XML 36 R24.htm IDEA: XBRL DOCUMENT v3.24.2.u1
GOODWILL AND OTHER INTANGIBLE ASSETS, NET
 6 Months Ended
Jun. 29, 2024
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, 2023
$292.3 $403.0 $321.0 $1,016.3 
Acquired(a)
— 215.4 — 215.4 
Adjustments to purchase price allocations— — 0.6 0.6 
Allocated to assets held for sale
(16.0)— — (16.0)
Foreign exchange translation(2.0)(12.6)(0.8)(15.4)
Goodwill - June 29, 2024
$274.3 $605.8 $320.8 $1,200.9 
(a)    Goodwill acquired for our Industrial Process segment is related to our acquisition of Svanehøj and represents the preliminary calculation of the excess purchase price over the net assets acquired. Refer to Note 18, Acquisitions and Divestitures, for further information.
Other Intangible Assets, Net 
The following table summarizes our other intangible assets, net of accumulated amortization. 
June 29, 2024December 31, 2023
Gross
Carrying
Amount		Accumulated AmortizationNet IntangiblesGross
Carrying
Amount		Accumulated AmortizationNet Intangibles
Customer relationships$245.0 $(83.7)$161.3 $202.4 $(138.4)$64.0 
Proprietary technology107.0 (20.7)86.3 61.5 (32.5)29.0 
Patents and other39.2 (24.3)14.9 22.0 (17.5)4.5 
Finite-lived intangible total391.2 (128.7)262.5 285.9 (188.4)97.5 
Indefinite-lived intangibles34.4 — 34.4 19.1 — 19.1 
Other intangible assets$425.6 $(128.7)$296.9 $305.0 $(188.4)$116.6 
The preliminary fair values of intangible assets acquired in connection with the purchase of Svanehøj total $212.6 and consist of the following:
Useful life
(in years)
Fair value
Customer relationships16$107.0 
Developed technology1765.0 
Trade name
Indefinite
23.0 
Backlog1.2517.0 
Other
100.6 
Total intangible assets acquired$212.6 
Refer to Note 18, Acquisitions and Divestitures, for further information.
The following table summarizes our amortization expense related to finite-lived intangible assets.
Three Months EndedSix Months Ended
June 29,
2024		July 1,
2023		June 29,
2024		July 1,
2023
Amortization expense$8.5 $5.1 $18.1 $9.8 
Estimated amortization expense for each of the five succeeding years and thereafter is as follows:
2024$17.3 
202527.0 
202621.0 
202719.1 
202819.1 
Thereafter$159.0