
	average
	estimated useful				Accumulated			Net book
	life		Original cost		amortization			value
Customer relationships		25	$	38.5	$	(0.9	)	$	37.6
Backlog		2		0.8		(0.4	)		0.4
Trademark and trade name		3		0.4		(0.1	)		0.3

Total		24	$	39.7	$	(1.4	)	$	38.3

December 31, 2010:


	Weighted
	average
	estimated useful				Accumulated			Net book
	life		Original cost		amortization			value
Customer relationships		20	$	3.8	$	(0.1	)	$	3.7
Backlog		2		0.5		(0.2	)		0.3

Total		18	$	4.3	$	(0.3	)	$	4.0

Amortization expense relating to definite-lived intangible assets is recorded in the Fabricated Products segment. Such expense was $0.5 and $1.1 for the quarter and six months ended June 30, 2011. The expected amortization of intangible assets for the next five calendar years is as follows:


2011	$	1.9
2012		2.0
2013		1.7
2014		1.6
2015		1.6

Total	$	8.8

- 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