Goodwill and Other Intangible Assets, Net

12 Months Ended

Dec. 31, 2015

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, 2015 and 2014 by segment are as follows:



	Industrial Process			Motion Technologies			Interconnect Solutions			Control Technologies			Total
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
Goodwill acquired	—			161.6			—			13.3			174.9
Allocated to divestiture	—			—			—			(2.7		)	(2.7		)
Foreign currency	(19.3		)	(4.5		)	(2.2		)	—			(26.0		)
Goodwill - December 31, 2015	$	312.6		$	201.0		$	69.0		$	195.7		$	778.3

Goodwill acquired during 2015 relates to the Wolverine acquisition at Motion Technologies and the Hartzell Aerospace acquisition at Control Technologies. See Note 21, "Acquisitions", for further information. Goodwill of $2.7 was written-off during the second quarter of 2015 in connection with the sale of an industrial product line within our Control Technologies segment. The sale of this product line resulted in a net gain of $0.1, which included the allocation of goodwill.

Based on the results of our annual impairment test, we determined that no impairment of goodwill existed as of the measurement date in 2015 or 2014. 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, 2015							December 31, 2014
	Gross Carrying Amount		Accumulated Amortization			Net Intangibles		Gross Carrying Amount		Accumulated Amortization			Net Intangibles
Customer relationships	$	157.4	$	(45.3	)	$	112.1	$	83.1	$	(38.3	)	$	44.8
Proprietary technology	54.9		(12.7		)	42.2		28.1		(9.9		)	18.2
Patents and other	8.6		(6.6		)	2.0		15.2		(13.1		)	2.1
Finite-lived intangible total	220.9		(64.6		)	156.3		126.4		(61.3		)	65.1
Indefinite-lived intangibles	30.9		—			30.9		26.3		—			26.3
Other Intangible Assets	$	251.8	$	(64.6	)	$	187.2	$	152.7	$	(61.3	)	$	91.4

Indefinite-lived intangibles primarily consist of brands and trademarks.

During 2015 we recognized an impairment loss of $1.8, within general and administrative expenses, for various identified intangibles within our Control Technologies segment. The impairment loss resulted from the expected decline of a non-core product line related to a customer settlement. There was no impairment of intangible assets in 2014.

Customer relationships, proprietary technology and patents and other intangible assets are amortized over weighted average lives of approximately 12.3 years, 12.9 years and 9.5 years, respectively.

The preliminary fair value of intangible assets and their respective weighted average lives with respect to the acquisition of Wolverine and Hartzell Aerospace during 2015 are as follows:



	Hartzell Aerospace			Wolverine
	Fair Value Acquired		Useful Life (in Years)	Fair Value Acquired		Useful Life (in Years)
Customer relationships	$	16.9	20	$	62.0	8
Proprietary technology	9.6		20	20.0		10
Backlog	1.9		1	—		—
Brand and trademarks	0.2		1	—		—
Indefinite-lived trade name	—		—	7.0		—
Total	$	28.6		$	89.0

Amortization expense related to intangible assets for 2015, 2014 and 2013 was $14.0, $11.1 and $17.6, respectively. Estimated amortization expense for each of the five succeeding years is as follows:



Year	Estimated Amortization Expense
2016	$	20.2
2017	18.6
2018	17.4
2019	17.2
2020	17.2
Thereafter	65.7

- 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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