XML 48 R18.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Goodwill and Other Intangible Assets | 12 Months Ended
--- | ---
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | 9. Goodwill and Other Intangible Assets Goodwill ASC 350, Intangibles - Goodwill and Other Intangibles, provides guidance on an entity's subsequent measurement and recognition of goodwill and other intangibles, including subsequent changes to carrying amounts, including impairment and fair value adjustments. The changes in the carrying value of goodwill by reportable operating segments were as follows:
| Engineered Products |  | Clean Energy & Fueling |  | Imaging & Identification |  | Pumps & Process Solutions |  | Climate & Sustainability Technologies |  | Total
Goodwill | $ | 647,162 |  |  | $ | 873,381 |  |  | $ | 977,069 |  |  | $ | 810,597 |  |  | $ | 545,699 |  |  | $ | 3,853,908 |
Accumulated impairment loss | (10,591) |  |  | — |  |  | — |  |  | (59,970) |  |  | — |  |  | (70,561) |
Balance at January 1, 2020 | 636,571 |  |  | 873,381 |  |  | 977,069 |  |  | 750,627 |  |  | 545,699 |  |  | 3,783,347 |
Acquisitions | 33,183 |  |  | 47,339 |  |  | 103,723 |  |  | 21,560 |  |  | — |  |  | 205,805 |
Disposition of business | — |  |  | — |  |  | — |  |  | — |  |  | (2,597) |  |  | (2,597) |
Foreign currency translation | 13,231 |  |  | 20,253 |  |  | 36,797 |  |  | 14,093 |  |  | 1,613 |  |  | 85,987 |
Balance at December 31, 2020 | 682,985 |  |  | 940,973 |  |  | 1,117,589 |  |  | 786,280 |  |  | 544,715 |  |  | 4,072,542 |
Acquisitions | 50,180 |  |  | 496,461 |  |  | 20,458 |  |  | 15,018 |  |  | — |  |  | 582,117 |
Purchase price adjustments | — |  |  | 2,640 |  |  | (1,926) |  |  | — |  |  | — |  |  | 714 |
Disposition of business | — |  |  | — |  |  | — |  |  | — |  |  | (34,662) |  |  | (34,662) |
Foreign currency translation | (9,882) |  |  | (12,383) |  |  | (29,919) |  |  | (8,459) |  |  | (1,246) |  |  | (61,889) |
Balance at December 31, 2021 (1) | $ | 723,283 |  |  | $ | 1,427,691 |  |  | $ | 1,106,202 |  |  | $ | 792,839 |  |  | $ | 508,807 |  |  | $ | 4,558,822 |
(1) The accumulated impairment loss as of December 31, 2021 was $70,561, of which $59,970 was associated with the Pumps & Process Solutions segment and $10,591 was associated with the Engineered Products segment. These impairment losses were incurred prior to January 1, 2020. During 2021 and 2020, the Company recognized additions of $582,117 and $205,805, respectively, to goodwill as a result of acquisitions as discussed in Note 3 — Acquisitions. During 2021 and 2020, the Company disposed of $34,662 and $2,597, respectively, of goodwill as a result of dispositions of businesses as discussed in Note 4 — Dispositions. The Company reallocated goodwill upon disposal based upon the fair value of the disposed business relative to the remaining entities in its reporting unit. Annual impairment testing The Company tests goodwill for impairment annually in the fourth quarter of each year, whenever events or circumstances indicate an impairment may have occurred, or when a change in the composition of reporting units occurs for other reasons, such as a change in segments. The Company performed its annual goodwill impairment test during the fourth quarter of 2021 using a discounted cash flow analysis as discussed in Note 1 — Description of Business and Summary of Significant Accounting Policies. The Company performed a quantitative goodwill impairment test for each of its reporting units, concluding that the fair values of all of its reporting units were substantially in excess of their carrying values. No impairment of goodwill was required. As previously noted, the fair values of each of the Company’s reporting units was determined using a discounted cash flow analysis which includes management’s current assumptions as to future cash flows and long-term growth rates. The discount rates used in these analyses varied by reporting unit and were based on a capital asset pricing model and published relevant industry rates. The Company used discount rates commensurate with the risks and uncertainties inherent to each reporting unit and in our internally developed forecasts. Discount rates used in the 2021 reporting unit valuations ranged from 8.0% to 9.0%. Further, the Company assessed the current market capitalization, forecasts and the amount of headroom in the 2021 impairment test. While the Company believes the assumptions used in the 2021 impairment analysis are reasonable and representative of expected results, actual results may differ from expectations. Intangible Assets The Company's definite-lived and indefinite-lived intangible assets by major asset class were as follows:
| December 31, 2021 |  | December 31, 2020
| Gross Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Amount |  | Accumulated Amortization |  | Net Carrying Amount
Amortized intangible assets: |  |  |  |  |  |  |  |  |  |  |
Customer intangibles | $ | 1,829,492 |  |  | $ | 909,776 |  |  | $ | 919,716 |  |  | $ | 1,559,771 |  |  | $ | 834,798 |  |  | $ | 724,973 |
Trademarks | 263,367 |  |  | 116,633 |  |  | 146,734 |  |  | 233,205 |  |  | 103,907 |  |  | 129,298 |
Patents | 205,910 |  |  | 140,327 |  |  | 65,583 |  |  | 163,299 |  |  | 141,182 |  |  | 22,117 |
Unpatented technologies | 221,239 |  |  | 123,464 |  |  | 97,775 |  |  | 180,947 |  |  | 113,404 |  |  | 67,543 |
Distributor relationships | 84,204 |  |  | 55,260 |  |  | 28,944 |  |  | 87,028 |  |  | 51,611 |  |  | 35,417 |
Drawings & manuals | 27,792 |  |  | 27,303 |  |  | 489 |  |  | 29,198 |  |  | 26,193 |  |  | 3,005 |
Other | 22,347 |  |  | 18,775 |  |  | 3,572 |  |  | 23,901 |  |  | 19,324 |  |  | 4,577 |
Total | 2,654,351 |  |  | 1,391,538 |  |  | 1,262,813 |  |  | 2,277,349 |  |  | 1,290,419 |  |  | 986,930 |
Unamortized intangible assets: |  |  |  |  |  |  |  |  |  |  |
Trademarks | 96,709 |  |  | — |  |  | 96,709 |  |  | 96,842 |  |  | — |  |  | 96,842 |
Total intangible assets, net | $ | 2,751,060 |  |  | $ | 1,391,538 |  |  | $ | 1,359,522 |  |  | $ | 2,374,191 |  |  | $ | 1,290,419 |  |  | $ | 1,083,772 |
The Company recorded $439,479 of acquired intangible assets in 2021. See Note 3 — Acquisitions for further information. Amortization expense was $142,814, $139,043 and $138,947, including acquisition-related intangible amortization of $141,134, $137,071 and $136,963, for the years ended December 31, 2021, 2020 and 2019, respectively. Estimated future amortization expense related to intangible assets held at December 31, 2021 is as follows:
| Estimated Amortization
2022 | $ | 153,937 |
2023 | 144,167 |
2024 | 139,696 |
2025 | 135,608 |
2026 | 127,539 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration