XML 40 R23.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Goodwill and Other Intangible Assets, Net (Notes) | 12 Months Ended
--- | ---
Dec. 31, 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 our goodwill by segment.
| Motion Technologies |  | Industrial Process |  | Connect & Control Technologies |  | Total
Goodwill as of December 31, 2021 | $ | 292.3 |  |  | $ | 352.4 |  |  | $ | 279.6 |  |  | $ | 924.3 |
Goodwill acquired | — |  |  | 62.9 |  |  | 0.3 |  |  | 63.2 |
Foreign currency translation | (4.6) |  |  | (16.6) |  |  | (1.5) |  |  | (22.7) |
Goodwill as of December 31, 2022 | $ | 287.7 |  |  | $ | 398.7 |  |  | $ | 278.4 |  |  | $ | 964.8 |
Goodwill acquired | — |  |  | — |  |  | 44.6 |  |  | 44.6 |
Allocated to divestiture of business(a) | — |  |  | — |  |  | (2.7) |  |  | (2.7) |
Foreign currency translation | 4.6 |  |  | 4.3 |  |  | 0.7 |  |  | 9.6 |
Goodwill as of December 31, 2023 | $ | 292.3 |  |  | $ | 403.0 |  |  | $ | 321.0 |  |  | $ | 1,016.3 |
(a)During the fourth quarter of 2023, we completed the sale of our Matrix business, which was previously included within our CCT segment. Goodwill of $0.3 was allocated to the divestiture. Additionally, during the second quarter of 2023, we completed the sale of a product line within our CCT segment. Goodwill of $2.4 was allocated to the divestiture. See Note 22, Acquisitions, Investments, and Divestitures, for further information. Goodwill acquired represents the preliminary calculation of the excess purchase price over the net assets acquired. During the year ended December 31, 2023, goodwill acquired is related to our acquisition of Micro-Mode. The valuation of Micro-Mode is pending completion. Upon completion, goodwill acquired will be adjusted based on the final fair values of the net assets acquired. For the year ended December 31, 2022, goodwill acquired is related to our acquisitions of Habonim and a product line from Clippard Instrument Laboratory, Inc. (Clippard). Refer to Note 22, Acquisitions, Investments, and Divestitures, for further information. Other Intangible Assets, Net The following table summarizes our other intangible assets, net of accumulated amortization.
| 2023 |  | 2022
As of December 31 | Gross Carrying Amount |  | Accumulated Amortization |  | Net Intangibles |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Intangibles
Customer relationships(a) | $ | 202.4 |  |  | $ | (138.4) |  |  | $ | 64.0 |  |  | $ | 191.5 |  |  | $ | (127.1) |  |  | $ | 64.4 |
Proprietary technology | 61.5 |  |  | (32.5) |  |  | 29.0 |  |  | 59.2 |  |  | (30.8) |  |  | 28.4 |
Trademarks and other | 22.0 |  |  | (17.5) |  |  | 4.5 |  |  | 17.6 |  |  | (16.6) |  |  | 1.0 |
Total finite-lived intangibles | 285.9 |  |  | (188.4) |  |  | 97.5 |  |  | 268.3 |  |  | (174.5) |  |  | 93.8 |
Indefinite-lived intangibles | 19.1 |  |  | — |  |  | 19.1 |  |  | 19.0 |  |  | — |  |  | 19.0 |
Other intangible assets | $ | 305.0 |  |  | $ | (188.4) |  |  | $ | 116.6 |  |  | $ | 287.3 |  |  | $ | (174.5) |  |  | $ | 112.8 |
(a)During the fourth quarter of 2023, we completed the sale of our Matrix business, which was previously included within our CCT segment. Customer relationships with a net book value of $5.5 were written off as part of the divestiture. See Note 22, Acquisitions, Investments, and Divestitures, for further information. In connection with the acquisition of Micro-Mode in May 2023, we acquired intangible assets with a preliminary fair value of $28.7. These intangible assets 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 22, Acquisitions, Investments, and Divestitures, for further information. Customer relationships, proprietary technology and trademarks and other intangible assets are amortized over weighted average lives of approximately 13.6 years, 14.4 years and 7.1 years, respectively. Indefinite-lived intangibles primarily consist of brands and trademarks. Amortization expense related to intangible assets for 2023, 2022 and 2021 was $19.1, $20.8, and $18.9, respectively. Estimated amortization expense for each of the five succeeding years and thereafter is as follows:
2024 | $ | 15.9 |
2025 | 14.0 |
2026 | 10.7 |
2027 | 8.7 |
2028 | 8.7 |
Thereafter | 39.5 |

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