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GOODWILL AND INTANGIBLE ASSETS
 9 Months Ended
Sep. 28, 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 nine months ended September 28, 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
(10.0
)
 
(4.6
)
 
0.4

 
(5.8
)
Balance as of September 28, 2019
$
1,496.4

 
$
594.3

 
$
331.0

 
$
571.1

 
 
 
 
 
 
 
 
Cumulative Goodwill Impairment Charges
$
285.2

 
$
244.8

 
$
17.2

 
$
23.2


Intangible Assets
The following table presents intangible assets (in millions):
 
 
 
 
September 28, 2019
 
December 29, 2018
 
 
Weighted Average Amortization Period (Years)
 
Gross Value
 
Accumulated Amortization
 
Gross Value
 
Accumulated Amortization
Amortizable Intangible Assets:
 
 
 
 
 
 
 
 
 
 
  Customer Relationships
 
17
 
$
689.1

 
$
291.1

 
$
708.8

 
$
272.4

  Technology
 
14
 
143.4

 
96.3

 
144.5

 
90.1

  Trademarks
 
14
 
35.5

 
24.4

 
37.0

 
24.2

  Patent and Engineering Drawings
 
5
 
16.6

 
16.6

 
16.6

 
16.6

 
 
 
 
884.6

 
428.4

 
906.9

 
403.3

Non-Amortizable Trade Names
 
 
 
121.3

 
—

 
121.9

 
—

 
 
 
 
$
1,005.9

 
$
428.4

 
$
1,028.8

 
$
403.3

 
 
 
 
 
 
 
 
 
 
 
Intangible Assets, Net of Amortization
 
 
 
$
577.5

 
 
 
$
625.5

 
 


Amortization expense recorded for the three and nine months ended September 28, 2019 was $12.6 million and $38.0 million, respectively. Amortization expense recorded for the three and nine months ended September 29, 2018 was $13.8 million and $41.4 million, receptively. Amortization expense for fiscal year 2019 is estimated to be $50.0 million. Amortization expense does not include any impairment recognized during the respective periods. For the nine months ended September 28, 2019, the Company recognized $4.9 million of customer relationships intangible asset impairments related to the transfer of assets to held for sale during the first quarter of 2019. The Company recognized impairment of its customer relationships and technology intangible assets of $5.5 million and $2.1 million, respectively, related to its decision to exit the Hermetic Climate business for the three and nine months ended September 29, 2018.
The following table presents future estimated annual amortization for intangible assets (in millions):

 Year
 
Estimated Amortization
2020
 
$
47.5

2021
 
42.4

2022
 
40.8

2023
 
40.7

2024
 
39.6