XML 27 R16.htm IDEA: XBRL DOCUMENT v3.21.1
Goodwill and Intangible Assets
3 Months Ended
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
    The changes in the net carrying value of goodwill for the three months ended March 31, 2021, by operating segment are presented below (in millions):
 Process & Motion Control  Water Management  Consolidated
 Net carrying amount as of December 31, 2020$1,125.3 $244.8 $1,370.1 
 Currency translation adjustments0.2 0.9 1.1 
 Purchase accounting adjustments (1)— 0.2 0.2 
 Net carrying amount as of March 31, 2021$1,125.5 $245.9 $1,371.4 
____________________
(1)    Refer to Note 2, Acquisitions and Divestiture for additional information regarding acquisitions.
    The gross carrying amount and accumulated amortization for each major class of identifiable intangible assets as of March 31, 2021 and December 31, 2020 are as follows (in millions):  
March 31, 2021
Weighted Average Useful LifeGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Intangible assets subject to amortization:
Patents10 years$52.0 $(42.4)$9.6 
Customer relationships (including distribution network)14 years785.8 (586.5)199.3 
Tradenames13 years44.1 (17.9)26.2 
Intangible assets not subject to amortization - tradenames280.9 — 280.9 
Total intangible assets, net13 years$1,162.8 $(646.8)$516.0 
December 31, 2020
Weighted Average Useful LifeGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Intangible assets subject to amortization:
Patents10 years$52.0 $(42.2)$9.8 
Customer relationships (including distribution network)14 years784.9 (578.0)206.9 
Tradenames13 years44.1 (17.1)27.0 
Intangible assets not subject to amortization - tradenames280.9 — 280.9 
Total intangible assets, net13 years$1,161.9 $(637.3)$524.6 

    Intangible asset amortization expense totaled $9.4 million for the three months ended March 31, 2021. Intangible asset amortization expense totaled $9.1 million for the three months ended March 31, 2020. No intangible assets were acquired during the three months ended March 31, 2021.
    The Company expects to recognize amortization expense on the intangible assets subject to amortization of $36.7 million in the year ending December 31, 2021 (inclusive of $9.4 million of amortization expense recognized in the three months ended March 31, 2021), $21.0 million in 2022, $18.5 million in 2023, $18.4 million in 2024, $17.3 million in 2025 and $16.3 million in 2026.