Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill by segment for 2018 and 2017 are as follows:



(Amounts in millions)	Commercial & Industrial Group			Snap-on Tools Group		Repair Systems & Information Group			Total
Balance as of 2016 year end	$	242.4		$	12.5	$	640.6		$	895.5
Currency translation	30.3			—		15.8			46.1
Acquisitions	25.7			—		(43.2		)	(17.5		)
Balance as of 2017 year end	$	298.4		$	12.5	$	613.2		$	924.1
Currency translation	(16.3		)	—		(9.7		)	(26.0		)
Acquisitions	4.1			—		—			4.1
Balance as of 2018 year end	$	286.2		$	12.5	$	603.5		$	902.2

Goodwill of $902.2 million as of 2018 year end includes: (i) $25.1 million from the acquisition of Norbar, (ii) $2.6 million from the acquisition of Fastorq, and (iii) $2.0 million from the acquisition of TCS. The goodwill from the Norbar, Fastorq and TCS acquisitions is included in the Commercial & Industrial Group.

Goodwill of $924.1 million as of 2017 year end includes the following from 2017 acquisitions: (i) $23.7 million, on a preliminary basis, from the acquisition of Norbar, (ii) $5.9 million from the acquisition of BTC, and (iii) $1.9 million, on a preliminary basis, from the acquisition of TCS. As of 2017 year end goodwill also includes, from 2016 acquisitions: (i) $77.3 million from the acquisition of Car-O-Liner; and (ii) $5.0 million from the acquisition of Sturtevant Richmont.

During 2018, the purchase accounting valuation for the acquired net assets, including intangible assets, of Norbar and TCS were completed resulting in an increase in goodwill of $1.4 million for Norbar and $0.1 million for TCS from 2017 year end. During 2017, the purchase accounting valuations for the acquired net assets, including intangible assets, of Car-O-Liner were completed, resulting in a reduction of goodwill of $50.8 million from 2016 year end, with a $49.1 million reduction in the Repair Systems & Information Group and $1.7 million in the Commercial & Industrial Group. Additionally, purchase accounting for Sturtevant Richmont was also completed in 2017, resulting in a $1.8 million increase in goodwill from 2016 year end.

The goodwill from the Car-O-Liner acquisition is distributed as follows: $76.5 million in the Repair Systems & Information Group and $0.8 million in the Commercial & Industrial Group. The goodwill from Sturtevant Richmont is included in the Commercial & Industrial Group and the goodwill from the BTC acquisition is included in the Repair Systems & Information Group. See Note 3 for additional information on acquisitions.

Additional disclosures related to other intangible assets as of 2018 and 2017 year end are as follows:



	2018					2017
(Amounts in millions)	Gross Carrying Value		Accumulated Amortization			Gross Carrying Value		Accumulated Amortization
Amortized other intangible assets:
Customer relationships	$	172.2	$	(107.6	)	$	175.2	$	(98.2	)
Developed technology	18.5		(18.3		)	18.9		(18.4		)
Internally developed software	156.6		(116.6		)	177.0		(133.4		)
Patents	35.7		(22.9		)	34.1		(22.7		)
Trademarks	3.2		(2.0		)	3.0		(2.0		)
Other	7.3		(2.9		)	7.7		(2.7		)
Total	393.5		(270.3		)	415.9		(277.4		)
Non-amortized trademarks	109.7		—			115.2		—
Total other intangible assets	$	503.2	$	(270.3	)	$	531.1	$	(277.4	)

There were no acquisitions during 2018 that resulted in the recognition of other intangible assets as of year-end 2018. As of year- end 2017, the gross carrying value of the customer relationships includes $28.8 million related to the Car-O-Liner acquisition, $1.2 million related to the BTC acquisition and $1.1 million related to the Norbar acquisition. The gross carrying value of non-amortized trademarks as of 2018 year end includes $29.8 million related to the Car-O-Liner acquisition, $16.9 million related to the Norbar acquisition and $2.1 million related to the BTC acquisition.

Significant and unanticipated changes in circumstances, such as declines in profitability and cash flow due to significant and long-term deterioration in macroeconomic, industry and market conditions, the loss of key customers, changes in technology or markets, significant changes in key personnel or litigation, a significant and sustained decrease in share price and/or other events, including effects from the sale or disposal of a reporting unit, could require a provision for impairment of goodwill and/or other intangible assets in a future period. As of 2018 year end, the company had no accumulated impairment losses.

The weighted-average amortization periods related to other intangible assets are as follows:



		In Years
Customer relationships		15
Developed technology		3
Internally developed software		5
Patents		8
Trademarks		6
Other		39

Snap-on is amortizing its customer relationships on both an accelerated and straight-line basis over a 15 year weighted-average life; the remaining intangibles are amortized on a straight-line basis. The weighted-average amortization period for all amortizable intangibles on a combined basis is 11 years.

The company’s customer relationships generally have contractual terms of three to five years and are typically renewed without significant cost to the company. The weighted-average 15 year life for customer relationships is based on the company’s historical renewal experience. Intangible asset renewal costs are expensed as incurred.

The aggregate amortization expense was $25.3 million in 2018, $27.6 million in 2017 and $24.2 million in 2016. Based on current levels of amortizable intangible assets and estimated weighted-average useful lives, estimated annual amortization expense is expected to be $21.5 million in 2019, $17.5 million in 2020, $14.8 million in 2021, $12.6 million in 2022, and $12.0 million in 2023.