Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Value of Goodwill by Segment

The changes in the carrying value of goodwill by segment for the years ended December 31, 2022 and 2021 are as follows:

	Power Transmission Technologies			Automation & Specialty			Total
Goodwill	$	452.4		$	1,314.5		$	1,766.9
Accumulated impairment loss		(31.8	)		(139.1	)		(170.9	)
Balance January 1, 2021	$	420.6		$	1,175.4		$	1,596.0
Impact of changes in foreign currency and other		(9.6	)		(18.0	)		(27.6	)
Acquired goodwill related to the acquisition of Nook Industries		—			55.6			55.6
Other (1)		—			(60.0	)		(60.0	)
Balance December 31, 2021		411.0			1,153.0			1,564.0
Impact of changes in foreign currency and other		(7.2	)		(32.2	)		(39.4	)
Measurement period adjustments related to the acquisition of Nook Industries		—			(0.1	)		(0.1	)
Balance December 31, 2022	$	403.8		$	1,120.7		$	1,524.5
(1) Reflects the goodwill of the JVS reporting unit, which is the disposal group classified as held for sale in 2021. Refer to Note 3 for further information.

Gross Carrying Value and Accumulated Amortization of Intangible Assets

The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset:

	December 31, 2022						December 31, 2021
	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Other intangible assets
Intangible assets not subject to amortization:
Tradenames and trademarks (1)	$	204.3	$	0.3	$	204.0	$	212.2	$	—	$	212.2
Intangible assets subject to amortization:
Customer relationships		928.2		240.3		687.9		960.2		206.4		753.8
Product technology and patents		142.4		63.9		78.5		141.4		50.2		91.2
Total intangible assets	$	1,274.9	$	304.5	$	970.4	$	1,313.8	$	256.6	$	1,057.2
(1) While the majority of the Company's tradenames are considered indefinite lived intangible assets, tradenames acquired through the acquisition of Nook are subject to amortization. The net book value of Nook’s tradename was approximately $0.8 million as of December 31, 2022.