GOODWILL AND OTHER INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

The carrying amounts of the Company’s intangible assets are as follows:

(In millions)	March 31, 2022				December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortizing intangibles:
Customer relationships	256.2		(92.7)		255.1		(88.8)
Patents	$	7.3	$	(7.3)	$	7.3	$	(7.3)
Technology	7.5		(7.4)		7.5		(7.3)
Trade names	42.2		(2.1)		$	42.1	(1.5)
Other	2.8		(2.7)		2.8		(2.7)
Total	$	316.0	$	(112.2)	$	314.8	$	(107.6)
Unamortizing intangibles:
Trade names	43.3		—		42.5		—
Total intangibles	$	359.3	$	(112.2)	$	357.3	$	(107.6)

Amortization expense related to intangible assets for the first quarters ended March 31, 2022 and March 31, 2021 was $4.3 million and $2.5 million, respectively.

Amortization expense for each of the five succeeding years is projected as follows:

(In millions)	2022		2023		2024		2025		2026
	$	17.1	$	17.0	$	16.9	$	16.0	$	15.1

The change in the carrying amount of goodwill by reportable segment for the three months ended March 31, 2022, is as follows:

(In millions)
	Water Systems		Fueling Systems		Distribution		Consolidated
Balance as of December 31, 2021	$	213.9	$	70.7	$	45.0	$	329.6
Acquisitions	—		—		—		—
Adjustments to prior year acquisitions	—		—		(0.5)		(0.5)
Foreign currency translation	0.4		(0.1)		—		0.3
Balance as of March 31, 2022	$	214.3	$	70.6	$	44.5	$	329.4