XML 113 R16.htm IDEA: XBRL DOCUMENT v2.4.0.8
Goodwill and Intangible Assets
12 Months Ended
Mar. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Disclosure [Text Block]
Goodwill and Intangible Assets
The changes in the net carrying value of goodwill and identifiable intangible assets for the years ended March 31, 2014 and 2013 by operating segment, are presented below (in millions):
 
 
 
 
 
 
Amortizable Intangible Assets
 
 
 
 
Goodwill
 
Indefinite Lived Intangible Assets
 
Trade-Names
 
Customer Relationships
 
Patents
 
Non-Compete
 
Total Identifiable Intangible Assets Excluding Goodwill
Process & Motion Control
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net carrying amount as of March 31, 2012
 
$
865.3

 
$
192.3

 
$

 
$
125.6

 
$
6.0

 
$

 
$
323.9

Acquisitions
 
12.2

 
1.9

 

 
7.7

 

 

 
9.6

Amortization
 

 

 

 
(28.2
)
 
(1.1
)
 

 
(29.3
)
Currency translation adjustment
 
(0.4
)
 
(0.3
)
 

 
(0.2
)
 

 

 
(0.5
)
Net carrying amount as of March 31, 2013
 
$
877.1

 
$
193.9

 
$

 
$
104.9

 
$
4.9

 
$

 
$
303.7

Acquisitions
 
21.9

 
2.7

 
2.0

 
18.3

 

 

 
23.0

Purchase price allocation adjustments
 
1.1

 

 

 

 

 

 

Amortization
 

 

 
(0.1
)
 
(29.3
)
 
(1.2
)
 

 
(30.6
)
Currency translation adjustment
 
3.9

 
1.0

 

 
0.5

 

 

 
1.5

Net carrying amount as of March 31, 2014
 
$
904.0

 
$
197.6

 
$
1.9

 
$
94.4

 
$
3.7

 
$

 
$
297.6

Water Management
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net carrying amount as of March 31, 2012
 
$
249.4

 
$
135.0

 
$

 
$
177.6

 
$
10.5

 
$
0.1

 
$
323.2

Acquisitions
 
0.4

 

 

 

 

 

 

Purchase price allocation adjustments
 
(5.5
)
 
3.9

 

 
5.8

 
0.2

 

 
9.9

Amortization
 

 

 

 
(20.0
)
 
(1.7
)
 
(0.1
)
 
(21.8
)
Currency translation adjustment
 
(3.0
)
 
(0.8
)
 

 
(0.6
)
 
(0.1
)
 

 
(1.5
)
Net carrying amount as of March 31, 2013
 
$
241.3

 
$
138.1

 
$

 
$
162.8

 
$
8.9

 
$

 
$
309.8

Acquisitions
 
3.0

 
1.2

 

 
0.9

 

 

 
2.1

Amortization
 

 

 

 
(18.4
)
 
(1.8
)
 

 
(20.2
)
Currency translation adjustment
 
2.4

 
1.5

 

 
1.7

 
0.1

 

 
3.3

Net carrying amount as of March 31, 2014
 
$
246.7

 
$
140.8

 
$

 
$
147.0

 
$
7.2

 
$

 
$
295.0

Consolidated
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net carrying amount as of March 31, 2012
 
$
1,114.7

 
$
327.3

 
$

 
$
303.2

 
$
16.5

 
$
0.1

 
$
647.1

Acquisitions
 
12.6

 
1.9

 

 
7.7

 

 

 
9.6

Purchase price allocation adjustments
 
(5.5
)
 
3.9

 

 
5.8

 
0.2

 

 
9.9

Amortization
 

 

 

 
(48.2
)
 
(2.8
)
 
(0.1
)
 
(51.1
)
Currency translation adjustment
 
(3.4
)
 
(1.1
)
 

 
(0.8
)
 
(0.1
)
 

 
(2.0
)
Net carrying amount as of March 31, 2013
 
$
1,118.4

 
$
332.0

 
$

 
$
267.7

 
$
13.8

 
$

 
$
613.5

Acquisitions
 
24.9

 
3.9

 
2.0

 
19.2

 

 

 
25.1

Purchase price allocation adjustments
 
1.1

 

 

 

 

 

 

Amortization
 

 

 
(0.1
)
 
(47.7
)
 
(3.0
)
 

 
(50.8
)
Currency translation adjustment
 
6.3

 
2.5

 

 
2.2

 
0.1

 

 
4.8

Net carrying amount as of March 31, 2014
 
$
1,150.7

 
$
338.4

 
$
1.9

 
$
241.4

 
$
10.9

 
$

 
$
592.6


The gross carrying amount and accumulated amortization for each major class of identifiable intangible assets as of March 31, 2014 and March 31, 2013 are as follows (in millions):  
 
 
 
March 31, 2014
 
Weighted Average Useful Life
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net Carrying Amount
Intangible assets subject to amortization:
 
 
 
 
 
 
 
Patents
10 years
 
$
38.7

 
$
(27.8
)
 
$
10.9

Customer relationships (including distribution network)
12 years
 
584.3

 
(342.9
)
 
241.4

Tradenames
7 years
 
2.0

 
(0.1
)
 
1.9

Intangible assets not subject to amortization - trademarks and tradenames
 
 
338.4

 

 
338.4

 
 
 
$
963.4

 
$
(370.8
)
 
$
592.6

 
 
 
 
 
 
 
 
 
 
 
March 31, 2013
 
Weighted Average Useful Life
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net Carrying Amount
Intangible assets subject to amortization:
 
 
 
 
 
 
 
Patents
10 years
 
$
38.6

 
$
(24.8
)
 
$
13.8

Customer relationships (including distribution network)
12 years
 
562.9

 
(295.2
)
 
267.7

Intangible assets not subject to amortization - trademarks and tradenames
 
 
332.0

 

 
332.0

 
 
 
$
933.5

 
$
(320.0
)
 
$
613.5



Intangible asset amortization expense totaled $50.8 million, $51.1 million and $50.9 million for the years ended March 31, 2014, 2013 and 2012, respectively.
The Company expects to recognize amortization expense on the intangible assets subject to amortization of $52.0 million in fiscal years 2015 and 2016, $32.9 million in fiscal year 2017, $22.4 million in fiscal year 2018, and $22.2 million in fiscal year 2019.
During the third quarter of fiscal 2014, the Company completed the testing of indefinite lived intangible assets (tradenames) and goodwill for impairment in accordance with ASC 350, Intangibles-Goodwill and Other. The fair value of the Company's indefinite lived intangible assets and reporting units were primarily estimated using an income valuation model (discounted cash flow) and market approach (guideline public company comparables), which indicated that the fair value of the Company's indefinite lived intangible assets and reporting units exceeded their carrying value; therefore, no impairment was present. Total cumulative goodwill impairment charges recorded in historical periods were $319.3 million at March 31, 2014 and March 31, 2013, all of which were incurred in fiscal 2009.