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GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables) | 9 Months Ended
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Sep. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Changes in the Carrying Amount of Goodwill Table | 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) | — |  |  | 215.6 |  |  | 276.0 |  |  | 491.6 |
Adjustments to purchase price allocations | — |  |  | — |  |  | 0.6 |  |  | 0.6 |
Allocated to divestiture | (16.0) |  |  | — |  |  | — |  |  | (16.0) |
Foreign exchange translation | 1.3 |  |  | 4.3 |  |  | 0.2 |  |  | 5.8 |
Goodwill - September 28, 2024 | $ | 277.6 |  |  | $ | 622.9 |  |  | $ | 597.8 |  |  | $ | 1,498.3 |
(a) Goodwill acquired for our IP and CCT segments is related to our acquisitions of Svanehøj and kSARIA, respectively, representing 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 Table | Other Intangible Assets, Net The following table summarizes our other intangible assets, net of accumulated amortization.
| September 28, 2024 |  | December 31, 2023
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Intangibles |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Intangibles
Customer relationships | $ | 367.5 |  |  | $ | (88.3) |  |  | $ | 279.2 |  |  | $ | 202.4 |  |  | $ | (138.4) |  |  | $ | 64.0 |
Developed technology | 110.5 |  |  | (22.8) |  |  | 87.7 |  |  | 61.5 |  |  | (32.5) |  |  | 29.0 |
Patents and other | 65.3 |  |  | (30.0) |  |  | 35.3 |  |  | 22.0 |  |  | (17.5) |  |  | 4.5 |
Finite-lived intangible total | 543.3 |  |  | (141.1) |  |  | 402.2 |  |  | 285.9 |  |  | (188.4) |  |  | 97.5 |
Indefinite-lived intangibles | 60.7 |  |  | — |  |  | 60.7 |  |  | 19.1 |  |  | — |  |  | 19.1 |
Other intangible assets | $ | 604.0 |  |  | $ | (141.1) |  |  | $ | 462.9 |  |  | $ | 305.0 |  |  | $ | (188.4) |  |  | $ | 116.6 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | 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 |
The preliminary fair values of intangible assets acquired in connection with the purchase of kSARIA total $166.0, inclusive of customer relationships, backlog and trade names. Refer to Note 18, Acquisitions and Divestitures, for further information.
Finite-Lived Intangible Assets Amortization Expense | The following table summarizes our amortization expense related to finite-lived intangible assets.
| Three Months Ended |  | Nine Months Ended
| September 28, 2024 |  | September 30, 2023 |  | September 28, 2024 |  | September 30, 2023
Amortization expense | $ | 10.6 |  |  | $ | 5.6 |  |  | $ | 28.7 |  |  | $ | 15.4 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | E stimated amortization expense for each of the five succeeding years and thereafter is as follows:
2024 | $ | 18.6 |
2025 | 55.3 |
2026 | 29.0 |
2027 | 27.0 |
2028 | 27.0 |
Thereafter | $ | 245.3 |

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