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GOODWILL

3 Months Ended

Mar. 31, 2013

6. 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, 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		35,713		-		-		35,713
Goodwill adjustments		2,260		586		525		3,371
Foreign currency translation adjustment		(2,605)		(11,156)		(140)		(13,901)
March 31, 2013	$	453,552	$	530,656	$	54,275	$	1,038,483