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Goodwill and Intangible Assets | 3 Months Ended
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Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Our business acquisitions have typically resulted in the recognition of goodwill and other intangible assets. We follow the provisions under ASC Topic 350, “Intangibles – Goodwill and Other” as it relates to the accounting for goodwill in our condensed consolidated financial statements. These provisions require that we, on at least an annual basis, evaluate the fair value of the reporting units to which goodwill is assigned and attributed and compare that fair value to the carrying value of the reporting unit to determine if an impairment has occurred. We perform our annual impairment testing during the fourth quarter. Impairment testing takes place more often than annually if events or circumstances indicate a change in status that would indicate a potential impairment. We believe that there have been no events or circumstances which would more likely than not reduce the fair value for our reporting units below its carrying value. A reporting unit is an operating segment unless discrete financial information is prepared and reviewed by segment management for businesses one level below that operating segment (a “component”), in which case the component would be the reporting unit. As of March 31, 2021, we had seven reporting units. Intangibles with indefinite useful lives, consisting of trade names are tested annually for impairment, or when events or changes in circumstances indicate the potential for impairment. If the carrying amount of an indefinite lived intangible asset exceeds its fair value, the intangible asset is written down to its fair value. Fair value is calculated using relief from royalty method. We amortize the cost of definite-lived intangibles over their estimated useful lives. We also review all of our definite-lived intangible assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Changes to goodwill are as follows:
(in millions) | Fluid Handling | Payment & Merchandising Technologies | Aerospace & Electronics | Engineered Materials | Total
Balance as of December 31, 2020 | $ | 360.0 |  | $ | 875.2 |  | $ | 202.5 |  | $ | 171.3 |  | $ | 1,609.0 |
Adjustments to purchase price allocations | (0.1) |  | — |  | — |  | — |  | (0.1) |
Currency translation | (4.9) |  | (8.9) |  | — |  | — |  | (13.8) |
Balance at March 31, 2021 | $ | 355.0 |  | $ | 866.3 |  | $ | 202.5 |  | $ | 171.3 |  | $ | 1,595.1 |
For the three months ended March 31, 2021, adjustments of $0.1 million represent the finalization of the purchase price allocation for the acquisition of I&S. See a discussion in Note 2, “Acquisitions” for further details. As of March 31, 2021, we had $503.0 million of net intangible assets, of which $71.0 million were intangibles with indefinite useful lives. As of December 31, 2020, we had $520.3 million of net intangible assets, of which $70.9 million were intangibles with indefinite useful lives. Changes to intangible assets are as follows:
(in millions) | Three Months Ended March 31, 2021 |  | Year Ended December 31, 2020
Balance at beginning of period, net of accumulated amortization | $ | 520.3 |  |  | $ | 505.1 |
Additions | — |  |  | 52.5 |
Amortization expense | (11.5) |  |  | (48.4) |
Currency translation | (5.8) |  |  | 11.1 |
Balance at end of period, net of accumulated amortization | $ | 503.0 |  |  | $ | 520.3 |
For the year ended December 31, 2020, additions to intangible assets represent the purchase price allocation related to the January 2020 acquisition of I&S. See discussion in Note 2, “Acquisitions” for further details. A summary of intangible assets follows:
|  |  | March 31, 2021 |  | December 31, 2020
(in millions) | Weighted Average Amortization Period of Finite Lived Assets (in years) |  | Gross Asset |  | Accumulated Amortization |  | Net |  | Gross Asset |  | Accumulated Amortization |  | Net
Intellectual property rights | 15.2 |  | $ | 137.7 |  |  | $ | 58.6 |  |  | $ | 79.1 |  |  | $ | 138.2 |  |  | $ | 58.4 |  |  | $ | 79.8 |
Customer relationships and backlog | 18.4 |  | 656.2 |  |  | 287.8 |  |  | 368.4 |  |  | 663.6 |  |  | 280.6 |  |  | 383.0 |
Drawings | 40 |  | 11.1 |  |  | 10.5 |  |  | 0.6 |  |  | 11.1 |  |  | 10.5 |  |  | 0.6 |
Other | 11.7 |  | 143.5 |  |  | 88.6 |  |  | 54.9 |  |  | 144.9 |  |  | 88.0 |  |  | 56.9 |
Total | 17.8 |  | $ | 948.5 |  |  | $ | 445.5 |  |  | $ | 503.0 |  |  | $ | 957.8 |  |  | $ | 437.5 |  |  | $ | 520.3 |
Future amortization expense associated with intangible assets is expected to be:
(in millions) |
Remainder of 2021 | $ | 33.3 |
2022 | 42.9 |
2023 | 42.8 |
2024 | 42.0 |
2025 and after | 271.0 |

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- 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
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