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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The changes in carrying amount of goodwill by reportable segment for the years ended December 31, 2014 and December 31, 2013 are as follows:
(in millions) |  | Crane |  | Foodservice |  | Total
Gross balance as of January 1, 2013 |  | $ | 341.7 |  |  | $ | 1,384.7 |  |  | $ | 1,726.4 |
Acquisition of Inducs |  | — |  |  | 5.0 |  |  | 5.0 |
Restructuring reserve adjustment |  | — |  |  | (0.7 | ) |  | (0.7 | )
Foreign currency impact |  | 3.4 |  |  | 0.2 |  |  | 3.6 |
Gross balance as of December 31, 2013 |  | $ | 345.1 |  |  | $ | 1,389.2 |  |  | $ | 1,734.3 |
Accumulated asset impairments |  | — |  |  | (515.7 | ) |  | (515.7 | )
Net balance as of December 31, 2013 |  | $ | 345.1 |  |  | $ | 873.5 |  |  | $ | 1,218.6 |
Foreign currency impact |  | (19.8 | ) |  | (0.7 | ) |  | (20.5 | )
Gross balance as of December 31, 2014 |  | $ | 325.3 |  |  | $ | 1,388.5 |  |  | $ | 1,713.8 |
Accumulated asset impairments |  | — |  |  | (515.7 | ) |  | (515.7 | )
Net balance as of December 31, 2014 |  | $ | 325.3 |  |  | $ | 872.8 |  |  | $ | 1,198.1 |
The company accounts for goodwill and other intangible assets under the guidance of ASC Topic 350, “Intangibles — Goodwill and Other.” The company performs an annual impairment review at June 30 of every year or more frequently if events or changes in circumstances indicate that the asset might be impaired. The company performs impairment reviews for its reporting units and indefinite-lived intangible assets using a fair-value method based on the present value of future cash flows, which involves management’s judgments and assumptions about the amounts of those cash flows and the discount rates used. The estimated fair value is then compared with the carrying amount of the reporting unit, including recorded goodwill, or indefinite-lived intangible asset. The intangible asset is then subject to risk of write-down to the extent that the carrying amount exceeds the estimated fair value. As of June 30, 2014, the company performed its annual impairment analysis for its reporting units, which were Cranes Americas; Cranes Europe, Middle East, and Africa; Cranes China; Cranes Greater Asia Pacific; Crane Care; Foodservice Americas; Foodservice Europe, Middle East, and Africa; and Foodservice Asia, as well as its indefinite-lived intangible assets, and based on those results, no impairment was indicated. As of September 30, 2014, the company completed its reorganization of the Cranes operating and financial consolidation structure from geographic to product line reporting. As a result of the reorganization, the company determined that for the purpose of goodwill impairment assessment it has a single reporting unit under the new structure, comprised of the Crane operating segment. The company will continue to monitor market conditions and determine if any additional interim reviews of goodwill, other intangibles or long-lived assets are warranted. In the event the company determines that assets are impaired in the future, the company would recognize a non-cash impairment charge, which could have a material adverse effect on the company’s consolidated balance sheet and results of operations. As discussed in Note 3, “Acquisitions,” on October 1, 2013, the company acquired all remaining shares of Inducs which the company previously held a minority interest. The aggregate purchase price of $12.2 million, net of cash, resulted in $7.0 million of identifiable intangible assets and $5.0 million of goodwill. Of the $7.0 million of acquired intangible assets, $0.7 million was assigned to trademarks that are not subject to amortization, $1.2 million was assigned to customer relationships with a useful life of 19 years, and $5.1 million was assigned to developed technology with a useful life of 12 years. The gross carrying amount and accumulated amortization of the company’s intangible assets other than goodwill are as follows as of December 31, 2014 and December 31, 2013.
|  | December 31, 2014 |  | December 31, 2013
(in millions) |  | Gross Carrying Amount |  | Accumulated Amortization Amount |  | Net Book Value |  | Gross Carrying Amount |  | Accumulated Amortization Amount |  | Net Book Value
Trademarks and tradenames |  | $ | 300.0 |  |  | $ | — |  |  | $ | 300.0 |  |  | $ | 311.8 |  |  | $ | — |  |  | $ | 311.8 |
Customer relationships |  | 425.7 |  |  | (136.0 | ) |  | 289.7 |  |  | 426.1 |  |  | (114.4 | ) |  | 311.7 |
Patents |  | 32.7 |  |  | (28.3 | ) |  | 4.4 |  |  | 34.9 |  |  | (28.4 | ) |  | 6.5 |
Engineering drawings |  | 11.0 |  |  | (9.3 | ) |  | 1.7 |  |  | 11.5 |  |  | (9.1 | ) |  | 2.4 |
Distribution network |  | 19.7 |  |  | — |  |  | 19.7 |  |  | 21.0 |  |  | — |  |  | 21.0 |
Other intangibles |  | 170.9 |  |  | (71.7 | ) |  | 99.2 |  |  | 176.6 |  |  | (63.8 | ) |  | 112.8 |
|  | $ | 960.0 |  |  | $ | (245.3 | ) |  | $ | 714.7 |  |  | $ | 981.9 |  |  | $ | (215.7 | ) |  | $ | 766.2 |
Amortization expense for the years ended December 31, 2014, 2013 and 2012 was $35.1 million, $35.3 million and $36.5 million, respectively. Excluding the impact of any future acquisitions or divestitures, the company anticipates amortization will be approximately $35 million per year for next five years.

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- Definition The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16323-109275 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16265-109275 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16373-109275 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13854-109267 + Details
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