GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

As required, the Company performs an annual impairment test of goodwill as of the end of the October fiscal month or more frequently if events or circumstances change that would more likely than not reduce the fair value of its reporting units below their carrying value.

The following table presents changes to goodwill during the three months ended March 31, 2018 (in millions):



	Total		Commercial and Industrial Systems		Climate Solutions		Power Transmission Solutions
Balance as of December 30, 2017	$	1,477.1	$	548.8	$	342.4	$	585.9
Translation Adjustments	7.4		3.5		0.2		3.7
Balance as of March 31, 2018	$	1,484.5	$	552.3	$	342.6	$	589.6

Cumulative Goodwill Impairment Charges	$	275.7	$	244.8	$	7.7	$	23.2

Intangible Assets

The following table presents intangible assets (in millions):



		March 31, 2018				December 30, 2017
	Weighted Average Amortization Period (Years)	Gross Value		Accumulated Amortization		Gross Value		Accumulated Amortization
Amortizable Intangible Assets:
Customer Relationships	16	$	724.8	$	261.5	$	720.9	$	249.6
Technology	13	193.3		126.4		192.3		122.8
Trademarks	15	33.0		26.3		32.8		25.7
Patent and Engineering Drawings	5	16.6		16.6		16.6		16.6
Non-Compete Agreements	8	8.6		8.5		8.5		8.4
		976.3		439.3		971.1		423.1
Non-Amortizable Trade Names		122.9		—		122.5		—
		$	1,099.2	$	439.3	$	1,093.6	$	423.1

Amortization expense recorded for the three months ended March 31, 2018 was $13.6 million. Amortization expense recorded for the three months ended April 1, 2017 was $14.1 million. Amortization expense for 2018 is estimated to be $54.4 million.

The following table presents future annual amortization for intangible assets (in millions):



Year	Estimated Amortization
2019	$	53.9
2020	50.9
2021	43.5
2022	41.8
2023	41.8

- 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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