Goodwill and Other Intangible Assets, Net

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

Goodwill

Changes in the carrying amount of goodwill for the years ended December 31, 2014 and 2013 by segment are as follows:



	Industrial Process			Motion Technologies			Interconnect Solutions			Control Technologies		Total
Goodwill - December 31, 2012	$	345.5		$	47.8		$	73.0		$	185.1	$	651.4
Adjustments to purchase price allocations	0.8			—			—			—		0.8
Foreign currency	4.7			2.0			0.9			—		7.6
Goodwill - December 31, 2013	$	351.0		$	49.8		$	73.9		$	185.1	$	659.8
Goodwill acquired	1.2			—			—			—		1.2
Foreign currency	(20.3		)	(5.9		)	(2.7		)	—		(28.9		)
Goodwill - December 31, 2014	$	331.9		$	43.9		$	71.2		$	185.1	$	632.1

The purchase price allocation adjustment of $0.8 during 2013 relates to the Bornemann acquisition and is due to a fair value adjustment to certain environmental and royalty-related liabilities that existed at the acquisition date, partially offset by the receipt of $0.7 from the finalization of the Bornemann purchase price. As these amounts are not considered material, the adjustments were not retrospectively applied as if the accounting for the business combination had been completed at the acquisition date.

Based on the results of our annual impairment test, we determined that no impairment of goodwill existed as of the measurement date in 2014 or 2013. In 2014, a qualitative assessment was performed for all reporting units and it was determined that it was not more likely than not that the fair value of each reporting unit was less than its carrying amount. However, future goodwill impairment tests could result in a charge to earnings. We will continue to evaluate goodwill on an annual basis as of the beginning of our fourth fiscal quarter and whenever events and changes in circumstances indicate there may be a potential impairment.

Other Intangible Assets

Information regarding our other intangible assets is as follows:



	December 31, 2014							December 31, 2013
	Gross Carrying Amount		Accumulated Amortization			Net Intangibles		Gross Carrying Amount		Accumulated Amortization			Net Intangibles
Customer relationships	$	83.1	$	(38.3	)	$	44.8	$	84.9	$	(31.9	)	$	53.0
Proprietary technology	28.1		(9.9		)	18.2		30.3		(7.6		)	22.7
Patents and other	15.2		(13.1		)	2.1		16.4		(13.0		)	3.4
Finite-lived intangible total	126.4		(61.3		)	65.1		131.6		(52.5		)	79.1
Indefinite-lived intangibles	26.3		—			26.3		27.8		—			27.8
Other Intangible Assets	$	152.7	$	(61.3	)	$	91.4	$	159.4	$	(52.5	)	$	106.9

Indefinite-lived intangibles primarily consist of brands and trademarks. Based on the results of its annual impairment tests, we determined that no impairment of the indefinite-lived intangibles existed as of the measurement date in 2014 or 2013. However, future impairment tests could result in a charge to earnings. We will continue to evaluate the indefinite-lived intangible assets on an annual basis as of the beginning of our fourth fiscal quarter and whenever events and changes in circumstances indicate there may be a potential impairment.

Customer relationships, proprietary technology and patents and other intangible assets are amortized over weighted average lives of approximately 13.7 years, 12.5 years and 11.4 years, respectively.

Amortization expense related to intangible assets for 2014, 2013 and 2012 was $11.1, $17.6 and $10.2, respectively. Estimated amortization expense for each of the five succeeding years is as follows:



Year	Estimated Amortization Expense
2015	$	10.1
2016	9.8
2017	8.8
2018	7.2
2019	7.0
Thereafter	22.2

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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