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Goodwill and Intangible Assets
 12 Months Ended
Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
Goodwill and Intangible Assets
The changes in the net carrying value of goodwill for the years ended March 31, 2019 and 2018 by operating segment, consisted of the following (in millions):
 
 
 Goodwill
 
 
 Process & Motion Control
 
 Water Management
 
 Consolidated
 Net carrying amount as of March 31, 2017
 
$
1,068.8

 
$
147.7

 
$
1,216.5

 Acquisitions (1)
 
29.5

 
25.7

 
55.2

 Currency translation adjustments
 
4.2

 
0.2

 
4.4

 Net carrying amount as of March 31, 2018
 
$
1,102.5

 
$
173.6

 
$
1,276.1

 Acquisitions (1)
 
20.1

 
1.2

 
21.3

 Purchase accounting adjustments
 
8.1

 
0.2

 
8.3

 Currency translation adjustments
 
(5.5
)
 
(0.5
)
 
(6.0
)
 Net carrying amount as of March 31, 2019
 
$
1,125.2

 
$
174.5

 
$
1,299.7

______________________
(1)
Refer to Note 3, Acquisitions for additional information regarding acquisitions.
Total cumulative goodwill impairment charges as of March 31, 2019 and 2018 was $434.6 million.
The gross carrying amount and accumulated amortization for each major class of identifiable intangible assets as of March 31, 2019 and March 31, 2018 consisted of the following (in millions):  
 
 
 
March 31, 2019
 
Weighted Average Useful Life
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net Carrying Amount
Intangible assets subject to amortization:
 
 
 
 
 
 
 
Patents
10 years
 
$
50.9

 
$
(39.8
)
 
$
11.1

Customer relationships (including distribution network)
13 years
 
713.5

 
(523.1
)
 
190.4

Tradenames
13 years
 
40.4

 
(11.3
)
 
29.1

Intangible assets not subject to amortization - trademarks and tradenames
 
 
280.9

 
—

 
280.9

Total intangible assets, net
13 years
 
$
1,085.7

 
$
(574.2
)
 
$
511.5

 
 
 
 
 
 
 
 
 
 
 
March 31, 2018
 
Weighted Average Useful Life
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net Carrying Amount
Intangible assets subject to amortization:
 
 
 
 
 
 
 
Patents
10 years
 
$
51.3

 
$
(38.4
)
 
$
12.9

Customer relationships (including distribution network)
13 years
 
700.3

 
(494.8
)
 
205.5

Tradenames
13 years
 
40.1

 
(8.5
)
 
31.6

Intangible assets not subject to amortization - trademarks and tradenames
 
 
280.9

 
—

 
280.9

Total intangible assets, net
13 years
 
$
1,072.6

 
$
(541.7
)
 
$
530.9


Intangible asset amortization expense totaled $34.0 million, $32.2 million and $41.0 million for the years ended March 31, 2019, 2018 and 2017, respectively. Tradenames, and customer relationships acquired during fiscal 2019 were assigned a weighted-average useful life of 15 years and 18 years, respectively. Patents, tradenames, and customer relationships acquired during fiscal 2018 were assigned a weighted-average useful life of 14 years, 14 years, and 15 years, respectively.
The Company expects to recognize amortization expense on the intangible assets subject to amortization of $34.6 million in fiscal year 2020, $33.5 million in fiscal year 2021, $29.2 million in fiscal year 2022, $14.9 million in fiscal year 2023, and $14.1 million in fiscal year 2024.
The Company evaluates the carrying value of goodwill annually as of October 1 during the third quarter of each fiscal year, and more frequently if events or changes in circumstances indicate that an impairment may exist. The Company completed the testing of indefinite-lived intangible assets (tradenames) and goodwill for impairment as of October 1, 2018, using primarily an income valuation model (discounted cash flow) and market approach (guideline public company comparables), which indicated that the fair value of the Company's indefinite-lived intangible assets and all reporting units exceeded their carrying value; therefore, no impairment was present.