Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2011

Goodwill and Other Intangible Assets [Abstract]

Goodwill and Other Intangible Assets

Note 5 — Goodwill and Other Intangible Assets

The change in the carrying amount of goodwill for the six months ended June 30, 2011 was as follows:

Process

Aerospace

Industries

and Defense

Steel

Total

Beginning Balance

50.0

162.3

12.1

224.4

Other

1.3

0.3

0.5

2.1

Total

51.3

162.6

12.6

226.5

Other primarily includes foreign currency translation adjustments.

The following table displays intangible assets as of June 30, 2011 and December 31, 2010:


	As of June 30, 2011						As of December 31, 2010
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Amount		Amortization		Amount		Amount		Amortization		Amount

Intangible assets subject to amortization:

Customer relationships	$	81.5	$	20.8	$	60.7	$	82.0	$	18.6	$	63.4
Engineering drawings		2.0		2.0		—		2.0		2.0		—
Know-how		2.1		1.1		1.0		2.1		1.0		1.1
Industrial license agreements		0.4		0.1		0.3		0.4		0.1		0.3
Land-use rights		8.4		3.6		4.8		8.2		3.3		4.9
Patents		4.4		3.4		1.0		4.4		3.3		1.1
Technology use		38.9		7.3		31.6		39.0		6.3		32.7
Trademarks		6.0		5.1		0.9		6.0		5.0		1.0
PMA licenses		8.8		2.9		5.9		8.8		2.7		6.1
Non-compete agreements		2.7		2.1		0.6		2.7		1.9		0.8
Unpatented technology		7.6		6.4		1.2		7.6		6.0		1.6

	$	162.8	$	54.8	$	108.0	$	163.2	$	50.2	$	113.0

Intangible assets not subject to amortization:
Tradename	$	2.0			$	2.0	$	2.0			$	2.0
FAA air agency certificates		14.2				14.2		14.2				14.2

	$	16.2			$	16.2	$	16.2			$	16.2

Total intangible assets	$	179.0	$	54.8	$	124.2	$	179.4	$	50.2	$	129.2

Amortization expense for intangible assets for the three months and six months ended June 30, 2011 was $2.3 million and $4.6 million, respectively. Amortization expense for intangible assets for the three months and six months ended June 30, 2010 was $2.4 million and $4.8 million, respectively. Amortization expense for intangible assets is estimated to be approximately $9.5 million for 2011; $9.1 million in 2012; $7.6 million in 2013; $7.4 million in 2014 and $7.4 million in 2015.

- Definition

Discloses 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 or 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. This element may be used as a single block of text to include the entire intangible asset disclosure including data and tables.

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