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GOODWILL AND INTANGIBLE ASSETS
 6 Months Ended
Jun. 29, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS 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 six months ended June 29, 2019 (in millions):
 
Total
 
Commercial and Industrial Systems
 
Climate Solutions
 
Power Transmission Solutions
Balance as of December 29, 2018
$
1,509.2

 
$
598.9

 
$
330.6

 
$
579.7

Divestiture
(2.8
)
 
—

 
—

 
(2.8
)
Translation Adjustments
0.3

 
0.6

 
0.8

 
(1.1
)
Balance as of June 29, 2019
$
1,506.7

 
$
599.5

 
$
331.4

 
$
575.8

 
 
 
 
 
 
 
 
Cumulative Goodwill Impairment Charges
$
285.2

 
$
244.8

 
$
17.2

 
$
23.2


Intangible Assets
The following table presents intangible assets (in millions):
 
 
 
 
June 29, 2019
 
December 29, 2018
 
 
Weighted Average Amortization Period (Years)
 
Gross Value
 
Accumulated
Amortization
 
Gross Value
 
Accumulated
Amortization
Amortizable Intangible Assets:
 
 
 
 
 
 
 
 
 
 
  Customer Relationships
 
17
 
$
695.7

 
$
284.3

 
$
708.8

 
$
272.4

  Technology
 
14
 
144.4

 
94.8

 
144.5

 
90.1

  Trademarks
 
14
 
36.2

 
24.3

 
37.0

 
24.2

  Patent and Engineering Drawings
 
5
 
16.6

 
16.6

 
16.6

 
16.6

 
 
 
 
892.9

 
420.0

 
906.9

 
403.3

Non-Amortizable Trade Names
 
 
 
121.8

 
—

 
121.9

 
—

 
 
 
 
$
1,014.7

 
$
420.0

 
$
1,028.8

 
$
403.3

 
 
 
 
 
 
 
 
 
 
 
Intangible Assets, Net of Amortization
 
 
 
$
594.7

 
 
 
$
625.5

 
 


Amortization expense recorded for the three and six months ended June 29, 2019 was $12.6 million and $25.4 million, respectively. Amortization expense recorded for the three and six months ended June 30, 2018 was $14.0 million and $27.6 million, receptively. Amortization expense for fiscal year 2019 is estimated to be $50.5 million. Amortization expense does not include any impairment recognized during the respective periods.
The following table presents future annual amortization for intangible assets (in millions):

 Year
 
Estimated Amortization
2020
 
$
48.0

2021
 
42.8

2022
 
41.2

2023
 
41.1

2024
 
40.0