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Goodwill and Other Intangible Assets, Net

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

Goodwill

Changes in the carrying amount of goodwill for the years ended December 31, 2017 and 2016 by segment are as follows:



	Industrial Process			Motion Technologies			Connect & Control Technologies			Total
Goodwill - December 31, 2015	$	312.6		$	201.0		$	264.7		$	778.3
Adjustments to purchase price allocations	—			2.6			0.4			3.0
Foreign currency	(4.2		)	(1.3		)	(1.1		)	(6.6		)
Goodwill - December 31, 2016	$	308.4		$	202.3		$	264.0		$	774.7
Goodwill acquired	—			91.2			—			91.2
Adjustments to purchase price allocations	—			(8.2		)	—			(8.2		)
Foreign currency	16.1			10.3			2.7			29.1
Goodwill - December 31, 2017	$	324.5		$	295.6		$	266.7		$	886.8

Goodwill acquired during 2017 relates to our acquisition of Axtone and represents the excess of the purchase price over the net assets acquired, the valuation of which is expected to be completed in the first quarter of 2018. Upon completion of the valuation, goodwill acquired will be adjusted to reflect the final fair value of the net assets acquired. See Note 21, Acquisitions, for further information.

Other Intangible Assets

Information regarding our other intangible assets is as follows:



	December 31, 2017							December 31, 2016
	Gross Carrying Amount		Accumulated Amortization			Net Intangibles		Gross Carrying Amount		Accumulated Amortization			Net Intangibles
Customer relationships	$	166.2	$	(74.4	)	$	91.8	$	155.8	$	(59.3	)	$	96.5
Proprietary technology	54.4		(21.8		)	32.6		52.5		(16.8		)	35.7
Patents and other	13.5		(9.2		)	4.3		9.0		(7.6		)	1.4
Finite-lived intangible total	234.1		(105.4		)	128.7		217.3		(83.7		)	133.6
Indefinite-lived intangibles	27.5		—			27.5		26.7		—			26.7
Other Intangible Assets	$	261.6	$	(105.4	)	$	156.2	$	244.0	$	(83.7	)	$	160.3

Indefinite-lived intangibles primarily consist of brands and trademarks.

During the second quarter of 2016, we recognized an impairment loss of $4.1 related to indefinite-lived trade names within our Industrial Process segment. The impairment loss was the result of the challenging economic conditions within the upstream oil and gas market. The impairment was recorded within general and administrative expenses.

Customer relationships, proprietary technology and patents and other intangible assets are amortized over weighted average lives of approximately 12.3 years, 13.2 years and 11.3 years, respectively.

The fair value of intangible assets acquired in connection with the purchase of Axtone, include $7.6 of customer relationships and $2.3 of trademarks. These intangible assets will be amortized over their estimated useful lives of 12 years and 10 years, respectively. See Note 21, Acquisitions, for further information.

Amortization expense related to intangible assets for 2017, 2016 and 2015 was $18.9, $20.1 and $14.0, respectively. Estimated amortization expense for each of the five succeeding years is as follows:



Year	Estimated Amortization Expense
2018	$	18.1
2019	18.1
2020	17.9
2021	17.9
2022	16.2
Thereafter	40.5

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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