Goodwill and Other Intangible Assets, net

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, net

Changes in the carrying values of goodwill for the nine months ended September 30, 2021, were as follows (in millions):


	Segment
	Electrical Solutions		Utility Solutions		Total
BALANCE DECEMBER 31, 2020	$	663.9	$	1,259.4	$	1,923.3
Prior year acquisitions	—		6.9		6.9
Current year dispositions	—		(1.9)		(1.9)
Foreign currency translation	(1.7)		(4.0)		(5.7)
BALANCE SEPTEMBER 30, 2021	$	662.2	$	1,260.4	$	1,922.6

In June of 2021, the Company completed the sale of the Consumer Analytics Solutions business for $9.8 million. The Consumer Analytics Solutions business was part of Aclara and was previously included in the Utility Solutions segment. Upon disposition, the Consumer Analytics Solutions business had assets of $15.9 million, including definite-lived intangibles of $8.7 million (primarily customer relationships and developed technology), goodwill of $1.9 million and total liabilities of $1.5 million (primarily composed of deferred revenue). As a result of the sale of the Consumer Analytics Solutions business, we recognized a pre-tax loss of $6.9 million that is included in Total other expense in the Condensed Consolidated Statements of Income.

The carrying value of other intangible assets included in Other intangible assets, net in the Condensed Consolidated Balance Sheets is as follows (in millions):


	September 30, 2021				December 31, 2020
	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Definite-lived:
Patents, tradenames and trademarks	$	212.7	$	(80.7)	$	213.4	$	(73.8)
Customer relationships, developed technology and other	940.7		(388.3)		958.0		(340.6)
TOTAL DEFINITE-LIVED INTANGIBLES	$	1,153.4	$	(469.0)	$	1,171.4	$	(414.4)
Indefinite-lived:
Tradenames and other	53.6		—		53.6		—
TOTAL OTHER INTANGIBLE ASSETS	$	1,207.0	$	(469.0)	$	1,225.0	$	(414.4)

Amortization expense associated with definite-lived intangible assets was $18.7 million and $18.5 million during the three months ended September 30, 2021 and 2020, respectively, and $59.4 million and $56.2 million during the nine months ended September 30, 2021 and 2020, respectively. Future amortization expense associated with these intangible assets is estimated to be $20.1 million for the remainder of 2021, $72.9 million in 2022, $68.2 million in 2023, $63.3 million in 2024, $58.8 million in 2025, and $55.1 million in 2026. The Company amortizes intangible assets with definite lives using either an accelerated method that reflects the pattern in which economic benefits of the intangible assets are consumed and results in higher amortization in the earlier years of the assets useful life, or using a straight line method. Approximately 76% of the gross value of definite-lived intangible assets follow an accelerated amortization method.