Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2011

Goodwill and Other Intangible Assets

Note 4. Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill attributable to each business segment for the six-month period ended June 30, 2011, and the year ended December 31, 2010, and cumulative impairment charges are presented in the table below:


	Industrial Products Group			Engineered Products Group			Total

Balance as of December 31, 2009	$	256,824		$	321,190		$	578,014
Acquisitions		—			5,202			5,202
Foreign currency translation		(6,740	)		(4,680	)		(11,420	)

Balance as of December 31, 2010		250,084			321,712			571,796
Foreign currency translation		9,126			10,714			19,840

Balance as of June 30, 2011	$	259,210		$	332,426		$	591,636


Cumulative goodwill impairment charges ⁽¹⁾	$	252,533		$	—		$	252,533

(1)	Based on exchange rates at the date of the charge.

The $5.2 million increase in goodwill related to acquisitions in 2010 was associated with the valuation of ILMVAC GmbH ("ILMVAC").

The following table presents the gross carrying amount and accumulated amortization of identifiable intangible assets, other than goodwill, at the dates presented:


	June 30, 2011					December 31, 2010
	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
Amortized intangible assets:
Customer lists and relationships	$	126,701	$	(35,658	)	$	118,844	$	(29,973	)
Acquired technology		101,235		(57,678	)		94,689		(53,224	)
Trade names		58,528		(10,094	)		55,320		(8,621	)
Other		7,110		(3,962	)		7,344		(3,424	)
Unamortized intangible assets:
Trade names		113,539		—			108,633		—

Total other intangible assets	$	407,113	$	(107,392	)	$	384,830	$	(95,242	)

Amortization of intangible assets for the three and six-month periods ended June 30, 2011 and 2010 was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010

Intangible asset amortization expense	$	4,510	$	4,249	$	8,851	$	8,788

Amortization of intangible assets held as of June 30, 2011 is anticipated to be approximately $17.0 million annually in 2012 through 2015 based upon exchange rates as of June 30, 2011. The increase in the carrying amount of identifiable assets other than goodwill between December 31, 2010 and June 30, 2011 was due primarily to the effect of changes in foreign currency exchange rates and the acquisition of certain technology during the second quarter of 2011.

- 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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