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Goodwill and Other Intangible Assets, Net (Tables) | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Changes in Carrying Amount of 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.
Other Intangible Assets | 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.
Estimated Amortization Expense Related to Intangible Assets | 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 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | 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 |

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