GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

The carrying amounts of the Company’s intangible assets are as follows:

(In millions)	September 30, 2021				December 31, 2020
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortizing intangibles:
Customer relationships	250.7		(86.1)		165.1		(78.5)
Patents	$	7.4	$	(7.3)	$	7.5	$	(7.3)
Technology	7.5		(7.3)		7.5		(7.2)
Trade names	37.1		(1.0)		$	3.4	(0.2)
Other	3.1		(2.9)		2.9		(2.8)
Total	$	305.8	$	(104.6)	$	186.4	$	(96.0)
Unamortizing intangibles:
Trade names	42.9		—		43.4		—
Total intangibles	$	348.7	$	(104.6)	$	229.8	$	(96.0)

Amortization expense related to intangible assets for the third quarters ended September 30, 2021 and September 30, 2020 was $4.3 million and $2.4 million, respectively, and for the nine months ended September 30, 2021 and September 30, 2020, $10.2 million and $7.0 million, respectively.

Amortization expense for each of the five succeeding years is projected as follows:

(In millions)	2021		2022		2023		2024		2025
	$	12.9	$	14.8	$	14.6	$	14.4	$	13.6

The change in the carrying amount of goodwill by reportable segment for the nine months ended September 30, 2021, is as follows:

(In millions)
	Water Systems		Fueling Systems		Distribution		Consolidated
Balance as of December 31, 2020	$	161.5	$	67.7	$	37.5	$	266.7
Acquisitions	52.9		2.6		—		55.5
Adjustments to prior year acquisitions	0.1		—		—		0.1
Foreign currency translation	(2.0)		—		—		(2.0)
Balance as of September 30, 2021	$	212.5	$	70.3	$	37.5	$	320.3