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Goodwill and Intangible Assets
6 Months Ended
Dec. 31, 2012
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and intangible assets
Goodwill and intangible assets
The changes in the carrying amount of goodwill for the six months ended December 31, 2012 are as follows:
 
 
Industrial
Segment
 
Aerospace
Segment
 
Climate &
Industrial
Controls
Segment
 
Total
Balance at June 30, 2012
$
2,518,121

 
$
98,674

 
$
309,061

 
$
2,925,856

Acquisitions
327,411

 

 

 
327,411

Divestitures

 

 
(20,044
)
 
(20,044
)
Foreign currency translation and other
60,433

 
14

 
1,471

 
61,918

Balance at December 31, 2012
$
2,905,965

 
$
98,688

 
$
290,488

 
$
3,295,141


Acquisitions represent the original goodwill allocation, purchase price adjustments, and final adjustments to the purchase price allocation for the acquisitions during the measurement period subsequent to the applicable acquisition dates. The Company’s previously reported results of operations and financial position would not be materially different had the goodwill adjustments recorded during the first six months of fiscal 2013 been reflected in the same reporting period that the initial purchase price allocations for those acquisitions were made.
Divestitures represent goodwill associated with businesses for which the Company entered into agreements to divest during the first six months of fiscal 2013 as more fully discussed in Note 13.
Intangible assets are amortized on the straight-line method over their legal or estimated useful lives. The following summarizes the gross carrying value and accumulated amortization for each major category of intangible assets:
 
 
December 31, 2012
 
June 30, 2012
 
Gross Carrying
Amount
 
Accumulated
Amortization
 
Gross Carrying
Amount
 
Accumulated
Amortization
Patents
$
141,841

 
$
71,866

 
$
118,034

 
$
66,303

Trademarks
394,891

 
141,453

 
321,019

 
129,081

Customer lists and other
1,490,223

 
445,658

 
1,247,820

 
396,271

Total
$
2,026,955

 
$
658,977

 
$
1,686,873

 
$
591,655


Total intangible amortization expense for the six months ended December 31, 2012 was $55,961. The estimated amortization expense for the five years ending June 30, 2013 through 2017 is $119,790, $121,711, $116,603, $111,535, and $107,703, respectively.
Intangible assets are evaluated for impairment whenever events or circumstances indicate that the undiscounted net cash flows to be generated by their use over their expected useful lives and eventual disposition may be less than their net carrying value. No such events or circumstances occurred during the six months ended December 31, 2012.