Goodwill And Intangible Assets

6 Months Ended

Jun. 30, 2011

7.	Goodwill and Intangible Assets

The changes in the carrying amount of goodwill for the six months ended June 30, 2011, by reportable business segment, were as follows:


	Fluid & Metering Technologies		Health & Science Technologies		Dispensing Equipment		Fire & Safety/ Diversified Products		Total
	(In thousands)
Balance at December 31, 2010(1)	$	523,766	$	439,415	$	98,780	$	145,040	$	1,207,001
Acquisition adjustments		—		286		—		—		286
Foreign currency translation		10,049		1,744		6,634		4,709		23,136
Acquisitions		—		220,565		—		—		220,565

Balance at June 30, 2011	$	533,815	$	662,010	$	105,414	$	149,749	$	1,450,988

(1)	Revised to reflect the movement of the Pharma group from the Fluid & Metering Technologies Segment to the Health & Science Technologies Segment.

ASC 350 "Goodwill and Other Intangible Assets" requires that goodwill be tested for impairment at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. Annually on October 31st, goodwill and other acquired intangible assets with indefinite lives are tested for impairment. The Company concluded that the fair value of each of the reporting units was in excess of the carrying value as of October 31, 2010. The Company did not consider there to be any triggering event that would require an interim impairment assessment, therefore none of the goodwill or other acquired intangible assets with indefinite lives were tested for impairment during the six months ended June 30, 2011.

The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset at June 30, 2011 and December 31, 2010:


	At June 30, 2011									At December 31, 2010
	Gross Carrying Amount		Accumulated Amortization			Net		Weighted Average Life		Gross Carrying Amount		Accumulated Amortization			Net
	(In thousands)
Amortized intangible assets:
Patents	$	11,433	$	(3,898	)	$	7,535		12	$	9,906	$	(5,052	)	$	4,854
Trade names		74,649		(16,368	)		58,281		15		69,043		(13,769	)		55,274
Customer relationships		225,310		(58,561	)		166,749		10		169,065		(47,686	)		121,379
Non-compete agreements		4,886		(3,752	)		1,134		4		4,087		(3,501	)		586
Unpatented technology		72,570		(12,137	)		60,433		11		43,206		(9,407	)		33,799
Other		5,962		(2,862	)		3,100		10		5,957		(2,557	)		3,400

Total amortized intangible assets		394,810		(97,578	)		297,232				301,264		(81,972	)		219,292
Unamortized intangible assets:
Banjo trade name		62,100		—			62,100				62,100		—			62,100
CVI Melles Griot trade name		47,008		—			47,008				—		—			—

Total intangible assets	$	503,918	$	(97,578	)	$	406,340			$	363,364	$	(81,972	)	$	281,392

The unamortized trade names are indefinite lived intangible assets which are tested for impairment on an annual basis or more frequently if events or changes in circumstances indicate that the asset might be impaired.

- Definition

Discloses 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 or 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. This element may be used as a single block of text to include the entire intangible asset disclosure including data and tables.

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