Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2011

Goodwill and Other Intangible Assets [Abstract]

5. Goodwill and Other Intangible Assets

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

	Industrial Products			Engineered Systems			Fluid Management			Electronic Technologies			Total
Goodwill	$	731,889		$	819,054		$	699,232		$	977,811		$	3,227,986
Accumulated impairment loss		(10,942	)		-			(59,970	)		-			(70,912	)
Balance at January 1, 2011		720,947			819,054			639,262			977,811			3,157,074
Acquisitions		-			-			274,932			480,634			755,566
Foreign currency translation		(988	)		(886	)		(621	)		(30,811	)		(33,306	)
Balance at September 30, 2011	$	719,959		$	818,168		$	913,573		$	1,427,634		$	3,879,334

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

	September 30, 2011				December 31, 2010
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortized Intangible Assets:
Trademarks	$	63,939	$	18,830	$	41,712	$	16,664
Patents		148,941		98,465		127,106		92,171
Customer Intangibles		1,148,386		352,609		685,939		290,001
Unpatented Technologies		138,366		95,209		138,780		86,461
Drawings & Manuals		6,915		4,820		6,230		4,326
Distributor Relationships		73,187		27,576		73,183		24,724
Other		28,519		23,699		27,900		18,142
Total		1,608,253		621,208		1,100,850		532,489
Unamortized Intangible Assets:
Trademarks		227,742				230,920
Total Intangible Assets	$	1,835,995	$	621,208	$	1,331,770	$	532,489

Amortization expense totaled $37,772 and $22,137 for the three months ended September 30, 2011 and 2010, respectively. For the nine months ended September 30, 2011 and 2010, amortization expense was $92,497 and $66,892, 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.

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