XML 53 R38.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Goodwill and Other Intangible Assets, Net | 12 Months Ended
--- | ---
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets, Net | GOODWILL AND OTHER INTANGIBLE ASSETS, NET Goodwill The following table provides a rollforward of the carrying amount of goodwill by segment.
| Motion Technologies |  | Industrial Process |  | Connect & Control Technologies |  | Total
Goodwill - December 31, 2019 | $ | 293.6 |  |  | $ | 354.1 |  |  | $ | 279.5 |  |  | $ | 927.2 |
Adjustments to purchase price allocations | — |  |  | (2.5) |  |  | — |  |  | (2.5) |
Foreign currency | 4.5 |  |  | 13.8 |  |  | 1.8 |  |  | 20.1 |
Goodwill - December 31, 2020 | $ | 298.1 |  |  | $ | 365.4 |  |  | $ | 281.3 |  |  | $ | 944.8 |
Foreign currency | (5.8) |  |  | (13.0) |  |  | (1.7) |  |  | (20.5) |
Goodwill - December 31, 2021 | $ | 292.3 |  |  | $ | 352.4 |  |  | $ | 279.6 |  |  | $ | 924.3 |
Other Intangible Assets, Net The following table summarizes our other intangible assets, net of accumulated amortization.
| December 31, 2021 |  | December 31, 2020
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Intangibles |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Intangibles
Customer relationships | $ | 162.1 |  |  | $ | (113.7) |  |  | $ | 48.4 |  |  | $ | 163.3 |  |  | $ | (101.7) |  |  | $ | 61.6 |
Proprietary technology | 46.1 |  |  | (26.9) |  |  | 19.2 |  |  | 46.7 |  |  | (23.4) |  |  | 23.3 |
Trademarks and other | 15.7 |  |  | (14.0) |  |  | 1.7 |  |  | 16.2 |  |  | (11.5) |  |  | 4.7 |
Total finite-lived intangibles | 223.9 |  |  | (154.6) |  |  | 69.3 |  |  | 226.2 |  |  | (136.6) |  |  | 89.6 |
Indefinite-lived intangibles | 16.4 |  |  | — |  |  | 16.4 |  |  | 16.8 |  |  | — |  |  | 16.8 |
Other intangible assets | $ | 240.3 |  |  | $ | (154.6) |  |  | $ | 85.7 |  |  | $ | 243.0 |  |  | $ | (136.6) |  |  | $ | 106.4 |
As a result of the global COVID-19 pandemic combined with a decline in the upstream oil and gas market, during 2020, we determined that certain intangible assets within our IP segment, including an indefinite-lived trademark, customer relationships and proprietary technology, would not be recoverable resulting in an impairment of $12.3. Significant additional adverse changes to the economic environment and future cash flows of other businesses could cause us to record additional impairment charges in future periods, which may be material. Customer relationships, proprietary technology and trademarks and other intangible assets are amortized over weighted average lives of approximately 12.6 years, 13.0 years and 6.0 years, respectively. Indefinite-lived intangibles primarily consist of brands and trademarks. Amortization expense related to intangible assets for 2021, 2020 and 2019 was $18.9, $20.4 and $20.8, respectively. Estimated amortization expense for each of the five succeeding years and thereafter is as follows:
2022 | 16.7 |
2023 | 14.7 |
2024 | 9.2 |
2025 | 8.0 |
2026 | 4.7 |
Thereafter | 16.0 |

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