OTHER INTANGIBLE ASSETS, NET

12 Months Ended

Dec. 31, 2020

Intangible Assets, Net (Excluding Goodwill) [Abstract]

OTHER INTANGIBLE ASSETS, NET

9. OTHER INTANGIBLE ASSETS, NET

Intangible assets are generally the result of acquisitions and consist primarily of purchased technology, customer related intangibles, and trademarks. Intangible assets are amortized over useful lives that generally range between 1 and 20 years.

The following tables present the cumulative composition of the Corporation’s intangible assets as of December 31, 2020 and December 31, 2019, respectively.

	2020							2019
(In thousands)	Gross		Accumulated Amortization		Net			Gross		Accumulated Amortization		Net
Technology (2)	$	280,595	$	(148,064)	$	132,531		$	257,676	$	(140,390)	$	117,286
Customer related intangibles (2)	573,722		(239,798)		333,924		,	434,492		(215,855)		218,637
Programs (1)	144,000		(19,800)		124,200			144,000		(12,600)		131,400
Other intangible assets	51,493		(32,518)		18,975			43,729		(31,145)		12,584
Total	$	1,049,810	$	(440,180)	$	609,630		$	879,897	$	(399,990)	$	479,907

(1) Programs include values assigned to major programs of acquired businesses and represent the aggregate value associated with the customer relationships, contracts, technology, and trademarks underlying the associated program.

(2) During the year ended December 31, 2020, the Corporation recognized an impairment loss of $18.3 million pertaining to technology and customer-related intangibles of its industrial valve business in Germany, which was classified as held for sale during the fourth quarter of 2020.

During the year ended December 31, 2020, the Corporation acquired intangible assets of $204.4 million, which included Customer-related intangibles of $159.9 million, Technology of $34.6 million, and Other intangible assets of $9.9 million. The weighted average amortization periods for these aforementioned intangible assets are 16.4 years, 8.9 years, and 7.1 years, respectively.

Amortization expense for the years ended December 31, 2020, 2019, and 2018 was $60.6 million, $45.0 million, and $43.6 million, respectively. The estimated future amortization expense of intangible assets over the next five years is as follows:

(In millions)
2021	$	61.6
2022	$	56.7
2023	$	53.0
2024	$	49.5
2025	$	46.9