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Goodwill and Other Intangible Assets, Net (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2022 | $ | 287.7 |  |  | $ | 398.7 |  |  | $ | 278.4 |  |  | $ | 964.8 |
Goodwill acquired(a) | — |  |  | — |  |  | 44.6 |  |  | 44.6 |
Allocated to divestiture of business(b) | — |  |  | — |  |  | (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 |
Goodwill acquired(c) | — |  |  | 215.6 |  |  | 244.3 |  |  | 459.9 |
Adjustments to purchase price allocations | — |  |  | — |  |  | 0.6 |  |  | 0.6 |
Allocated to divestiture of business(d) | (16.0) |  |  | — |  |  | — |  |  | (16.0) |
Foreign currency translation | (3.9) |  |  | (25.3) |  |  | (1.5) |  |  | (30.7) |
Goodwill as of December 31, 2024 | $ | 272.4 |  |  | $ | 593.3 |  |  | $ | 564.4 |  |  | $ | 1,430.1 |
(a)Goodwill acquired for our CCT segment is related to our acquisition of Micro-mode representing the calculation of the excess purchase price over the net assets acquired. (b)During the fourth quarter of 2023, we completed the sale of our Matrix business, which was previously included within our CCT segment. (c)Goodwill acquired for our IP and CCT segments is related to our acquisitions of Svanehøj and kSARIA, respectively, representing the calculation of the excess purchase price over the net assets acquired. (d)During the third quarter of 2024, we completed the sale of our Wolverine business, which was previously included within our MT segment. See Note 21, Acquisitions, Investments, and Divestitures, for further information.
Other Intangible Assets | The following table summarizes our other intangible assets, net of accumulated amortization.
| 2024 |  | 2023
As of December 31 | Gross Carrying Amount |  | Accumulated Amortization |  | Net Intangibles |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Intangibles
Customer relationships | $ | 383.8 |  |  | $ | (92.6) |  |  | $ | 291.2 |  |  | $ | 202.4 |  |  | $ | (138.4) |  |  | $ | 64.0 |
Proprietary technology | 105.3 |  |  | (23.8) |  |  | 81.5 |  |  | 61.5 |  |  | (32.5) |  |  | 29.0 |
Trademarks and other | 56.7 |  |  | (35.1) |  |  | 21.6 |  |  | 22.0 |  |  | (17.5) |  |  | 4.5 |
Total finite-lived intangibles | 545.8 |  |  | (151.5) |  |  | 394.3 |  |  | 285.9 |  |  | (188.4) |  |  | 97.5 |
Indefinite-lived intangibles(a) | 59.8 |  |  | — |  |  | 59.8 |  |  | 19.1 |  |  | — |  |  | 19.1 |
Other intangible assets | $ | 605.6 |  |  | $ | (151.5) |  |  | $ | 454.1 |  |  | $ | 305.0 |  |  | $ | (188.4) |  |  | $ | 116.6 |
(a)During the second quarter of 2024, we completed the sale of our Wolverine business, which was previously included within our MT segment. Indefinite-lived intangibles with a net book value of $7.0 were written off as part of the divestiture. See Note 21, Acquisitions, Investments, and Divestitures, for further information.
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The fair values of intangible assets acquired in connection with the purchase of Svanehøj and kSARIA consist of the following:
| Svanehøj (Final) | kSARIA (Preliminary)
| Useful life (in years) |  | Fair value | Useful life (in years) |  | Fair value
Customer relationships | 16 |  | $ | 107.0 |  | 17 |  | $ | 141.0 |
Developed technology | 17 |  | 65.0 |  |  |  | — |
Trade names | Indefinite |  | 23.0 |  | Indefinite |  | 26.0 |
Backlog | 1.25 |  | 17.0 |  | 1.3 |  | 17.0 |
Other(a) | 10 |  | 0.6 |  | 3 - 7 |  | 1.1 |
Total intangible assets acquired |  |  | $ | 212.6 |  |  |  | $ | 185.1 |
Estimated Amortization Expense Related to Intangible Assets | Amortization expense related to intangible assets for 2024, 2023 and 2022 was $42.1, $19.1, and $20.8, respectively. Estimated amortization expense for each of the five succeeding years and thereafter is as follows:
2025 | $ | 45.3 |
2026 | 29.4 |
2027 | 27.6 |
2028 | 26.7 |
2029 | 26.6 |
Thereafter | 238.8 |

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