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Goodwill and Other Intangible Assets, Net (Notes)
 12 Months Ended
Dec. 31, 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 our goodwill by segment.
Motion
Technologies		Industrial
Process		Connect & Control
Technologies		Total
Goodwill as of December 31, 2021$292.3 $352.4 $279.6 $924.3 
Goodwill acquired— 62.9 0.3 63.2 
Foreign currency translation
(4.6)(16.6)(1.5)(22.7)
Goodwill as of December 31, 2022$287.7 $398.7 $278.4 $964.8 
Goodwill acquired— — 44.6 44.6 
Allocated to divestiture of business(a)
— — (2.7)(2.7)
Foreign currency translation
4.6 4.3 0.7 9.6 
Goodwill as of December 31, 2023$292.3 $403.0 $321.0 $1,016.3 
(a)During the fourth quarter of 2023, we completed the sale of our Matrix business, which was previously included within our CCT segment. Goodwill of $0.3 was allocated to the divestiture. Additionally, during the second quarter of 2023, we completed the sale of a product line within our CCT segment. Goodwill of $2.4 was allocated to the divestiture. See Note 22, Acquisitions, Investments, and Divestitures, for further information.
Goodwill acquired represents the preliminary calculation of the excess purchase price over the net assets acquired. During the year ended December 31, 2023, goodwill acquired is related to our acquisition of Micro-Mode. The valuation of Micro-Mode is pending completion. Upon completion, goodwill acquired will be adjusted based on the final fair values of the net assets acquired. For the year ended December 31, 2022, goodwill acquired is related to our acquisitions of Habonim and a product line from Clippard Instrument Laboratory, Inc. (Clippard). Refer to Note 22, Acquisitions, Investments, and Divestitures, for further information.
Other Intangible Assets, Net
The following table summarizes our other intangible assets, net of accumulated amortization.
 20232022
As of December 31Gross
Carrying
Amount		Accumulated
Amortization		Net
Intangibles		Gross
Carrying
Amount		Accumulated
Amortization		Net
Intangibles
Customer relationships(a)
$202.4 $(138.4)$64.0 $191.5 $(127.1)$64.4 
Proprietary technology61.5 (32.5)29.0 59.2 (30.8)28.4 
Trademarks and other22.0 (17.5)4.5 17.6 (16.6)1.0 
Total finite-lived intangibles285.9 (188.4)97.5 268.3 (174.5)93.8 
Indefinite-lived intangibles19.1 — 19.1 19.0 — 19.0 
Other intangible assets$305.0 $(188.4)$116.6 $287.3 $(174.5)$112.8 
(a)During the fourth quarter of 2023, we completed the sale of our Matrix business, which was previously included within our CCT segment. Customer relationships with a net book value of $5.5 were written off as part of the divestiture. See Note 22, Acquisitions, Investments, and Divestitures, for further information.
In connection with the acquisition of Micro-Mode in May 2023, we acquired intangible assets with a preliminary fair value of $28.7. These intangible assets consist of the following:
Useful life
(in years)
Fair value
Customer relationships
20$18.5 
Developed technology
205.5 
Trade name
202.3 
Backlog
<2
1.9 
Other100.5 
Total intangible assets acquired
$28.7 
Refer to Note 22, Acquisitions, Investments, and Divestitures, for further information.
Customer relationships, proprietary technology and trademarks and other intangible assets are amortized over weighted average lives of approximately 13.6 years, 14.4 years and 7.1 years, respectively. Indefinite-lived intangibles primarily consist of brands and trademarks.
Amortization expense related to intangible assets for 2023, 2022 and 2021 was $19.1, $20.8, and $18.9, respectively. Estimated amortization expense for each of the five succeeding years and thereafter is as follows:
2024$15.9 
202514.0 
202610.7 
20278.7 
20288.7 
Thereafter39.5