Intangible Assets

6 Months Ended

Jun. 30, 2012

Intangible Assets

Intangible assets at June 30, 2012 and December 31, 2011 were (in millions):



	2012						2011


	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value


Intangible assets subject to impairment tests:
Goodwill	$	9,167.8	$	568.2	$	8,599.6	$	9,026.6	$	570.3	$	8,456.3


Other identifiable intangible assets subject to amortization:
Purchased and internally developed software	$	270.1	$	209.0	$	61.1	$	270.0	$	210.3	$	59.7
Customer related and other	624.3		240.3		384.0		615.3		206.6		408.7


	$	894.4	$	449.3	$	445.1	$	885.3	$	416.9	$	468.4

We review the carrying value of goodwill for impairment annually at the end of the second quarter or whenever events or circumstances indicate the carrying value of goodwill may not be recoverable. Although not required, as in prior years we performed step 1 of the annual impairment test and compared the fair value of each of our reporting units to its respective carrying value, including goodwill. Based on the results of our impairment tests, we concluded that our goodwill was not impaired at June 30, 2012 and 2011 because the fair value of our reporting units was substantially in excess of their respective net book values.

Changes in goodwill for the six months ended June 30, 2012 and 2011 were (in millions):



	2012			2011


Balance January 1	$	8,456.3		$	7,809.1
Acquisitions	162.3			538.4
Dispositions	(0.5		)	(6.1		)
Foreign currency translation	(18.5		)	161.0


Balance June 30	$	8,599.6		$	8,502.4

There were no goodwill impairment losses recorded in the first six months of 2012 or 2011 and there are no accumulated goodwill impairment losses as of June 30, 2012. Goodwill resulting from acquisitions completed during 2012 and 2011 includes $8.0 million and $115.8 million, respectively, of goodwill attributed to noncontrolling interests in the acquired businesses.

- 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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