Goodwill and Other Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Amount of 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.

Other Intangible Assets

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

	2023						2022
As of December 31	Gross 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 technology	61.5		(32.5)		29.0		59.2		(30.8)		28.4
Trademarks and other	22.0		(17.5)		4.5		17.6		(16.6)		1.0
Total finite-lived intangibles	285.9		(188.4)		97.5		268.3		(174.5)		93.8
Indefinite-lived intangibles	19.1		—		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.

Estimated Amortization Expense Related to Intangible Assets

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
2025	14.0
2026	10.7
2027	8.7
2028	8.7
Thereafter	39.5

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination

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	20	5.5
Trade name	20	2.3
Backlog	<2	1.9
Other	10	0.5
Total intangible assets acquired		$	28.7