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Goodwill and Other Intangible Assets
 9 Months Ended
Sep. 30, 2018
Goodwill and Other Intangible Assets [Abstract]  
Goodwill and Other Intangible Assets
Note 5. Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill attributable to each reportable segment for the nine month period ended September 30, 2018 is presented in the table below.

  
Industrials
  
Energy
  
Medical
  
Total
 
Balance as of December 31, 2017
 
$
561.6
  
$
460.2
  
$
205.8
  
$
1,227.6
 
Acquisition
  
63.6
   
8.7
   
-
   
72.3
 
Foreign currency translation and other(1)
  
(16.7
)
  
(12.4
)
  
(2.4
)
  
(31.5
)
Balance as of September 30, 2018
 
$
608.5
  
$
456.5
  
$
203.4
  
$
1,268.4
 


(1)
During the nine month period ended September 30, 2018, the Company recorded a decrease in goodwill of $0.2 million as a result of measurement period adjustments in the Industrials segment.

On May 29, 2018, the Company acquired PMI Pump Parts which is included in the Energy segment.  The excess of the purchase price over the estimated fair values of intangible assets, identifiable assets and assumed liabilities was recorded as goodwill.  As of September 30, 2018, the preliminary purchase price allocation resulted in a total of $8.7 million of goodwill.  The allocation of the purchase price is preliminary and subject to refinement based on final fair values of the identified assets acquired and liabilities assumed.

On February 8, 2018, the Company acquired Runtech which is included in the Industrials segment.  The excess of the purchase price over the estimated fair values of intangible assets, identifiable assets and assumed liabilities was recorded as goodwill.  As of September 30, 2018, the preliminary purchase price allocation resulted in a total of $63.6 million of goodwill.  The allocation of the purchase price is preliminary and subject to refinement based on final fair values of the identified assets acquired and liabilities assumed.

As of September 30, 2018, goodwill included $563.9 million of accumulated impairment losses within the Energy segment since the date of the transaction in which the Company was acquired by an affiliate of Kohlberg Kravis Roberts & Co. L.P. on July 30, 2013 (the “KKR Transaction”).  There were no goodwill impairment charges recorded during the nine month period ended September 30, 2018.

Other intangible assets as of September 30, 2018 and December 31, 2017 consisted of the following.

   
September 30, 2018
  
December 31, 2017
 
       
Gross
Carrying
Amount
  
Accumulated
Amortization
  
Gross
Carrying
Amount
  
Accumulated
Amortization
 
Amortized intangible assets:
            
Customer lists and relationships
 
$
1,209.9
  
$
(542.6
)
 
$
1,226.8
  
$
(473.0
)
Technology
  
21.9
   
(4.6
)
  
8.1
   
(4.0
)
Trademarks
  
37.1
   
(12.4
)
  
30.3
   
(10.6
)
Backlog
  
69.1
   
(68.0
)
  
65.5
   
(65.5
)
Other
  
57.3
   
(28.8
)
  
53.6
   
(23.5
)
Unamortized intangible assets:
                
Trademarks
  
617.9
   
-
   
623.5
   
-
 
Total other intangible assets
 
$
2,013.2
  
$
(656.4
)
 
$
2,007.8
  
$
(576.6
)

Amortization of intangible assets for the three and nine month periods ended September 30, 2018 and 2017 were as follows.

  
Three Month Period Ended
September 30,
  
Nine Month Period Ended
September 30,
 
  
2018
  
2017
  
2018
  
2017
 
Intangible asset amortization expense
 
$
31.0
  
$
29.5
  
$
93.4
  
$
87.6
 

Amortization of intangible assets is anticipated to be approximately $124.2 million annually in 2019 through 2023 based upon exchange rates as of September 30, 2018.