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Goodwill and Other Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Carrying Amount of Goodwill
The changes in the carrying amount of goodwill for the years ended December 31, 2014 and 2013 are as follows:
 
EPD
 
IPD
 
FCD
 
Total
 
(Amounts in thousands)
Balance as of January 1, 2013
$
447,560

 
$
121,406

 
$
484,886

 
$
1,053,852

Acquisition(1)
—

 
43,865

 
—

 
43,865

Currency translation
1,936

 
261

 
7,637

 
9,834

Balance as of December 31, 2013
$
449,496

 
$
165,532

 
$
492,523

 
$
1,107,551

Disposition(2)
—

 
—

 
(6,483
)
 
(6,483
)
Currency translation
(9,756
)
 
(790
)
 
(23,267
)
 
(33,813
)
Balance as of December 31, 2014
$
439,740

 
$
164,742

 
$
462,773

 
$
1,067,255

_______________________________________
(1)
Goodwill primarily related to the acquisition of Innomag in 2013. See Note 2 for additional information.
(2)
Goodwill disposition related to the sale of Naval in 2014.  See Note 2 for additional information.
Schedule of Changes in Intangible Assets
The following table provides information about our intangible assets for the years ended December 31, 2014 and 2013:
 
 
 
December 31, 2014
 
December 31, 2013
 
Useful
Life
(Years)
 
Ending
Gross
Amount
 
Accumulated
Amortization
 
Ending
Gross
Amount
 
Accumulated
Amortization
 
(Amounts in thousands, except years)
Finite-lived intangible assets:
 
 
 

 
 

 
 

 
 

Engineering drawings(1)
10-22
 
$
90,843

 
$
(62,947
)
 
$
93,687

 
$
(61,401
)
Existing customer relationships(2)
5-10
 
38,003

 
(19,285
)
 
40,077

 
(15,241
)
Patents
9-16
 
29,396

 
(26,087
)
 
32,963

 
(28,013
)
Other
4-40
 
43,351

 
(25,426
)
 
40,797

 
(25,438
)
 
 
 
$
201,593

 
$
(133,745
)
 
$
207,524

 
$
(130,093
)
Indefinite-lived intangible assets(3)
 
 
$
79,982

 
$
(1,493
)
 
$
84,670

 
$
(1,553
)
____________________________________
(1)
Engineering drawings represent the estimated fair value associated with specific acquired product and component schematics.
(2)
Existing customer relationships acquired prior to 2011 had a useful life of five years.
(3)
Accumulated amortization for indefinite-lived intangible assets relates to amounts recorded prior to the implementation date of guidance issued in ASC 350.
Schedule of Actual and Estimated Future Amortization of Finite-Lived Intangible Assets
The following schedule outlines actual amortization expense recognized during 2014 and an estimate of future amortization based upon the finite-lived intangible assets owned at December 31, 2014:
 
Amortization
Expense
 
(Amounts in thousands)
Actual for year ended December 31, 2014
$
14,005

Estimated for year ending December 31, 2015
10,832

Estimated for year ending December 31, 2016
8,534

Estimated for year ending December 31, 2017
8,280

Estimated for year ending December 31, 2018
8,005

Estimated for year ending December 31, 2019
7,355

Thereafter
24,842