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Goodwill and Intangible Assets, Net
9 Months Ended
Sep. 30, 2012
Goodwill and Intangible Assets, Net  
Goodwill and Intangible Assets, Net

5.             Goodwill and Intangible Assets, Net

 

Goodwill was as follows:

 

 

 

At September 30,

 

At December 31,

 

(in thousands)

 

2012

 

2011

 

2011

 

North America

 

$

77,630

 

$

41,585

 

$

73,901

 

Europe

 

49,238

 

26,249

 

24,000

 

Asia/Pacific

 

1,944

 

1,854

 

1,948

 

Total

 

$

128,812

 

$

69,688

 

$

99,849

 

 

Intangible assets, net, were as follows:

 

 

 

At September 30, 2012

 

 

 

Gross

 

 

 

Net

 

 

 

Carrying

 

Accumulated

 

Carrying

 

(in thousands)

 

Amount

 

Amortization

 

Amount

 

North America

 

$

35,620

 

$

(16,278

)

$

19,342

 

Europe

 

28,064

 

(7,331

)

20,733

 

Total

 

$

63,684

 

$

(23,609

)

$

40,075

 

 

 

 

At September 30, 2011

 

 

 

Gross

 

 

 

Net

 

 

 

Carrying

 

Accumulated

 

Carrying

 

 

 

Amount

 

Amortization

 

Amount

 

North America

 

$

24,022

 

$

(12,746

)

$

11,276

 

Europe

 

14,567

 

(5,591

)

8,976

 

Total

 

$

38,589

 

$

(18,337

)

$

20,252

 

 

 

 

At December 31, 2011

 

 

 

Gross

 

 

 

Net

 

 

 

Carrying

 

Accumulated

 

Carrying

 

 

 

Amount

 

Amortization

 

Amount

 

North America

 

$

32,912

 

$

(13,288

)

$

19,624

 

Europe

 

13,114

 

(4,882

)

8,232

 

Total

 

$

46,026

 

$

(18,170

)

$

27,856

 

 

Intangible assets consist primarily of customer relationships, patents, unpatented technology and non-compete agreements. Amortization expense for intangible assets during the three months ended September 30, 2012 and 2011, totaled $1.7 million and $1.0 million, respectively, and during the nine months ended September 30, 2012 and 2011, totaled $5.4 million and $3.2 million, respectively.

 

At September 30, 2012, estimated future amortization of intangible assets was as follows:

 

(in thousands)

 

 

 

Final three months of 2012

 

$

1,677

 

2013

 

6,707

 

2014

 

6,495

 

2015

 

5,732

 

2016

 

5,365

 

2017

 

3,822

 

Thereafter

 

10,277

 

 

 

$

40,075

 

 

The changes in the carrying amount of goodwill and intangible assets for the nine months ended September 30, 2012, were as follows:

 

 

 

 

 

Intangible

 

(in thousands)

 

Goodwill

 

Assets

 

 

 

 

 

 

 

Balance at December 31, 2011

 

$

99,849

 

$

27,856

 

Acquisitions

 

29,607

 

17,672

 

Amortization

 

 

(5,438

)

Foreign exchange

 

(644

)

(15

)

Balance at September 30, 2012

 

$

128,812

 

$

40,075