Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2015

Goodwill and Other Intangible Assets [Abstract]

7.	Goodwill and Other Intangible Assets

The carrying value of goodwill by segment was as follows (in thousands):

	Medical & Scientific Imaging			RF Technology			Industrial Technology			Energy Systems & Controls			Total
Balances at December 31, 2014	$	2,594,356		$	1,280,788		$	408,964		$	426,583		$	4,710,691
Goodwill acquired		424,358			-			-			-			424,358
Other		391			-			-			-			391
Currency translation adjustments		(11,564	)		(140	)		(8,939	)		(3,135	)		(23,778	)
Balances at June 30, 2015	$	3,007,541		$	1,280,648		$	400,025		$	423,448		$	5,111,662

Other relates primarily to a tax purchase accounting adjustment for SHP LLC, acquired in August 2014.

Other intangible assets were comprised of (in thousands):

	Cost		Accumulated amortization			Net book value
Assets subject to amortization:
Customer related intangibles	$	1,975,334	$	(543,594	)	$	1,431,740
Unpatented technology		217,260		(134,702	)		82,558
Software		156,449		(62,882	)		93,567
Patents and other protective rights		26,463		(18,325	)		8,138
Backlog		1,100		(443	)		657
Trade names		622		(72	)		550
Assets not subject to amortization:
Trade names		361,519		-			361,519
Balances at December 31, 2014	$	2,738,747	$	(760,018	)	$	1,978,729
Assets subject to amortization:
Customer related intangibles	$	2,072,301	$	(546,240	)	$	1,526,061
Unpatented technology		174,666		(104,810	)		69,856
Software		161,436		(36,131	)		125,305
Patents and other protective rights		24,901		(17,970	)		6,931
Backlog		1,100		(993	)		107
Trade names		630		(101	)		529
Assets not subject to amortization:
Trade names		380,175		-			380,175
Balances at June 30, 2015	$	2,815,209	$	(706,245	)	$	2,108,964

Amortization expense of other intangible assets was $77,640 and $75,534 during the six months ended June 30, 2015 and 2014, respectively.

An evaluation of the carrying value of goodwill and indefinite-lived intangibles is required to be performed on an annual basis and on an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. There have been no events or changes in circumstances which indicate an interim impairment review is required in 2015. The Company expects to perform the annual analysis during the fourth quarter.

- 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.

+ References + Details