GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

Goodwill

As required, the Company performs an annual impairment test of goodwill as of the end of the October fiscal month or more frequently if events or circumstances change that would more likely than not reduce the fair value of its reporting units below their carrying value.

The following table presents changes to goodwill during the six months ended June 30, 2023:

	Total		Industrial Powertrain Solutions		Power Efficiency Solutions		Automation & Motion Control		Industrial Systems
Balance as of December 31, 2022	$	4,018.8	$	2,290.0	$	752.3	$	865.0	$	111.5
Acquisitions	2,594.9		1,423.5		—		1,171.4		—
Translation Adjustments	5.2		7.8		0.3		(3.1)		0.2
Balance as of June 30, 2023	$	6,618.9	$	3,721.3	$	752.6	$	2,033.3	$	111.7
Cumulative Goodwill Impairment Charges	$	328.7	$	18.1	$	200.4	$	5.1	$	105.1

Intangible Assets

The following table presents intangible assets including those acquired in the Altra Transaction (see Note 3 - Acquisitions and Divestitures for more information):

		June 30, 2023						December 31, 2022
	Weighted Average Amortization Period (Years)	Gross Value		Accumulated Amortization		Net Carrying Amount		Gross Value		Accumulated Amortization		Net Carrying Amount
Customer Relationships	15	$	4,055.1	$	648.9	$	3,406.2	$	2,321.4	$	532.0	$	1,789.4
Technology	13	311.5		98.5		213.0		246.2		125.0		121.2
Trademarks	10	714.4		93.9		620.5		392.7		73.4		319.3
Total Intangibles		$	5,081.0	$	841.3	$	4,239.7	$	2,960.3	$	730.4	$	2,229.9

Amortization expense recorded for the three and six months ended June 30, 2023 was $89.4 million and $135.7 million, respectively. Amortization expense recorded for the three and six months ended June 30, 2022 was $46.5 million and $93.8 million, respectively. Amortization expense for fiscal year 2023 is estimated to be $312.1 million.

The following table presents future estimated annual amortization expense for intangible assets:

Year	Estimated Amortization
2024	$	349.9
2025	347.9
2026	344.4
2027	343.7
2028	343.7