Policy

GOODWILL AND OTHER INTANGIBLE ASSETS

A summary of goodwill follows:



	2013		2012
Electrical Products	$	7,189	$	7,117
Electrical Systems and Services	4,517		4,520
Hydraulics	1,385		1,404
Aerospace	1,048		1,045
Vehicle	356		357
Total goodwill	$	14,495	$	14,443

The increase in goodwill in 2013 was primarily due to currency translation.

A summary of other intangible assets follows:



	2013				2012
	Historical cost		Accumulated amortization		Historical cost		Accumulated amortization
Intangible assets not subject to amortization (primarily trademarks)	$	1,868			$	1,865

Intangible assets subject to amortization
Customer relationships	$	3,859	$	669	$	3,838	$	428
Patents and technology	1,588		389		1,626		325
Other	1,155		226		1,160		156
Total other intangible assets	$	6,602	$	1,284	$	6,624	$	909

Amortization expense related to intangible assets subject to amortization in 2013, and estimated amortization expense for each of the next five years, follows:



2013	$	432
2014	428
2015	422
2016	410
2017	399
2018	379

Other Intangible Assets Related to the Acquisition of Cooper

The estimated fair values of other intangible assets acquired in the Cooper transaction and included in the table above were determined using an income valuation approach, which requires a forecast of expected future cash flows either through the use of the relief-from-royalty method or the multi-period excess earnings method. The estimated fair value of these identifiable intangible assets, their estimated useful lives and valuation methodology are as follows:



	Fair value		Useful life	Valuation method
Trade names (indefinite-lived)	$	1,410	N/A	Relief-from-royalty
Trade names	638		3-20	Relief-from-royalty
Customer relationships	2,510		13-18	Multi-period excess earnings
Technology	767		4-20	Relief-from-royalty; Multi-period excess earnings
Contract-based	44		9.5	Relief-from-royalty
	$	5,369

Eaton Corp plc | 2013 | FY |

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