Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill

The following information presents changes to goodwill during the periods indicated, including the $57.3 million impairment recorded during the year ended December 31, 2023 (see Note 3 - Accounting Policies for additional information):

	Total		Industrial Powertrain Solutions		Power Efficiency Solutions		Automation & Motion Control		Industrial Systems
Balance as of January 1, 2022	$	4,039.2	$	2,316.8	$	759.4	$	850.0	$	113.0
Acquisitions	27.2		9.5		—		17.7		—
Translation and Other	(47.6)		(36.3)		(7.1)		(2.7)		(1.5)
Balance as of December 31, 2022	$	4,018.8	$	2,290.0	$	752.3	$	865.0	$	111.5
Acquisitions	2,614.6		1,438.3		—		1,176.3		—
Reclassification to Noncurrent Assets Held for Sale	(53.9)		—		—		—		(53.9)
Impairment Charges	(57.3)		—		—		—		(57.3)
Translation and Other	30.9		18.7		1.6		10.9		(0.3)
Balance as of December 31, 2023	$	6,553.1	$	3,747.0	$	753.9	$	2,052.2	$	—
Cumulative Goodwill Impairment Charges	$	386.0	$	18.1	$	200.4	$	5.1	$	162.4

Intangible Assets

Intangible assets consist of the following:

		December 31, 2023						December 31, 2022
	Weighted Average Amortization Period (Years)	Gross Amount		Accumulated Amortization		Net Carrying Amount		Gross Amount		Accumulated Amortization		Net Carrying Amount
Customer Relationships	15	$	4,028.5	$	746.2	$	3,282.3	$	2,321.4	$	532.0	$	1,789.4
Technology	13	302.6		92.9		209.7		246.2		125.0		121.2
Trademarks	10	712.1		120.7		591.4		392.7		73.4		319.3
Total Intangibles		$	5,043.2	$	959.8	$	4,083.4	$	2,960.3	$	730.4	$	2,229.9

For the fiscal year ended December 31, 2023, the Company reclassified $59.2 million of gross intangible assets and $57.0 million of intangible assets accumulated amortization to Noncurrent Assets Held for Sale. See Note 4 - Held for Sale, Acquisitions and Divestitures for additional information.

While the Company believes its customer relationships are long-term in nature, the Company's contractual customer relationships are generally short-term. Useful lives are established at acquisition based on historical attrition rates.

Amortization expense was $307.8 million in fiscal 2023, $185.5 million in fiscal 2022 and $77.4 million in fiscal 2021.

The following table presents estimated future amortization expense:

Year	Estimated Amortization
2024	$	350.1
2025	348.1
2026	344.8
2027	344.7
2028	344.7