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Goodwill and Intangible Assets (Tables)
12 Months Ended
Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets and Goodwill
The changes in the net carrying value of goodwill for the years ended March 31, 2019 and 2018 by operating segment, consisted of the following (in millions):
 
 
 Goodwill
 
 
 Process & Motion Control
 
 Water Management
 
 Consolidated
 Net carrying amount as of March 31, 2017
 
$
1,068.8

 
$
147.7

 
$
1,216.5

 Acquisitions (1)
 
29.5

 
25.7

 
55.2

 Currency translation adjustments
 
4.2

 
0.2

 
4.4

 Net carrying amount as of March 31, 2018
 
$
1,102.5

 
$
173.6

 
$
1,276.1

 Acquisitions (1)
 
20.1

 
1.2

 
21.3

 Purchase accounting adjustments
 
8.1

 
0.2

 
8.3

 Currency translation adjustments
 
(5.5
)
 
(0.5
)
 
(6.0
)
 Net carrying amount as of March 31, 2019
 
$
1,125.2

 
$
174.5

 
$
1,299.7

______________________
(1)
Refer to Note 3, Acquisitions for additional information regarding acquisitions.
Schedule of Gross Carrying Amount and Accumulated Amortization for Finite-Lived Intangible Assets
The gross carrying amount and accumulated amortization for each major class of identifiable intangible assets as of March 31, 2019 and March 31, 2018 consisted of the following (in millions):  
 
 
 
March 31, 2019
 
Weighted Average Useful Life
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net Carrying Amount
Intangible assets subject to amortization:
 
 
 
 
 
 
 
Patents
10 years
 
$
50.9

 
$
(39.8
)
 
$
11.1

Customer relationships (including distribution network)
13 years
 
713.5

 
(523.1
)
 
190.4

Tradenames
13 years
 
40.4

 
(11.3
)
 
29.1

Intangible assets not subject to amortization - trademarks and tradenames
 
 
280.9

 

 
280.9

Total intangible assets, net
13 years
 
$
1,085.7

 
$
(574.2
)
 
$
511.5

 
 
 
 
 
 
 
 
 
 
 
March 31, 2018
 
Weighted Average Useful Life
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net Carrying Amount
Intangible assets subject to amortization:
 
 
 
 
 
 
 
Patents
10 years
 
$
51.3

 
$
(38.4
)
 
$
12.9

Customer relationships (including distribution network)
13 years
 
700.3

 
(494.8
)
 
205.5

Tradenames
13 years
 
40.1

 
(8.5
)
 
31.6

Intangible assets not subject to amortization - trademarks and tradenames
 
 
280.9

 

 
280.9

Total intangible assets, net
13 years
 
$
1,072.6

 
$
(541.7
)
 
$
530.9

Schedule of Gross Carrying Amount and Accumulated Amortization for Infinite-Lived Intangible Assets
The gross carrying amount and accumulated amortization for each major class of identifiable intangible assets as of March 31, 2019 and March 31, 2018 consisted of the following (in millions):  
 
 
 
March 31, 2019
 
Weighted Average Useful Life
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net Carrying Amount
Intangible assets subject to amortization:
 
 
 
 
 
 
 
Patents
10 years
 
$
50.9

 
$
(39.8
)
 
$
11.1

Customer relationships (including distribution network)
13 years
 
713.5

 
(523.1
)
 
190.4

Tradenames
13 years
 
40.4

 
(11.3
)
 
29.1

Intangible assets not subject to amortization - trademarks and tradenames
 
 
280.9

 

 
280.9

Total intangible assets, net
13 years
 
$
1,085.7

 
$
(574.2
)
 
$
511.5

 
 
 
 
 
 
 
 
 
 
 
March 31, 2018
 
Weighted Average Useful Life
 
Gross Carrying Amount
 
Accumulated Amortization
 
Net Carrying Amount
Intangible assets subject to amortization:
 
 
 
 
 
 
 
Patents
10 years
 
$
51.3

 
$
(38.4
)
 
$
12.9

Customer relationships (including distribution network)
13 years
 
700.3

 
(494.8
)
 
205.5

Tradenames
13 years
 
40.1

 
(8.5
)
 
31.6

Intangible assets not subject to amortization - trademarks and tradenames
 
 
280.9

 

 
280.9

Total intangible assets, net
13 years
 
$
1,072.6

 
$
(541.7
)
 
$
530.9