Goodwill and Intangible Assets

12 Months Ended

Mar. 31, 2020

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, 2020 and 2019 by operating segment, consisted of the following (in millions):

	Goodwill
	Process & Motion Control		Water Management		Consolidated
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
Acquisitions (1)	—		26.5		26.5
Purchase accounting adjustments	0.4		—		0.4
Currency translation adjustments	(4.2)		(0.5)		(4.7)
Net carrying amount as of March 31, 2020	$	1,121.4	$	200.5	$	1,321.9

______________________

(1)Refer to Note 3, Acquisitions for additional information regarding acquisitions.

        Total cumulative goodwill impairment charges as of March 31, 2020 and 2019 was $434.6 million.

        The gross carrying amount and accumulated amortization for each major class of identifiable intangible assets as of March 31, 2020 and March 31, 2019 consisted of the following (in millions):  

		March 31, 2020
	Weighted Average Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Intangible assets subject to amortization:
Patents	10 years	$	51.1	$	(41.2)	$	9.9
Customer relationships (including distribution network)	13 years	748.0		(552.5)		195.5
Tradenames	13 years	42.1		(14.2)		27.9
Intangible assets not subject to amortization - trademarks and tradenames		280.9		—		280.9
Total intangible assets, net	13 years	$	1,122.1	$	(607.9)	$	514.2
		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

        Intangible asset amortization expense totaled $35.4 million, $34.0 million and $32.2 million for the years ended March 31, 2020, 2019 and 2018, respectively. Tradenames, and customer relationships acquired during fiscal 2020 were assigned a weighted-average useful life of 14 years and 19 years, respectively. Tradenames, and customer relationships acquired during fiscal 2019 were assigned a weighted-average useful life of 15 years and 18 years, respectively.

        The Company expects to recognize amortization expense on the intangible assets subject to amortization of $35.5 million in fiscal year 2021, $31.2 million in fiscal year 2022, $16.9 million in fiscal year 2023, $16.1 million in fiscal year 2024, and $15.8 million in fiscal year 2025.

        The Company evaluates the carrying value of goodwill and indefinite-lived intangible assets 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, 2019, 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.