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Goodwill And Other Intangible Assets
 12 Months Ended
Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill And Other Intangible Assets GOODWILL AND OTHER INTANGIBLE ASSETS
The Company estimates the fair value of its reporting units using an income approach and market-based approach with a weighting of 75.0% and 25.0%, respectively, for 2020. The income approach estimates fair value utilizing a discounted cash flow analysis and requires judgmental assumptions about projected sales growth, future operating margins, discount rates and terminal values. The market-based approach considers current trading multiples of earnings before interest, taxes, depreciation and amortization for companies operating in businesses similar to each of the Company’s reporting units, in addition to recent available market sale transactions of comparable businesses. If the estimated fair value of the reporting unit is less than its carrying value, the Company would recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, however, the loss recognized would not exceed the total amount of goodwill allocated to that reporting unit.
The Company’s annual impairment test includes an evaluation of its reporting units. Concurrently with its annual impairment test on the first day of the fourth quarter of 2020, the Company created an additional three components, which are one level below the Company’s operating segments. The additional three components were deemed to be reporting units, which resulted in the number of the Company’s reporting units increasing from three at December 31, 2019 to six reporting units for goodwill impairment testing in 2020. Due to the new reporting units, the Company reallocated the existing goodwill within each of its operating segments to the new reporting units within the applicable operating segments on a relative fair value basis. The reporting units were tested for impairment before and after the reallocation and no impairment was identified. Goodwill was not reallocated between operating segments.
No goodwill impairment charges were recorded for the years ended December 31, 2020, 2019 and 2018 and no “triggering” events have occurred subsequent to the performance of the 2020 annual impairment test. The factors used by management in its impairment analysis are inherently subject to uncertainty. If actual results are not consistent with management’s estimates and assumptions, goodwill and other intangible assets may be overstated and a charge to net income may be required.
The following is a rollforward of the Company’s goodwill by segment ($ in millions):
Specialty Products & TechnologiesEquipment & ConsumablesTotal
Balance, December 31, 2018$2,013.8 $1,311.7 $3,325.5 
Foreign currency translation and other(5.7)(13.8)(19.5)
Balance, December 31, 20192,008.1 1,297.9 3,306.0 
Acquisitions25.1 — 25.1 
Foreign currency translation and other65.8 33.8 99.6 
Balance, December 31, 2020$2,099.0 $1,331.7 $3,430.7 
Finite-lived intangible assets are amortized over the shorter of their legal or estimated useful life. The following summarizes the gross carrying value and accumulated amortization for each major category of intangible asset as of December 31 ($ in millions): 
20202019
Gross
Carrying
Amount		Accumulated
Amortization		Gross
Carrying
Amount		Accumulated
Amortization
Finite-lived intangibles:
Patents and technology$337.2 $(215.7)$324.5 $(206.6)
Customer relationships and other intangibles967.2 (599.4)949.1 (540.6)
Trademarks and trade names199.1 (65.9)203.4 (43.2)
Total finite-lived intangibles1,503.5 (881.0)1,477.0 (790.4)
Indefinite-lived intangibles:
Trademarks and trade names636.7 — 599.0 — 
Total intangibles$2,140.2 $(881.0)$2,076.0 $(790.4)
Total intangible amortization expense in 2020, 2019 and 2018 was $90.2 million, $89.5 million and $90.6 million, respectively. Based on the intangible assets recorded as of December 31, 2020, amortization expense is estimated to be $81.5 million during 2021, $80.9 million during 2022, $76.0 million during 2023, $68.8 million during 2024 and $68.6 million during 2025.