XML 39 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Goodwill and Other Intangible Assets, Net
 12 Months Ended
Dec. 31, 2018
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, 2018 and 2017 by segment are as follows:
 
Motion
Technologies
 
Industrial
Process
 
Connect & Control
Technologies
 
Total
Goodwill - December 31, 2016
$
202.3

 
$
308.4

 
$
264.0

 
$
774.7

Goodwill acquired
91.2

 
—

 
—

 
91.2

Adjustments to purchase price allocations
(8.2
)
 
—

 
—

 
(8.2
)
Foreign currency
10.3

 
16.1

 
2.7

 
29.1

Goodwill - December 31, 2017
$
295.6

 
$
324.5

 
$
266.7

 
$
886.8

Adjustments to purchase price allocations
3.3

 
—

 
—

 
3.3

Foreign currency
(4.4
)
 
(8.7
)
 
(1.1
)
 
(14.2
)
Goodwill - December 31, 2018
$
294.5

 
$
315.8

 
$
265.6

 
$
875.9


Goodwill acquired and goodwill adjustments to purchase price allocations are related to our acquisition of Axtone Railway Components (Axtone) in 2017. The acquired goodwill, representing the excess of the purchase price over the net assets acquired, has been adjusted to reflect the final fair value of the net assets acquired. See Note 22, Acquisitions, for further information.
Other Intangible Assets
Information regarding our other intangible assets is as follows:
 
December 31, 2018
 
December 31, 2017
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Intangibles
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Intangibles
Customer relationships
$
164.1

 
$
(86.2
)
 
$
77.9

 
$
166.2

 
$
(74.4
)
 
$
91.8

Proprietary technology
53.7

 
(25.6
)
 
28.1

 
54.4

 
(21.8
)
 
32.6

Patents and other
12.3

 
(9.4
)
 
2.9

 
13.5

 
(9.2
)
 
4.3

Finite-lived intangible total
230.1

 
(121.2
)
 
108.9

 
234.1

 
(105.4
)
 
128.7

Indefinite-lived intangibles
27.2

 
—

 
27.2

 
27.5

 
—

 
27.5

Other Intangible Assets
$
257.3

 
$
(121.2
)
 
$
136.1

 
$
261.6

 
$
(105.4
)
 
$
156.2


Indefinite-lived intangibles primarily consist of brands and trademarks.
Customer relationships, proprietary technology and patents and other intangible assets are amortized over weighted average lives of approximately 12.4 years, 13.1 years and 10.0 years, respectively.
Amortization expense related to intangible assets for 2018, 2017 and 2016 was $17.6, $18.9 and $20.1, respectively. Estimated amortization expense for each of the five succeeding years is as follows:
Year
Estimated
Amortization
Expense
2019
$
17.6

2020
17.5

2021
17.5

2022
16.3

2023
12.7

Thereafter
27.3