Item 8.01 - Other Events.
As previously disclosed in the Form 8-K filed on October 21, 2008, the Company concluded that a non-cash impairment charge is required to reduce the carrying value of the goodwill associated with the Company's Fluid Management Americas subsidiary (a reporting unit within the Company's Dispensing Segment). The Company determined that the charge is appropriate due to the combination of the recent downturn in capital spending by the customer base and the loss of a major retail customer during the third quarter. In the previously filed Form 8-K, the Company estimated the impairment charge would be between $15 and $35 million. The current estimated impairment charge is $30.1 million ($20.4 million net of tax). The Company is awaiting the completion of certain asset valuations in order to finalize this estimate and, if a further adjustment is necessary, the Company will record this amount during the fourth quarter of 2008. Additionally, a $1.3 million ($.9 million net of tax) inventory related charge was recorded at the Fluid Management Americas subsidiary.
The effect to the Company's third quarter earnings as a result of these charges is $0.26 per share. The impairment and inventory charges are reflected in the financial statements contained in the Company's Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission on November 10, 2008. While the goodwill impairment charge will reduce reported results under accounting principles generally accepted in the United States of America, it is non-cash in nature and does not affect the Company's liquidity, cash flows from operating activities, debt covenants, nor have any impact on future operations.

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