Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The following information presents changes to goodwill during the periods indicated:


	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	2,614.6		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	$	—


Acquisitions	(5.1)		(5.8)		—		0.7		—



Translation and Other	(89.1)		(44.0)		(4.7)		(40.4)		—
Balance as of December 31, 2024	$	6,458.9	$	3,697.2	$	749.2	$	2,012.5	$	—
Cumulative Goodwill Impairment Charges⁽¹⁾	$	223.6	$	18.1	$	200.4	$	5.1	$	—

(1) Excludes impairment charges related to Industrial Systems, since it was sold in April 2024. See Note 3 - Acquisitions and Divestitures for more information.

Intangible Assets

Intangible assets consist of the following:


		December 31, 2024						December 31, 2023
	Weighted Average Amortization Period (Years)	Gross Amount		Accumulated Amortization		Net Carrying Amount		Gross Amount		Accumulated Amortization		Net Carrying Amount
Customer Relationships	15	$	3,892.8	$	915.1	$	2,977.7	$	4,028.5	$	746.2	$	3,282.3
Technology	13	293.0		109.0		184.0		302.6		92.9		209.7
Trademarks	10	692.3		189.4		502.9		712.1		120.7		591.4



Total Intangibles		$	4,878.1	$	1,213.5	$	3,664.6	$	5,043.2	$	959.8	$	4,083.4

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 $346.5 million in 2024, $307.8 million in 2023 and $185.5 million in 2022.

The following table presents estimated future amortization expense:


Year	Estimated Amortization
2025	$	341.9
2026	338.6
2027	338.5
2028	338.5
2029	333.5