XML 74 R23.htm IDEA: XBRL DOCUMENT v3.19.3
GOODWILL AND OTHER INTANGIBLE ASSETS, NET
 9 Months Ended
Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS, NET
GOODWILL AND OTHER INTANGIBLE ASSETS, NET
Goodwill
The following table provides a rollforward of the carrying amount of goodwill for the nine months ended September 30, 2019 by segment. 
 
Motion
Technologies
 
Industrial
Process
 
Connect & Control
Technologies
 
Total
Goodwill - December 31, 2018
 
$
294.5

 
 
 
$
315.8

 
 
 
$
265.6

 
 
$
875.9

Acquired
 
—

 
 
 
36.6

 
 
 
8.7

 
 
45.3

Foreign exchange translation
 
(3.6
)
 
 
 
(6.8
)
 
 
 
(1.0
)
 
 
(11.4
)
Goodwill - September 30, 2019
 
$
290.9

 
 
 
$
345.6

 
 
 
$
273.3

 
 
$
909.8


Goodwill acquired is related to our acquisitions of Rheinhütte Pumpen Group (Rheinhütte) and Matrix Composites, Inc. (Matrix) in the second and third quarters of 2019, respectively. Goodwill acquired represents the preliminary calculation of the excess of the purchase price over the net assets acquired, the valuation of which is pending completion. Upon completion of the valuation, goodwill acquired will be adjusted to reflect the final fair value of the net assets acquired. Refer to Note 21, Acquisitions, for additional information.
Other Intangible Assets, Net 
Information regarding our other intangible assets is as follows:
 
September 30, 2019
 
December 31, 2018
 
Gross
Carrying
Amount
 
Accumulated Amortization
 
Net Intangibles
 
Gross
Carrying
Amount
 
Accumulated Amortization
 
Net Intangibles
Customer relationships
 
$
179.3

 
 
 
$
(95.7
)
 
 
 
$
83.6

 
 
 
$
164.1

 
 
 
$
(86.2
)
 
 
 
$
77.9

 
Proprietary technology
 
57.9

 
 
 
(26.8
)
 
 
 
31.1

 
 
 
53.7

 
 
 
(25.6
)
 
 
 
28.1

 
Patents and other
 
12.6

 
 
 
(9.7
)
 
 
 
2.9

 
 
 
12.3

 
 
 
(9.4
)
 
 
 
2.9

 
Finite-lived intangible total
 
249.8

 
 
 
(132.2
)
 
 
 
117.6

 
 
 
230.1

 
 
 
(121.2
)
 
 
 
108.9

 
Indefinite-lived intangibles
 
30.1

 
 
 
—

 
 
 
30.1

 
 
 
27.2

 
 
 
—

 
 
 
27.2

 
Other intangible assets
 
$
279.9

 
 
 
$
(132.2
)
 
 
 
$
147.7

 
 
 
$
257.3

 
 
 
$
(121.2
)
 
 
 
$
136.1

 

Amortization expense related to finite-lived intangible assets was $5.3 and $4.4, and $13.3 and $13.3 for the three and nine months ended September 30, 2019 and 2018, respectively.
The preliminary fair value of intangible assets acquired in connection with the purchase of Rheinhütte includes $7.4 of proprietary technology with a useful life of 7 years, $4.5 of customer relationships with a useful life of 9 years, and $3.3 for a trade name with an indefinite life. As of September 30, 2019, intangible assets acquired in connection with the purchase of Matrix have been estimated to have a preliminary fair value of $12 related to customer relationships.