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GOODWILL

3 Months Ended

Mar. 31, 2012

5. 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 three months ended March 31, 2012 are as follows:

		(In thousands)
	Flow Control		Motion Control		Metal Treatment		Consolidated
December 31, 2011	$	328,219	$	385,784	$	45,439	$	759,442
Divestitures		-		-		(3,649)		(3,649)
Goodwill adjustments		8		40		-		48
Foreign currency translation adjustment		1,321		6,676		122		8,119
March 31, 2012	$	329,548	$	392,500	$	41,912	$	763,960