GOODWILL, OTHER INTANGIBLE ASSETS, AND ASSET IMPAIRMENT CHARGES

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL, OTHER INTANGIBLE ASSETS, AND ASSET IMPAIRMENT CHARGES

Goodwill

The changes in the carrying amount of goodwill by reportable segment for the year ended December 31, 2019 were as follows:


	December 31, 2018			Impairments			Foreign Currency Translation and Other			December 31, 2019
Food and Beverage		$	261.5		$	—		$	(4.0)		$	257.5

Industrial⁽¹⁾		288.9			—			(1.3)			287.6
Total		$	550.4		$	—		$	(5.3)		$	545.1

(1)The carrying amount of goodwill included $133.6 of accumulated impairments as of December 31, 2019 and 2018. As noted above, in connection with the reclassification of the substantial portion of our former Power and Energy reportable segment (excluding primarily the Bran+Luebbe product line of that former segment) to discontinued operations, as discussed further in Note 4, and the retention and reclassification of the Bran+Luebbe product line into our Industrial reportable segment, we performed a re-allocation of our former Power and Energy goodwill balance between the Disposal Group and the business being retained. This resulted in a net increase in Industrial reportable segment goodwill of $70.0 as of December 31, 2018 and a corresponding reduction in the goodwill of the former Power and Energy segment. The goodwill balance of the Industrial reportable segment as of December 31, 2018 reflects this reclassification.

The changes in the carrying amount of goodwill by reportable segment for the year ended December 31, 2018 were as follows:


	December 31, 2017			Impairments			Foreign Currency Translation and Other			December 31, 2018
Food and Beverage		$	271.8		$	—		$	(10.3)		$	261.5

Industrial⁽¹⁾		297.7			—			(8.8)			288.9
Total		$	569.5		$	—		$	(19.1)		$	550.4

(1)The carrying amount of goodwill included $133.6 and $134.2 of accumulated impairments as of December 31, 2018 and 2017, respectively. As noted above, we performed a re-allocation of our former Power and Energy goodwill balance between the Disposal Group and the portion of that business being retained. This resulted in net increases in Industrial reportable segment goodwill of $70.0 and $70.6 as of December 31, 2018 and 2017, respectively, and corresponding reductions in the goodwill of the former Power and Energy segment. The goodwill balances of the Industrial reportable segment noted above reflect these reclassifications.

Goodwill Impairment Tests

Consistent with our accounting policy stated in Note 1, we performed our annual goodwill impairment testing as of the first day of our fiscal fourth quarters of 2019 and 2018. The estimated fair value of both of our reporting units significantly exceeded its respective carrying value. See Note 4 for further discussion of management’s evaluation of the net carrying value of discontinued operations, relative to estimated fair value less costs to sell, in 2019.

Other Intangibles, Net

Identifiable intangible assets were as follows:


	December 31, 2019										December 31, 2018
	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
Intangible assets with determinable lives:
Customer relationships	$	124.7	$	(97.5)	$	27.2	$	125.8	$	(90.2)	$	35.6
Technology	61.7		(46.6)		15.1		62.1		(43.5)		18.6
Patents	5.6		(4.5)		1.1		5.7		(4.3)		1.4
Other	8.1		(8.1)		—		8.1		(8.1)		—
	200.1		(156.7)		43.4		201.7		(146.1)		55.6
Trademarks with indefinite lives	164.7		—		164.7		163.6		—		163.6
Total	$	364.8	$	(156.7)	$	208.1	$	365.3	$	(146.1)	$	219.2

Amortization expense was $11.4, $13.2 and $13.8 for the years ended December 31, 2019, 2018 and 2017, respectively. Estimated amortization expense related to these intangible assets is $10.5 in 2020, $10.0 in 2021, $7.1 in 2022, $2.9 in 2023 and $2.4 in 2024.

At December 31, 2019, the net carrying value of intangible assets with determinable lives consisted of the following by reportable segment: $27.6 in Food and Beverage and $15.8 in Industrial. Trademarks with indefinite lives consisted of the following by reportable segment: $98.3 in Food and Beverage and $66.4 in Industrial.

Intangible Impairment Tests (2019 and 2018) and Charges (2018)

Management performed its annual 2019 indefinite-lived intangible asset impairment test, performed as of the first day of our fiscal fourth quarter of 2019. Based on the results of our annual indefinite-lived intangible asset impairment testing in 2019, we determined that the estimated fair value of each of our indefinite-lived intangible assets exceeded its respective carrying value by at least 26%. Changes in the gross carrying values of trademarks and other identifiable intangible assets during 2019 related primarily to foreign currency translation.

Management performed its annual 2018 indefinite-lived intangible asset impairment test, performed as of the first day of our fiscal fourth quarter of 2018. Based on the results of this impairment testing in 2018, we determined that the estimated fair value of the trademark of a business associated with the execution of large dry-dairy systems projects in our Food and Beverage segment was impaired. Concurrently, during the fourth quarter of 2018, management concluded to rationalize this business, and we recorded an impairment charge of $8.3 related to the technology assets and of $1.4 related to the trademark associated with this business. Each of our other indefinite-lived intangible assets exceeded its respective carrying value by at least 23%. Changes in the gross carrying values of trademarks and other identifiable intangible assets during 2018 related to these impairments and to foreign currency translation.

Tangible Long-Lived Asset Impairment Charges

2019 Charges:

Asset impairment charges for 2019 included primarily a tangible long-lived asset impairment charge of $10.8 that resulted from management’s decision to market a corporate asset for sale. That asset, which had an estimated fair value of $4.0, was marketed for sale beginning in the third quarter of 2019, and was subsequently sold during the fourth quarter of 2019 with no further impact to the Company’s results of operations. To a lesser extent, asset impairment charges included a charge of $0.2 related to the impairment of an ROU asset, resulting from the decision to close a sales and service facility of our Industrial segment in Denmark during the fourth quarter of 2019 and a tangible long-lived asset impairment charge of $0.2 in our Industrial segment.

2018 Charges:

In addition to the $9.7 of intangible asset impairment charges noted above, asset impairment charges for 2018 included tangible long-lived asset impairment charges of $4.5 associated with the rationalization of the business associated

with the execution of large dry-dairy systems projects described above and, to a lesser extent, $0.2 related to tangible long-lived assets in our Industrial segment.

2017 Charges:

Asset impairment charges for 2017 included tangible long-lived asset impairment charges of $3.6 in connection with the sale of certain corporate assets during the year, $0.8 related to certain corporate-based information technology assets, and $0.5 related to a Food and Beverage segment product line which was exited and formerly based primarily in the EMEA region.