Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

The changes in the carrying amount of goodwill for the years ended December 31, 2017 and 2016 are as follows:



	EPD			IPD			FCD			Total
	(Amounts in thousands)
Balance as of January 1, 2016	$	478,059		$	301,116		$	444,811		$	1,223,986
Currency translation and other	(4,228		)	(1,351		)	(13,353		)	(18,932		)
Balance as of December 31, 2016	$	473,831		$	299,765		$	431,458		$	1,205,054
Dispositions	—			(1,900		)	(36,880		)	(38,780		)
Currency translation and other	8,378			21,435			22,101			51,914
Balance as of December 31, 2017	$	482,209		$	319,300		$	416,679		$	1,218,188

The following table provides information about our intangible assets for the years ended December 31, 2017 and 2016:



		December 31, 2017					December 31, 2016
	Useful Life (Years)	Ending Gross Amount		Accumulated Amortization			Ending Gross Amount		Accumulated Amortization
	(Amounts in thousands, except years)
Finite-lived intangible assets:
Engineering drawings(1)	10-22	$	90,442	$	(71,761	)	$	92,135	$	(69,881	)
Existing customer relationships(2)	5-10	84,291		(41,279		)	78,610		(31,671		)
Patents	9-16	26,876		(26,231		)	26,529		(25,318		)
Other	4-40	88,887		(34,251		)	83,171		(30,949		)
		$	290,496	$	(173,522	)	$	280,445	$	(157,819	)
Indefinite-lived intangible assets(3)		$	94,665	$	(1,590	)	$	93,475	$	(1,573	)

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(1)	Engineering drawings represent the estimated fair value associated with specific acquired product and component schematics.


(2)	Existing customer relationships acquired prior to 2011 had a useful life of five years.


(3)	Accumulated amortization for indefinite-lived intangible assets relates to amounts recorded prior to the implementation date of guidance issued in ASC 350.

The following schedule outlines actual amortization expense recognized during 2017 and an estimate of future amortization based upon the finite-lived intangible assets owned at December 31, 2017:



	Amortization Expense
	(Amounts in thousands)
Actual for year ended December 31, 2017	$	15,324
Estimated for year ending December 31, 2018	16,649
Estimated for year ending December 31, 2019	16,127
Estimated for year ending December 31, 2020	14,620
Estimated for year ending December 31, 2021	13,099
Estimated for year ending December 31, 2022	10,934
Thereafter	45,545

Amortization expense for finite-lived intangible assets was $13.9 million in 2016 and $22.0 million in 2015.

- 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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