XML 24 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Goodwill and Intangible Assets, net
9 Months Ended
Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets, net
Goodwill and Intangible Assets, net
 

Changes in the carrying values of goodwill for the nine months ended September 30, 2018, were as follows (in millions):
 
Segment
 

 
Electrical

Power

Total

BALANCE DECEMBER 31, 2017
$
717.6

$
371.4

$
1,089.0

Current year acquisitions (Note 3 – Business Acquisitions)

685.1

685.1

Foreign currency translation and prior year acquisitions
(1.1
)
(6.6
)
(7.7
)
BALANCE SEPTEMBER 30, 2018
$
716.5

$
1,049.9

$
1,766.4


 
In the first nine months of 2018, the Company completed one acquisition (Aclara) that was added to the Power segment. This acquisition has been accounted for as a business combination and has resulted in the recognition of $685.1 million of goodwill. See Note 3 – Business Acquisitions in the Notes to Condensed Consolidated Financial Statements for additional information.

The carrying value of other intangible assets included in Intangible assets, net in the Condensed Consolidated Balance Sheet is as follows (in millions):
 
September 30, 2018
December 31, 2017
 
Gross Amount

Accumulated
Amortization

Gross Amount

Accumulated
Amortization

Definite-lived:
 

 

 

 

Patents, tradenames and trademarks
$
204.9

$
(56.5
)
$
151.4

$
(50.1
)
Customer/agent relationships and other
844.9

(199.7
)
462.0

(156.7
)
Total
$
1,049.8

$
(256.2
)
$
613.4

$
(206.8
)
Indefinite-lived:
 

 

 

 

Tradenames and other
53.7


53.8


TOTAL
$
1,103.5

$
(256.2
)
$
667.2

$
(206.8
)

 
Amortization expense associated with definite-lived intangible assets was $53.2 million and $26.4 million for the nine months ended September 30, 2018 and 2017, respectively. Future amortization expense associated with these intangible assets is expected to be $18.8 million for the remainder of 2018, $77.7 million in 2019, $76.1 million in 2020, $74.4 million in 2021, $66.0 million in 2022, and $59.4 million in 2023.