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GOODWILL AND OTHER INTANGIBLE ASSETS | 3 Months Ended
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Mar. 29, 2014
GOODWILL AND OTHER INTANGIBLE ASSETS |
GOODWILL AND OTHER INTANGIBLE ASSETS | (7) GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill The changes in the carrying amount of goodwill, by reportable segment and other operating segments, were as follows:
|  |  |  | Goodwill |  |  |  | Foreign |  |  |
|  |  |  | resulting from |  |  |  | currency |  |  |
|  | December 31, |  | business |  |  |  | translation |  | March 29, |
|  | 2013 |  | combinations |  | Impairments |  | and other |  | 2014 |
Flow Technology reportable segment |  |  |  |  |  |  |  |  |  |  |
Gross goodwill |  | $ | 1,120.2 |  | $ | — |  | $ | — |  | $ | 3.2 |  | $ | 1,123.4 |
Accumulated impairments |  | — |  | — |  | — |  | — |  | — |
Goodwill |  | 1,120.2 |  | — |  | — |  | 3.2 |  | 1,123.4 |
Thermal Equipment and Services reportable segment |  |  |  |  |  |  |  |  |  |  |
Gross goodwill |  | 570.0 |  | — |  | — |  | 5.1 |  | 575.1 |
Accumulated impairments |  | (399.5 | ) | — |  | — |  | (4.5 | ) | (404.0 | )
Goodwill |  | 170.5 |  | — |  | — |  | 0.6 |  | 171.1 |
Industrial Products and Services and Other |  |  |  |  |  |  |  |  |  |  |
Gross goodwill |  | 366.8 |  | — |  | — |  | 0.8 |  | 367.6 |
Accumulated impairments |  | (140.5 | ) | — |  | — |  | (0.6 | ) | (141.1 | )
Goodwill |  | 226.3 |  | — |  | — |  | 0.2 |  | 226.5 |
Total |  |  |  |  |  |  |  |  |  |  |
Gross goodwill |  | 2,057.0 |  | — |  | — |  | 9.1 |  | 2,066.1 |
Accumulated impairments |  | (540.0 | ) | — |  | — |  | (5.1 | ) | (545.1 | )
Goodwill |  | $ | 1,517.0 |  | $ | — |  | $ | — |  | $ | 4.0 |  | $ | 1,521.0 |
Other Intangibles Identifiable intangible assets were as follows:
|  | March 29, 2014 |  | December 31, 2013 |
|  | Gross |  |  |  | Net |  | Gross |  |  |  | Net |
|  | carrying |  | Accumulated |  | carrying |  | carrying |  | Accumulated |  | carrying |
|  | value |  | amortization |  | value |  | value |  | amortization |  | value |
Intangible assets with determinable lives: |  |  |  |  |  |  |  |  |  |  |  |  |
Patents |  | $ | 11.4 |  | $ | (8.5 | ) | $ | 2.9 |  | $ | 11.5 |  | $ | (8.3 | ) | $ | 3.2 |
Technology |  | 198.1 |  | (55.9 | ) | 142.2 |  | 196.3 |  | (52.4 | ) | 143.9 |
Customer relationships |  | 414.6 |  | (84.1 | ) | 330.5 |  | 412.0 |  | (78.6 | ) | 333.4 |
Other |  | 30.4 |  | (18.6 | ) | 11.8 |  | 31.0 |  | (18.6 | ) | 12.4 |
|  | 654.5 |  | (167.1 | ) | 487.4 |  | 650.8 |  | (157.9 | ) | 492.9 |
Trademarks with indefinite lives |  | 433.7 |  | — |  | 433.7 |  | 431.8 |  | — |  | 431.8 |
Total |  | $ | 1,088.2 |  | $ | (167.1 | ) | $ | 921.1 |  | $ | 1,082.6 |  | $ | (157.9 | ) | $ | 924.7 |
At March 29, 2014, the net carrying value of intangible assets with determinable lives was $433.4 in the Flow Technology reportable segment, $46.1 in the Thermal Equipment and Services reportable segment and $7.9 in Industrial Products and Services and Other. At March 29, 2014, trademarks with indefinite lives were $288.7 in the Flow Technology reportable segment, $126.4 in the Thermal Equipment and Services reportable segment and $18.6 in Industrial Products and Services and Other. We perform our annual goodwill impairment testing during the fourth quarter in conjunction with our annual financial planning process, with such testing based primarily on events and circumstances existing as of the end of the third quarter. In addition, we test goodwill for impairment on a more frequent basis if there are indications of potential impairment. A significant amount of judgment is involved in determining if an indication of impairment has occurred between annual testing dates. Such indication may include: a significant decline in expected future cash flows; a significant adverse change in legal factors or the business climate; unanticipated competition; and a more likely than not expectation of selling or disposing all, or a portion, of a reporting unit. We perform our annual trademarks impairment testing during the fourth quarter, or on a more frequent basis if there are indications of potential impairment. The fair values of our trademarks are determined by applying estimated royalty rates to projected revenues, with the resulting cash flows discounted at a rate of return that reflects current market conditions. No impairment charges were recorded in the first quarter of 2014. In the first quarter of 2013, we recorded an impairment charge of $2.0 related to the trademarks of Clyde Union. Other changes in the gross carrying value of trademarks and other identifiable intangible assets relate primarily to foreign currency translation.

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- 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16323-109275 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16373-109275 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16265-109275 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13854-109267 + Details
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