PARKER HANNIFIN CORP | 2013 | FY | 3


Goodwill and Intangible Assets
The Company's annual impairment tests performed in 2013, 2012, and 2011 resulted in no impairment loss being recognized.
The changes in the carrying amount of goodwill are as follows:
 
Industrial Segment
 
Aerospace Segment
 
Climate & Industrial Controls Segment
 
Total
Balance June 30, 2011
$
2,595,989

 
$
98,914

 
$
314,213

 
$
3,009,116

Acquisitions
65,480

 
(193
)
 

 
65,287

Foreign currency translation and other
(143,348
)
 
(47
)
 
(5,152
)
 
(148,547
)
Balance June 30, 2012
$
2,518,121

 
$
98,674

 
$
309,061

 
$
2,925,856

Acquisitions
316,857

 

 

 
316,857

Divestitures
(61
)
 

 
(20,044
)
 
(20,105
)
Foreign currency translation and other
(1,588
)
 
(334
)
 
2,829

 
907

Balance June 30, 2013
$
2,833,329

 
$
98,340

 
$
291,846

 
$
3,223,515



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 2013 and 2012 been reflected in the same reporting period that the initial purchase price allocations for those acquisitions were made.

Divestitures represent goodwill associated with businesses divested during 2013 as more fully discussed in Note 2.
Intangible assets are amortized on a straight-line method over their legal or estimated useful life. The gross carrying value and accumulated amortization for each major category of intangible asset at June 30 are as follows:
 
2013
 
2012
 
Gross Carrying Amount
 
Accumulated Amortization
 
Gross Carrying Amount
 
Accumulated Amortization
Patents
$
141,160

 
$
75,175

 
$
118,034

 
$
66,303

Trademarks
386,619

 
148,319

 
321,019

 
129,081

Customer lists and other
1,468,243

 
482,029

 
1,247,820

 
396,271

Total
$
1,996,022

 
$
705,523

 
$
1,686,873

 
$
591,655



During 2013, the Company acquired intangible assets with an initial purchase price allocation and weighted-average life as follows:
 
Purchase Price Allocation
 
Weighted-Average Life
Patents
$
21,616

 
16 years
Trademarks
65,280

 
17 years
Customer lists and other
204,461

 
13 years
Total
$
291,357

 
14 years

        
Total intangible amortization expense in 2013, 2012 and 2011 was $118,516, $107,086 and $107,701, respectively. Estimated intangible amortization expense for the five years ending June 30, 2014 through 2018 is $117,556, $113,034, $110,292, $105,602 and $101,876, respectively.

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