Notes to CoNsolidated FiNaNCial statemeNts Note 2 – Acquisitions and Divestitures (continued) The following table summarizes the preliminary purchase price allocation for identifiable intangible assets acquired in 2011: The Company is in the process of obtaining a third-party valuation of certain tangible and intangible assets of Drives and Philadelphia  Gear and, therefore, the values attributed to those acquired assets in the Consolidated Financial Statements are subject to adjustment. DIVEsTITuRE On December 31, 2009, the Company completed the sale of substantially all the assets of its Needle Roller Bearings (NRB) operations  to JTEKT Corporation (JTEKT). The Company received approximately $304 million in cash proceeds for these operations and retained  certain receivables of approximately $26 million. The NRB operations primarily served the automotive original-equipment market sector  and manufactured highly-engineered needle roller bearings, including an extensive range of radial and thrust needle roller bearings as well  as bearing assemblies and loose needles for automotive and industrial applications. The NRB operations included facilities in the United  States, Canada, Europe and China. The NRB operations had 2009 sales of approximately $407 million which were previously included in  the Company’s Mobile Industries, Process Industries and Aerospace and Defense reportable segments. The Mobile Industries segment  accounted for approximately 80% of the 2009 sales of the NRB operations. The results of operations were reclassified as discontinued  operations during the third quarter of 2009, as the NRB operations met all the criteria for discontinued operations, including assets held  for sale. Results for 2009 have been reclassified to conform to the presentation under discontinued operations. During the third quarter of 2009, the net assets associated with the then pending sale of the NRB operations were reclassified to  assets held for sale and adjusted for impairment and written-down to their fair value of $301 million. The Company based its fair value  on the expected proceeds from the sale to JTEKT. At September 30, 2009, the carrying value of the net assets of the NRB operations  exceeded the expected proceeds to be realized upon completion of the sale by $33.7 million. The Company subsequently recognized an  after-tax loss of $12.7 million on the sale of the NRB operations during the fourth quarter of 2009. The after-tax loss on the sale exceeded  the initial estimate primarily due to revisions to estimated working capital adjustments. In 2010, the Company recognized an after-tax  gain of $7.4 million primarily due to final working capital adjustments. 52 THE TIMKEN COMPANY Weighted –  Average Life Trade name (not subject to amortization) $ 4.1  Indefinite Developed technology  5.4  7 years Trade name   12.0  15 years Know how  15.0  20 years All customer relationships  108.4  17 years Non-compete agreements  2.0  5 years Total intangible assets allocated $ 146.9 