Goodwill And Intangible Assets

12 Months Ended

Dec. 31, 2011

Goodwill And Intangible Assets [Abstract]

4.	Goodwill and Intangible Assets

The changes in the carrying amount of goodwill for the years ended December 31, 2011 and 2010, by business segment, were as follows:


	Fluid & Metering Technologies			Health & Science Technologies			Dispensing Equipment			Fire & Safety/ Diversified Products			Total
	(In thousands)
Goodwill	$	528,634		$	404,383		$	135,063		$	149,114		$	1,217,194
Accumulated impairment losses		(6,659	)		—			(30,090	)		—			(36,749	)

Balance at January 1, 2010⁽¹⁾		521,975			404,383			104,973			149,114			1,180,445
Acquisitions		10,254			35,227			—			—			45,481
Foreign currency translation		(8,463	)		(195	)		(6,193	)		(4,074	)		(18,925	)

Balance at December 31, 2010⁽¹⁾		523,766			439,415			98,780			145,040			1,207,001
Acquisition adjustments		—			434			—			—			434
Acquisitions (Note 12)		—			231,189			—			—			231,189
Foreign currency translation		(2,765	)		(1,493	)		(1,926	)		(1,074	)		(7,258	)

Balance at December 31, 2011	$	521,001		$	669,545		$	96,854		$	143,966		$	1,431,366

(1)	Revised to reflect the movement of the MPT reporting unit from the Fluid & Metering Technologies segment to the Health & Science Technologies segment.

ASC 350 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. Goodwill represents the purchase price in excess of the net amount assigned to assets acquired and liabilities assumed.

Goodwill and other acquired intangible assets with indefinite lives were tested for impairment as of October 31, 2011, the Company's annual impairment date. In 2011, there were no triggering events or change in circumstances that would have required a review other than as of our annual test date. The Company concluded that the fair value of each of the reporting units and indefinite-lived intangible assets was in excess of the carrying value as of October 31, 2011. However, a 10% decrease in the fair value of the Water reporting unit within the Fluid & Metering Technologies segment could potentially result in a goodwill impairment charge. The total goodwill balance of the Water reporting unit as of October 31, 2011 was $222.3 million.

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


	At December 31, 2011									At December 31, 2010
	Gross Carrying Amount		Accumulated Amortization			Net		Weighted Average Life		Gross Carrying Amount		Accumulated Amortization			Net
			(In thousands)									(In thousands)
Amortizable intangible assets:
Patents	$	11,506	$	(4,315	)	$	7,191		11	$	9,906	$	(5,052	)	$	4,854
Trade names		72,823		(18,205	)		54,618		17		69,043		(13,769	)		55,274
Customer relationships		221,076		(69,280	)		151,796		10		169,065		(47,686	)		121,379
Non-compete agreements		4,801		(4,053	)		748		2		4,087		(3,501	)		586
Unpatented technology		70,741		(15,617	)		55,124		11		43,206		(9,407	)		33,799
Other		6,793		(3,156	)		3,637		10		5,957		(2,557	)		3,400

Total amortizable intangible assets		387,740		(114,626	)		273,114				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	$	496,848	$	(114,626	)	$	382,222			$	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. Amortization of intangible assets was $35.5 million, $25.7 million and $24.5 million in 2011, 2010 and 2009, respectively. Amortization expense for each of the next five years is estimated to be approximately $39.9 million annually.

- 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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