Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Changes in the carrying amounts of goodwill for the years ended December 31, 2014 and 2013, by segment, were as follows (in millions):



	Segment
	Electrical			Power			Total
BALANCE AT DECEMBER 31, 2012	$	474.6		$	280.9		$	755.5
Current year acquisitions	49.6			—			49.6
Foreign currency translation and prior year acquisitions	(3.3		)	(1.4		)	(4.7		)
BALANCE AT DECEMBER 31, 2013	$	520.9		$	279.5		$	800.4
Current year acquisitions	53.5			27.4			80.9
Foreign currency translation and prior year acquisitions	(5.5		)	(1.1		)	(6.6		)
BALANCE AT DECEMBER 31, 2014	$	568.9		$	305.8		$	874.7

In 2014, the Company completed seven acquisitions for an aggregate purchase price of $183.8 million, net of cash received. These acquisitions have been accounted for as business combinations and have resulted in the recognition of $80.9 million of goodwill. See also Note 2 - Business Acquisitions.

The Company has not recorded any goodwill impairments since the initial adoption of the accounting guidance in 2002.

Identifiable intangible assets are recorded in Intangible assets, net in the Consolidated Balance Sheet. Identifiable intangible assets are comprised of the following (in millions):



	December 31, 2014					December 31, 2013
	Gross Amount		Accumulated Amortization			Gross Amount		Accumulated Amortization
Definite-lived:
Patents, tradenames and trademarks	$	125.1	$	(32.5	)	$	111.2	$	(27.7	)
Customer/agent relationships and other	263.0		(87.8		)	222.2		(75.0		)
TOTAL DEFINITE-LIVED INTANGIBLES	388.1		(120.3		)	333.4		(102.7		)
Indefinite-lived:
Tradenames and other	55.0		—			55.9		—
TOTAL INTANGIBLE ASSETS	$	443.1	$	(120.3	)	$	389.3	$	(102.7	)

Amortization expense associated with these definite-lived intangible assets was $23.8 million, $19.9 million and $18.1 million in 2014, 2013 and 2012, respectively. Amortization expense associated with these intangible assets is expected to be $22.2 million in 2015, $21.4 million in 2016, $20.1 million in 2017, $18.4 million in 2018 and $17 million in 2019.

- 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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