Goodwill and Intangible Assets (Tables)

12 Months Ended

Mar. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill

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.

Schedule of Gross Carrying Amount and Accumulated Amortization for Finite-Lived Intangible Assets

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

Schedule of Gross Carrying Amount and Accumulated Amortization for Infinite-Lived Intangible Assets

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