XML 23 R12.htm IDEA: XBRL DOCUMENT v3.22.2.2
GOODWILL AND OTHER INTANGIBLE ASSETS
 9 Months Ended
Sep. 30, 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)September 30, 2022December 31, 2021
 Gross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated Amortization
Amortizing intangibles:    
Customer relationships250.5 (97.3)255.1 (88.8)
Patents$7.2 $(7.2)$7.3 $(7.3)
Technology7.5 (7.4)7.5 (7.3)
Trade names41.6 (3.1)$42.1 (1.5)
Other3.2 (2.5)2.8 (2.7)
Total$310.0 $(117.5)$314.8 $(107.6)
Unamortizing intangibles:    
Trade names41.9 — 42.5 — 
Total intangibles$351.9 $(117.5)$357.3 $(107.6)
 
Amortization expense related to intangible assets for the third quarters ended September 30, 2022 and September 30, 2021 was $4.2 million and $4.3 million, respectively, and for the nine months ended September 30, 2022 and September 30, 2021, $12.9 million and $10.2 million, respectively.

Amortization expense for each of the five succeeding years is projected as follows:
(In millions)20222023202420252026
$16.8 $16.7 $16.6 $15.8 $14.8 

The change in the carrying amount of goodwill by reportable segment for the nine months ended September 30, 2022, is as follows:
(In millions)
Water SystemsFueling SystemsDistributionConsolidated
Balance as of December 31, 2021$213.9 $70.7 $45.0 $329.6 
Acquisitions— — — — 
Adjustments to prior year acquisitions0.3 — (0.4)(0.1)
Foreign currency translation(5.0)(0.5)— (5.5)
Balance as of September 30, 2022$209.2 $70.2 $44.6 $324.0