GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables)

9 Months Ended

Sep. 28, 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)	—		215.6		276.0		491.6
Adjustments to purchase price allocations	—		—		0.6		0.6
Allocated to divestiture	(16.0)		—		—		(16.0)
Foreign exchange translation	1.3		4.3		0.2		5.8
Goodwill - September 28, 2024	$	277.6	$	622.9	$	597.8	$	1,498.3

(a)    Goodwill acquired for our IP and CCT segments is related to our acquisitions of Svanehøj and kSARIA, respectively, representing 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. 

	September 28, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Intangibles		Gross Carrying Amount		Accumulated Amortization		Net Intangibles
Customer relationships	$	367.5	$	(88.3)	$	279.2	$	202.4	$	(138.4)	$	64.0
Developed technology	110.5		(22.8)		87.7		61.5		(32.5)		29.0
Patents and other	65.3		(30.0)		35.3		22.0		(17.5)		4.5
Finite-lived intangible total	543.3		(141.1)		402.2		285.9		(188.4)		97.5
Indefinite-lived intangibles	60.7		—		60.7		19.1		—		19.1
Other intangible assets	$	604.0	$	(141.1)	$	462.9	$	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

The preliminary fair values of intangible assets acquired in connection with the purchase of kSARIA total $166.0, inclusive of customer relationships, backlog and trade names. Refer to Note 18, Acquisitions and Divestitures, for further information.

Finite-Lived Intangible Assets Amortization Expense

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

	Three Months Ended				Nine Months Ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Amortization expense	$	10.6	$	5.6	$	28.7	$	15.4

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	$	18.6
2025	55.3
2026	29.0
2027	27.0
2028	27.0
Thereafter	$	245.3