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GOODWILL AND OTHER INTANGIBLE ASSETS, NET | 6 Months Ended
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Jun. 29, 2024
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, 2023 | $ | 292.3 |  |  | $ | 403.0 |  |  | $ | 321.0 |  |  | $ | 1,016.3 |
Acquired(a) | — |  |  | 215.4 |  |  | — |  |  | 215.4 |
Adjustments to purchase price allocations | — |  |  | — |  |  | 0.6 |  |  | 0.6 |
Allocated to assets held for sale | (16.0) |  |  | — |  |  | — |  |  | (16.0) |
Foreign exchange translation | (2.0) |  |  | (12.6) |  |  | (0.8) |  |  | (15.4) |
Goodwill - June 29, 2024 | $ | 274.3 |  |  | $ | 605.8 |  |  | $ | 320.8 |  |  | $ | 1,200.9 |
(a) Goodwill acquired for our Industrial Process segment is related to our acquisition of Svanehøj and represents the preliminary calculation of the excess purchase price over the net assets acquired. Refer to Note 18, Acquisitions and Divestitures, for further information. Other Intangible Assets, Net The following table summarizes our other intangible assets, net of accumulated amortization.
| June 29, 2024 |  | December 31, 2023
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Intangibles |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Intangibles
Customer relationships | $ | 245.0 |  |  | $ | (83.7) |  |  | $ | 161.3 |  |  | $ | 202.4 |  |  | $ | (138.4) |  |  | $ | 64.0 |
Proprietary technology | 107.0 |  |  | (20.7) |  |  | 86.3 |  |  | 61.5 |  |  | (32.5) |  |  | 29.0 |
Patents and other | 39.2 |  |  | (24.3) |  |  | 14.9 |  |  | 22.0 |  |  | (17.5) |  |  | 4.5 |
Finite-lived intangible total | 391.2 |  |  | (128.7) |  |  | 262.5 |  |  | 285.9 |  |  | (188.4) |  |  | 97.5 |
Indefinite-lived intangibles | 34.4 |  |  | — |  |  | 34.4 |  |  | 19.1 |  |  | — |  |  | 19.1 |
Other intangible assets | $ | 425.6 |  |  | $ | (128.7) |  |  | $ | 296.9 |  |  | $ | 305.0 |  |  | $ | (188.4) |  |  | $ | 116.6 |
The preliminary fair values of intangible assets acquired in connection with the purchase of Svanehøj total $212.6 and consist of the following:
| Useful life (in years) |  | Fair value
Customer relationships | 16 |  | $ | 107.0 |
Developed technology | 17 |  | 65.0 |
Trade name | Indefinite |  | 23.0 |
Backlog | 1.25 |  | 17.0 |
Other | 10 |  | 0.6 |
Total intangible assets acquired |  |  | $ | 212.6 |
Refer to Note 18, Acquisitions and Divestitures, for further information. The following table summarizes our amortization expense related to finite-lived intangible assets.
| Three Months Ended |  | Six Months Ended
| June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Amortization expense | $ | 8.5 |  |  | $ | 5.1 |  |  | $ | 18.1 |  |  | $ | 9.8 |
E stimated amortization expense for each of the five succeeding years and thereafter is as follows:
2024 | $ | 17.3 |
2025 | 27.0 |
2026 | 21.0 |
2027 | 19.1 |
2028 | 19.1 |
Thereafter | $ | 159.0 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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