GOODWILL AND OTHER INTANGIBLE ASSETS, NET

9 Months Ended

Sep. 30, 2023

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, 2022	$	287.7	$	398.7	$	278.4	$	964.8
Acquired	—		—		45.7		45.7
Allocated to divestiture of business(a)	—		—		(2.4)		(2.4)
Foreign exchange translation	(0.4)		(6.2)		(0.4)		(7.0)
Goodwill - September 30, 2023	$	287.3	$	392.5	$	321.3	$	1,001.1

(a)    During the second quarter of 2023, we completed the sale of a product line within our CCT segment to a third party for $10.5. The Company determined that the product line met the definition of a business per ASC 805, Business Combinations. As a result of the transaction, we recognized a gain on sale of $7.2, which is included in the General and administrative expenses line on our Consolidated Statements of Operations for the nine months ended September 30, 2023. Goodwill of $2.4 was allocated to the divestiture.

Other Intangible Assets, Net 

The following table summarizes our other intangible assets, net of accumulated amortization. 

	September 30, 2023						December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Intangibles		Gross Carrying Amount		Accumulated Amortization		Net Intangibles
Customer relationships	$	207.7	$	(138.0)	$	69.7	$	191.5	$	(127.1)	$	64.4
Proprietary technology	60.8		(31.1)		29.7		59.2		(30.8)		28.4
Patents and other	22.1		(17.2)		4.9		17.6		(16.6)		1.0
Finite-lived intangible total	290.6		(186.3)		104.3		268.3		(174.5)		93.8
Indefinite-lived intangibles	18.7		—		18.7		19.0		—		19.0
Other intangible assets	$	309.3	$	(186.3)	$	123.0	$	287.3	$	(174.5)	$	112.8

The following table summarizes our amortization expense related to finite-lived intangible assets.

	Three Months Ended				Nine Months Ended
	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Amortization expense	$	5.6	$	5.3	$	15.4	$	15.3

The preliminary fair values of intangible assets acquired in connection with the purchase of Micro-Mode total $28.7 and consist of the following:

	Useful life (in years)	Fair value
Customer relationships	20	$	18.5
Developed technology	20	5.5
Trade name	20	2.3
Backlog	<2	1.9
Other	10	0.5
Total intangible assets acquired		$	28.7

Refer to Note 18, Acquisitions and Investments, for further information.