XML 37 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6

Goodwill and Other Intangibles

12 Months Ended

Dec. 31, 2011

Goodwill and Other Intangibles [Abstract]

Goodwill and Other Intangibles

Note I—Goodwill and Other Intangibles

The Company’s finite and indefinite-lived intangible assets consist of the following:

			September 30,				September 30,				September 30,				September 30,
		December 31, 2011								December 31, 2010
		Gross Carrying Amount				Accumulated Amortization				Gross Carrying Amount				Accumulated Amortization
Finite-lived intangible assets
Patents		$	4,819			$	(3,836	)		$	4,829			$	(3,524	)
Land use rights			1,259				(97	)			1,346				(77	)
Trademark			965				(364	)			967				(156	)
Customer backlog			504				(504	)			499				(363	)
Technology			1,784				(77	)			1,783				(37	)
Customer relationships			8,450				(1,551	)			8,519				(1,051	)
		$	17,781			$	(6,429	)		$	17,943			$	(5,208	)
Indefinite-lived intangible assets
Goodwill		$	12,199							$	12,346

The Company performs its annual impairment test for goodwill utilizing a discounted cash flow methodology, market comparables, and an overall market capitalization reasonableness test in computing fair value by reporting unit. The Company then compares the fair value of the reporting unit with its carrying value to assess if goodwill has been impaired. Based on the assumptions as to growth, discount rates and the weighting used for each respective valuation methodology, results of the valuations could be significantly changed. However, the Company believes that the methodologies and weightings used are reasonable and result in appropriate fair values of the reporting units.

The Company has performed its annual impairment testing of goodwill as of January 1 since the adoption of the applicable guidance, now codified in ASC 350, “Intangibles—Goodwill and other.” During the quarter ended December 31, 2011, the Company voluntarily changed the date of its annual goodwill and other indefinite-lived intangible asset impairment test from the first day of the first quarter (January 1) to the first day of the fourth quarter (October 1). The Company determined that this change is preferable under the circumstances as it (1) better aligns with the Company’s annual business planning and budgeting process and (2) provides the Company with additional time to prepare and complete the impairment test, including measurement of any indicated impairment, as necessary, prior to issuance of the year-end financial statements. This voluntary change in accounting principle was not made to delay, accelerate or avoid an impairment charge. This change is not applied retrospectively as it is impracticable to do so because retrospective application would require the application of significant estimates and assumptions with the use of hindsight. Accordingly, the change will be applied prospectively. The Company performed its annual impairment tests for goodwill as of January 1, 2011 and October 1, 2011, and determined that no adjustment to the carrying value was required. There were no trigger events during 2011 and as such, only the annual impairment tests were performed.

The aggregate amortization expense for other intangibles with finite lives, ranging from 7 to 82 years, was $1.2 million for the year ended December 31, 2011, $1.4 million for the year ended December 31, 2010 and $.5 million for the year ended December 31, 2009. Amortization expense is estimated to be $1.1 million for 2012 and 2013, $1 million for 2014, $.7 million for 2015 and $.6 million annually for 2016. The weighted average remaining amortization period is approximately 19 years. The weighted average remaining amortization period by intangible asset class; patents, 3.5 years; land use rights, 63.7 years; trademark, 7.6 years; technology, 18.6 years and customer relationships, 14.8 years.

The Company’s only intangible asset with an indefinite life is goodwill. The Company’s goodwill is not deductible for tax purposes. The decrease in goodwill of $.1 million in 2011 is related to foreign currency translation. The increase in goodwill of $5.4 million in 2010 is related to the acquisition of Electropar of $4.8 million and foreign currency translation.

The changes in the carrying amount of goodwill by segment for the years ended December 31, 2011 and 2010, is as follows:

			September 30,				September 30,				September 30,				September 30,
		The Americas				EMEA				Asia-Pacific				Total
Balance at January 1, 2010		$	3,078			$	1,213			$	2,634			$	6,925
Additions			—				—				4,843				4,843
Curency translation			—				(36	)			614				578
Balance at December 31, 2010			3,078				1,177				8,091				12,346
Curency translation			—				(148	)			1				(147	)
Balance at December 31, 2011		$	3,078			$	1,029			$	8,092			$	12,199

X

- Details

Name:	us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6905597&loc=d3e13816-109267



Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 30

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6905858&loc=d3e16265-109275



Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 142

-Paragraph 42, 43, 44, 45, 46, 47

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 30

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6905858&loc=d3e16373-109275



Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 30

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6905858&loc=d3e16323-109275



Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 20

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6905597&loc=d3e13854-109267

+ Details

Name:	us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration