GOODWILL

The Corporation accounts for acquisitions by assigning the purchase price to acquired tangible and intangible assets and liabilities. Assets acquired and liabilities assumed are recorded at their fair values, and the excess of the purchase price over the amounts assigned is recorded as goodwill.

The changes in the carrying amount of goodwill for the six months ended June 30, 2013 are as follows:



	(In thousands)
	Flow Control			Controls			Surface Technologies			Consolidated
December 31, 2012	$	418,184		$	541,226		$	53,890		$	1,013,300
Acquisitions	35,107			—			—			35,107
Goodwill adjustments	2,478			(283		)	525			2,720
Foreign currency translation adjustment	(3,412		)	(13,629		)	(199		)	(17,240		)
June 30, 2013	$	452,357		$	527,314		$	54,216		$	1,033,887