Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 28, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Rollforward of Goodwill

The following is a rollforward of the Company’s goodwill by segment ($ in millions):

	Specialty Products & Technologies						Equipment & Consumables						Total
	Gross		Accumulated Impairment Charges		Total		Gross		Accumulated Impairment Charges		Total		Gross		Accumulated Impairment Charges		Total
Balance at December 31, 2023	$	2,007.0	$	(134.5)	$	1,872.5	$	1,497.5	$	(77.8)	$	1,419.7	$	3,504.5	$	(212.3)	$	3,292.2
Impairment charges	—		(707.8)		$	(707.8)	—		(252.7)		$	(252.7)	—		(960.5)		$	(960.5)
Foreign currency translation	(40.2)		—		(40.2)		(7.8)		—		(7.8)		(48.0)		—		(48.0)
Balance at June 28, 2024	$	1,966.8	$	(842.3)	$	1,124.5	$	1,489.7	$	(330.5)	$	1,159.2	$	3,456.5	$	(1,172.8)	$	2,283.7

Schedule of Acquired Finite-Lived Intangible Assets

The following summarizes the gross carrying value, accumulated amortization and accumulated impairment losses, for each major category of intangible asset ($ in millions): 

	As of June 28, 2024
	Gross Carrying Amount		Accumulated Amortization		Accumulated Impairment Losses		Net Carrying Amount
Finite-lived intangibles:
Patents and technology	$	432.4	$	(281.1)	$	(87.2)	$	64.1
Customer relationships and other intangibles	910.0		(718.2)		(5.0)		186.8
Trademarks and trade names	224.8		(120.8)		—		104.0
Total finite-lived intangibles	1,567.2		(1,120.1)		(92.2)		354.9
Indefinite-lived intangibles:
Trademarks and trade names	490.3		—		(147.1)		343.2
Total intangibles	$	2,057.5	$	(1,120.1)	$	(239.3)	$	698.1

	As of December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Accumulated Impairment Losses		Net Carrying Amount
Finite-lived intangibles:
Patents and technology	$	439.5	$	(269.1)	$	—	$	170.4
Customer relationships and other intangibles	928.1		(706.9)		—		221.2
Trademarks and trade names	225.5		(115.8)		—		109.7
Total finite-lived intangibles	1,593.1		(1,091.8)		—		501.3
Indefinite-lived intangibles:
Trademarks and trade names	498.7		—		(46.0)		452.7
Total intangibles	$	2,091.8	$	(1,091.8)	$	(46.0)	$	954.0

Schedule of Acquired Indefinite-Lived Intangible Assets

The following summarizes the gross carrying value, accumulated amortization and accumulated impairment losses, for each major category of intangible asset ($ in millions): 

	As of June 28, 2024
	Gross Carrying Amount		Accumulated Amortization		Accumulated Impairment Losses		Net Carrying Amount
Finite-lived intangibles:
Patents and technology	$	432.4	$	(281.1)	$	(87.2)	$	64.1
Customer relationships and other intangibles	910.0		(718.2)		(5.0)		186.8
Trademarks and trade names	224.8		(120.8)		—		104.0
Total finite-lived intangibles	1,567.2		(1,120.1)		(92.2)		354.9
Indefinite-lived intangibles:
Trademarks and trade names	490.3		—		(147.1)		343.2
Total intangibles	$	2,057.5	$	(1,120.1)	$	(239.3)	$	698.1

	As of December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Accumulated Impairment Losses		Net Carrying Amount
Finite-lived intangibles:
Patents and technology	$	439.5	$	(269.1)	$	—	$	170.4
Customer relationships and other intangibles	928.1		(706.9)		—		221.2
Trademarks and trade names	225.5		(115.8)		—		109.7
Total finite-lived intangibles	1,593.1		(1,091.8)		—		501.3
Indefinite-lived intangibles:
Trademarks and trade names	498.7		—		(46.0)		452.7
Total intangibles	$	2,091.8	$	(1,091.8)	$	(46.0)	$	954.0