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GOODWILL AND INTANGIBLE ASSETS | 6 Months Ended
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Jun. 28, 2013
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS We acquired MDT during the twenty-six weeks ended June 28, 2013. The assets acquired and liabilities assumed were recorded at the date of acquisition at their estimated fair values. Assets acquired included finite-lived intangible assets of $10.2 million with an estimated weighted average useful life of 7.0 years. The excess of the purchase price over the estimated fair values of the net assets acquired in the amount of $25.7 million was recorded as goodwill and primarily represents synergies with our existing business, the acquired assembled workforce, and potential new customers. Changes in the carrying amount of goodwill were as follows (in millions):
| Goodwill |  | Accumulated Impairment Losses |  | Goodwill, net
Balance at December 28, 2012 | $ | 94.3 |  |  | $ | (46.2 | ) |  | $ | 48.1 |
Goodwill acquired year to date (1) | 23.4 |  |  | — |  |  | 23.4 |
Goodwill adjustments (1) | 3.1 |  |  | — |  |  | 3.1 |
Impairment losses | — |  |  | — |  |  | — |
Balance at June 28, 2013 | $ | 120.8 |  |  | $ | (46.2 | ) |  | $ | 74.6 |
____________________
(1) | Goodwill acquired includes $22.6 million due to the MDT acquisition. We recorded goodwill adjustments of $3.1 million for the effect on goodwill of changes to net assets acquired during the measurement period relating to the MDT acquisition.
Goodwill acquired also includes $0.8 million of goodwill related to our acquisition of certain assets of Crowley. Intangible assets other than goodwill are broken out separately on our Consolidated Balance Sheets. The following table presents our purchased intangible assets other than goodwill (in millions):
| June 28, 2013 |  | December 28, 2012
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Amortizable intangible assets (1): |  |  |  |  |  |  |  |  |  |  |
Customer relationships (2) | $ | 28.3 |  |  | $ | (12.0 | ) |  | $ | 16.3 |  |  | $ | 19.1 |  |  | $ | (10.5 | ) |  | $ | 8.6 |
Trade name/trademarks (2) | 4.6 |  |  | (2.1 | ) |  | 2.5 |  |  | 3.5 |  |  | (1.6 | ) |  | 1.9 |
Non-compete agreements (2) | 1.8 |  |  | (0.3 | ) |  | 1.5 |  |  | 1.8 |  |  | (1.4 | ) |  | 0.4 |
| $ | 34.7 |  |  | $ | (14.4 | ) |  | $ | 20.3 |  |  | $ | 24.4 |  |  | $ | (13.5 | ) |  | $ | 10.9 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |
Trade name/trademarks |  |  |  |  | $ | 5.7 |  |  |  |  |  |  | $ | 5.7 |
____________________
(1) | Excludes assets that are fully amortized.
(2) | Includes customer relationships, trade name, and non-compete agreement resulting from the MDT acquisition of $7.8 million, $1.0 million, and $1.4 million, respectively, and customer relationships and trade name resulting from the Crowley acquisition of $1.4 million and $0.1 million, respectively.
Intangible assets are amortized using the straight-line method over their estimated useful lives. Amortization of our finite-lived intangible assets was $1.2 million and $0.8 million for the thirteen weeks ended June 28, 2013 and June 29, 2012, respectively. Amortization of our finite-lived intangible assets was $2.2 million and $1.5 million for the twenty-six weeks ended June 28, 2013 and June 29, 2012, respectively. The following table provides the estimated future amortization of definite-lived intangible assets at June 28, 2013 (in millions):
Remainder of 2013 | $ | 4.0 |
2014 | 4.6 |
2015 | 4.1 |
2016 | 3.7 |
2017 | 1.5 |
Thereafter | 2.4 |
| $ | 20.3 |
Long-lived intangible assets are reviewed for impairment whenever events and circumstances indicate the carrying value may not be recoverable. We noted no such event or circumstance and accordingly no impairment loss has been recognized during the twenty-six weeks ended June 28, 2013. Goodwill and indefinite-lived intangible assets are reviewed for impairment annually or when triggering events indicate impairment is more likely than not. We noted no significant events or circumstances that indicated a more likely than not potential impairment and accordingly did not perform an interim impairment test of our goodwill and indefinite-lived intangibles assets during the twenty-six weeks ended June 28, 2013.

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- 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 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16323-109275 Reference 2: 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=14024403&loc=d3e13854-109267 Reference 3: 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=14024403&loc=d3e13816-109267 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=7658586&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 1 -URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16265-109275 Reference 6: 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. + Details
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