Astronics Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

Goodwill and Intangible Assets

9 Months Ended

Oct. 01, 2011

Goodwill and Intangible Assets [Abstract]

Goodwill and Intangible Assets

3) Goodwill and Intangible Assets

The following table summarizes the changes in the carrying amount of goodwill through October 1, 2011:


			Foreign
	December 31,		Currency			October 1,
(in thousands)	2010		Translation			2011
Aerospace	$	5,210	$	(94	)	$	5,116
Test Systems		2,400		—			2,400

Total	$	7,610	$	(94	)	$	7,516

The following table summarizes acquired intangible assets as follows:


		October 1, 2011				December 31, 2010
	Weighted	Gross Carrying		Accumulated		Gross Carrying		Accumulated
(in thousands)	Average Life	Amount		Amortization		Amount		Amortization
Patents	12 Years	$	1,271	$	661	$	1,271	$	586
Trade Names	N/A		1,053		—		1,053		—
Completed and Unpatented Technology	10 - 15 Years		3,177		1,161		3,177		972
Government Contracts	6 Years		347		347		347		342
Backlog and Customer Relationships	3 - 20 Years		3,385		2,344		3,385		2,293

Total Intangible Assets		$	9,233	$	4,513	$	9,233	$	4,193

All acquired intangible assets other than goodwill and trade names are being amortized. Amortization expense was approximately $0.3 million and $0.4 million for the nine months ended and $0.1 million and $0.1 million for the three months ended October 1, 2011 and October 2, 2010, respectively. Amortization expense for each of the next five years is estimated to be approximately $0.1 million for the balance of 2011 and $0.4 million each for 2012, 2013, 2014 2015 and 2016.

- 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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