GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables)

6 Months Ended

Jun. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in the Carrying Amount of Goodwill Table

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 Table

Other Intangible Assets, Net 

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

	June 29, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Intangibles		Gross Carrying Amount		Accumulated Amortization		Net Intangibles
Customer relationships	$	245.0	$	(83.7)	$	161.3	$	202.4	$	(138.4)	$	64.0
Proprietary technology	107.0		(20.7)		86.3		61.5		(32.5)		29.0
Patents and other	39.2		(24.3)		14.9		22.0		(17.5)		4.5
Finite-lived intangible total	391.2		(128.7)		262.5		285.9		(188.4)		97.5
Indefinite-lived intangibles	34.4		—		34.4		19.1		—		19.1
Other intangible assets	$	425.6	$	(128.7)	$	296.9	$	305.0	$	(188.4)	$	116.6

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

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 relationships	16	$	107.0
Developed technology	17	65.0
Trade name	Indefinite	23.0
Backlog	1.25	17.0
Other	10	0.6
Total intangible assets acquired		$	212.6

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

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Estimated amortization expense for each of the five succeeding years and thereafter is as follows:

2024	$	17.3
2025	27.0
2026	21.0
2027	19.1
2028	19.1
Thereafter	$	159.0