XML 35 R25.htm IDEA: XBRL DOCUMENT
v3.23.3

GOODWILL AND OTHER INTANGIBLE ASSETS, NET | 9 Months Ended
--- | ---
Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS, NET | GOODWILL AND OTHER INTANGIBLE ASSETS, NET Goodwill 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, 2022 | $ | 287.7 |  |  | $ | 398.7 |  |  | $ | 278.4 |  |  | $ | 964.8 |
Acquired | — |  |  | — |  |  | 45.7 |  |  | 45.7 |
Allocated to divestiture of business(a) | — |  |  | — |  |  | (2.4) |  |  | (2.4) |
Foreign exchange translation | (0.4) |  |  | (6.2) |  |  | (0.4) |  |  | (7.0) |
Goodwill - September 30, 2023 | $ | 287.3 |  |  | $ | 392.5 |  |  | $ | 321.3 |  |  | $ | 1,001.1 |
(a) During the second quarter of 2023, we completed the sale of a product line within our CCT segment to a third party for $10.5. The Company determined that the product line met the definition of a business per ASC 805, Business Combinations. As a result of the transaction, we recognized a gain on sale of $7.2, which is included in the General and administrative expenses line on our Consolidated Statements of Operations for the nine months ended September 30, 2023. Goodwill of $2.4 was allocated to the divestiture. Other Intangible Assets, Net The following table summarizes our other intangible assets, net of accumulated amortization.
| September 30, 2023 |  | December 31, 2022
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Intangibles |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Intangibles
Customer relationships | $ | 207.7 |  |  | $ | (138.0) |  |  | $ | 69.7 |  |  | $ | 191.5 |  |  | $ | (127.1) |  |  | $ | 64.4 |
Proprietary technology | 60.8 |  |  | (31.1) |  |  | 29.7 |  |  | 59.2 |  |  | (30.8) |  |  | 28.4 |
Patents and other | 22.1 |  |  | (17.2) |  |  | 4.9 |  |  | 17.6 |  |  | (16.6) |  |  | 1.0 |
Finite-lived intangible total | 290.6 |  |  | (186.3) |  |  | 104.3 |  |  | 268.3 |  |  | (174.5) |  |  | 93.8 |
Indefinite-lived intangibles | 18.7 |  |  | — |  |  | 18.7 |  |  | 19.0 |  |  | — |  |  | 19.0 |
Other intangible assets | $ | 309.3 |  |  | $ | (186.3) |  |  | $ | 123.0 |  |  | $ | 287.3 |  |  | $ | (174.5) |  |  | $ | 112.8 |
The following table summarizes our amortization expense related to finite-lived intangible assets.
| Three Months Ended |  | Nine Months Ended
| September 30, 2023 |  | October 1, 2022 |  | September 30, 2023 |  | October 1, 2022
Amortization expense | $ | 5.6 |  |  | $ | 5.3 |  |  | $ | 15.4 |  |  | $ | 15.3 |
The preliminary fair values of intangible assets acquired in connection with the purchase of Micro-Mode total $28.7 and consist of the following:
| Useful life (in years) |  | Fair value
Customer relationships | 20 |  | $ | 18.5 |
Developed technology | 20 |  | 5.5 |
Trade name | 20 |  | 2.3 |
Backlog | <2 |  | 1.9 |
Other | 10 |  | 0.5 |
Total intangible assets acquired |  |  | $ | 28.7 |
Refer to Note 18, Acquisitions and Investments, for further information.

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration