GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Apr. 03, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

As required, the Company performs an annual impairment test of goodwill as of the end of the October fiscal month or more frequently if events or circumstances change that would more likely than not reduce the fair value of its reporting units below their carrying value.

The following table presents changes to goodwill during the three months ended April 3, 2021 (in millions):


	Total		Commercial Systems		Industrial Systems		Climate Solutions		Power Transmission Solutions
Balance as of January 2, 2021	$	1,518.2	$	433.3	$	163.7	$	330.8	$	590.4


Translation Adjustments	(9.1)		(3.1)		(1.0)		(0.2)		(4.8)




Balance as of April 3, 2021	$	1,509.1	$	430.2	$	162.7	$	330.6	$	585.6

Cumulative Goodwill Impairment Charges	$	295.7	$	183.2	$	72.1	$	17.2	$	23.2

Intangible Assets

The following table presents intangible assets (in millions):


		April 3, 2021				January 2, 2021
	Weighted Average Amortization Period (Years)	Gross Value		Accumulated Amortization		Gross Value		Accumulated Amortization
Amortizable Intangible Assets:
Customer Relationships	17	$	702.8	$	356.1	$	708.6	$	349.4
Technology	14	145.7		108.7		146.3		108.0
Trademarks	14	37.0		27.8		37.7		27.7


		885.5		492.6		892.6		485.1
Non-Amortizable Trade Name		122.2		—		122.8		—
		$	1,007.7	$	492.6	$	1,015.4	$	485.1

Intangible Assets, Net of Amortization		$	515.1			$	530.3

Amortization expense recorded for the three months ended April 3, 2021 was $11.2 million. Amortization expense recorded for the three months ended March 28, 2020 was $12.2 million. Amortization expense for fiscal year 2021 is estimated to be $43.3 million. There was no impairment of intangible assets during the three months ended April 3, 2021 and March 28, 2020, respectively.

The following table presents future estimated annual amortization for intangible assets (in millions):


Year	Estimated Amortization
2022	$	41.5
2023	41.4
2024	40.8
2025	38.7
2026	35.2