Goodwill & Intangibles

12 Months Ended

Dec. 31, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

Goodwill and Intangible Assets

The following table summarizes the activity in Goodwill, by segment during the years ended December 31, 2015 and 2014:



	Gas and Fluid Handling			Fabrication Technology			Total
	(In thousands)
Balance, January 1, 2014	$	1,532,201		$	877,498		$	2,409,699
Goodwill attributable to acquisitions⁽¹⁾	—			612,866			612,866
Impact of foreign currency translation and other	(103,843		)	(45,699		)	(149,542		)
Balance, December 31, 2014	1,428,358			1,444,665			2,873,023
Goodwill attributable to acquisitions	85,216			—			85,216
Impact of foreign currency translation and other	(87,308		)	(53,244		)	(140,552		)
Balance, December 31, 2015	$	1,426,266		$	1,391,421		$	2,817,687

⁽¹⁾During the year ended December 31, 2015, the Company retrospectively adjusted provisional amounts with respect to an acquisition completed during the three months ended June 27, 2014 to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. See Note 4, “Acquisitions” for further discussion regarding these adjustments.

The following table summarizes the Intangible assets, excluding Goodwill:



	December 31,
	2015					2014
	Gross Carrying Amount		Accumulated Amortization			Gross Carrying Amount		Accumulated Amortization
	(In thousands)
Trade names – indefinite life	$	395,319	$	—		$	410,600	$	—
Acquired customer relationships	573,589		(117,573		)	593,799		(85,171		)
Acquired technology	149,578		(37,012		)	113,697		(27,681		)
Acquired backlog	2,575		(2,220		)	—		—
Other intangible assets	48,413		(16,957		)	50,287		(11,948		)
	$	1,169,474	$	(173,762	)	$	1,168,383	$	(124,800	)

Amortization expense related to intangible assets was included in the Consolidated Statements of Income as follows:



	Year Ended December 31,
	2015		2014		2013
	(In thousands)
Selling, general and administrative expense	$	60,629	$	67,052	$	41,012

See Note 2, “Summary of Significant Accounting Policies” for discussion of impairment of Intangible assets.

As of December 31, 2015, total amortization expense for intangible assets is expected to be $59.9 million, $57.1 million, $54.5 million, $50.0 million and $47.3 million for the years ending December 31, 2016, 2017, 2018, 2019 and 2020, 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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