Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2011

Goodwill and Intangible Assets Disclosure [Abstract]

6. Goodwill and Other Intangible Assets

The following table provides the changes in carrying value of goodwill by segment for the six months ended June 30, 2011:

	Industrial Products			Engineered Systems		Fluid Management			Electronic Technologies		Total
Goodwill	$	1,031,658		$	819,054	$	699,232		$	977,811	$	3,527,755
Accumulated impairment loss		(99,752	)		-		(59,970	)		-		(159,722	)
Balance at January 1, 2011		931,906			819,054		639,262			977,811		3,368,033
Acquisitions							236,135					236,135
Foreign currency translation		1,257			2,747		2,587			6,046		12,637
Balance at June 30, 2011	$	933,163		$	821,801	$	877,984		$	983,857	$	3,616,805

The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset:

	June 30, 2011				December 31, 2010
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortized Intangible Assets:
Trademarks	$	86,012	$	24,241	$	74,053	$	21,330
Patents		136,114		99,900		131,975		94,632
Customer Intangibles		982,150		379,403		802,663		334,585
Unpatented Technologies		140,600		93,781		138,780		86,461
Drawings & Manuals		16,398		8,500		15,650		7,728
Distributor Relationships		73,227		26,667		73,183		24,724
Other		29,349		21,354		28,202		18,445
Total		1,463,850		653,846		1,264,506		587,905
Unamortized Intangible Assets:
Trademarks		228,654				230,922
Total Intangible Assets	$	1,692,504	$	653,846	$	1,495,428	$	587,905

Amortization expense totaled $30,751 and $25,891 for the three months ended June 30, 2011 and 2010, respectively. For the six months ended June 30, 2011 and 2010, amortization expense was $61,765 and $51,655, 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.

+ References+ Details