Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2013

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying amount of goodwill by reportable segment for the year ended December 31, 2012, and the three months ended March 31, 2013 are as follows:



(in millions)	Crane			Foodservice			Total
Gross balance as of January 1, 2012	$	338.8		$	1,384.9		$	1,723.7
Asset impairments	—			(515.7		)	(515.7		)
Net balance as of January 1, 2012	338.8			869.2			1,208.0
Restructuring reserve adjustment	—			(0.6		)	(0.6		)
Foreign currency impact	2.9			0.4			3.3
Gross balance as of December 31, 2012	$	341.7		$	1,384.7		$	1,726.4
Asset impairments	—			(515.7		)	(515.7		)
Net balance as of December 31, 2012	$	341.7		$	869.0		$	1,210.7
Foreign currency impact	(3.7		)	—			(3.7		)
Gross balance as of March 31, 2013	338.0			1,384.7			1,722.7
Asset impairments	—			(515.7		)	(515.7		)
Net balance as of March 31, 2013	$	338.0		$	869.0		$	1,207.0

The company performs its annual impairment analysis relative to goodwill and indefinite-lived intangible assets as of June 30 of each fiscal year. The company continually monitors market conditions to determine if any additional interim reviews of goodwill, other intangibles or long-lived assets are warranted. In the event the company determines that assets are impaired in the future, the company would recognize a non-cash impairment charge, which could have a material adverse effect on the company’s condensed consolidated balance sheet and results of operations.

The gross carrying amount, accumulated amortization and net book value of the company’s intangible assets other than goodwill at March 31, 2013 and December 31, 2012 are as follows:



	March 31, 2013							December 31, 2012
(in millions)	Gross Carrying Amount		Accumulated Amortization			Net Book Value		Gross Carrying Amount		Accumulated Amortization			Net Book Value
Trademarks and tradenames	$	306.4	$	—		$	306.4	$	309.4	$	—		$	309.4
Customer relationships	426.9		(99.7		)	327.2		426.7		(94.1		)	332.6
Patents	33.0		(26.0		)	7.0		33.6		(26.1		)	7.5
Engineering drawings	11.0		(8.2		)	2.8		11.1		(8.1		)	3.0
Distribution network	20.2		—			20.2		20.6		—			20.6
Other intangibles	177.0		(57.5		)	119.5		178.2		(54.9		)	123.3
Total	$	974.5	$	(191.4	)	$	783.1	$	979.6	$	(183.2	)	$	796.4

Amortization expense for the three months ended March 31, 2013 and 2012 was $9.1 million and $9.3 million, respectively.

- 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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