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Goodwill and Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Changes in the Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for 2023 and 2022, by reportable business segment, were as follows:
| FMT |  | HST |  | FSDP |  | Total
Goodwill | $ | 701.7 |  |  | $ | 1,264.3 |  |  | $ | 402.3 |  |  | $ | 2,368.3 |
Accumulated goodwill impairment losses | (20.7) |  |  | (149.8) |  |  | (30.1) |  |  | (200.6) |
Balance at January 1, 2022 | 681.0 |  |  | 1,114.5 |  |  | 372.2 |  |  | 2,167.7 |
Foreign currency translation | (8.4) |  |  | (11.5) |  |  | (9.3) |  |  | (29.2) |
Acquisitions | 112.9 |  |  | 391.1 |  |  | — |  |  | 504.0 |
Measurement period adjustments | 0.3 |  |  | 0.9 |  |  | — |  |  | 1.2 |
Divestitures | (5.6) |  |  | — |  |  | — |  |  | (5.6) |
Balance at December 31, 2022 | 780.2 |  |  | 1,495.0 |  |  | 362.9 |  |  | 2,638.1 |
Foreign currency translation | 6.6 |  |  | 38.6 |  |  | 5.7 |  |  | 50.9 |
Acquisitions | — |  |  | 156.7 |  |  | — |  |  | 156.7 |
Measurement period adjustments | (1.8) |  |  | 5.4 |  |  | — |  |  | 3.6 |
Divestitures | — |  |  | (11.0) |  |  | — |  |  | (11.0) |
Balance at December 31, 2023 | $ | 785.0 |  |  | $ | 1,684.7 |  |  | $ | 368.6 |  |  | $ | 2,838.3 |
Schedule of Gross Carrying Value and Accumulated Amortization For Each Major Class of Intangible Asset | The following table provides the gross carrying value and accumulated amortization for each major class of intangible asset at December 31, 2023 and 2022:
| At December 31, 2023 |  |  |  | At December 31, 2022
| Gross Carrying Amount |  | Accumulated Amortization |  | Net |  | Weighted Average Life |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Amortized intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Patents | $ | 2.7 |  |  | $ | (2.0) |  |  | $ | 0.7 |  |  | 12 |  | $ | 2.9 |  |  | $ | (1.8) |  |  | $ | 1.1 |
Trade names | 171.9 |  |  | (54.3) |  |  | 117.6 |  |  | 15 |  | 186.5 |  |  | (71.4) |  |  | 115.1 |
Customer relationships | 860.7 |  |  | (228.7) |  |  | 632.0 |  |  | 13 |  | 772.2 |  |  | (184.9) |  |  | 587.3 |
Unpatented technology | 233.5 |  |  | (66.3) |  |  | 167.2 |  |  | 12 |  | 207.1 |  |  | (57.8) |  |  | 149.3 |
Software | 5.3 |  |  | (1.9) |  |  | 3.4 |  |  | 5 |  | 4.8 |  |  | (0.7) |  |  | 4.1 |
Total amortized intangible assets | 1,274.1 |  |  | (353.2) |  |  | 920.9 |  |  | 13 |  | 1,173.5 |  |  | (316.6) |  |  | 856.9 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |
Banjo trade name | 62.1 |  |  | — |  |  | 62.1 |  |  |  |  | 62.1 |  |  | — |  |  | 62.1 |
Akron Brass trade name | 28.8 |  |  | — |  |  | 28.8 |  |  |  |  | 28.8 |  |  | — |  |  | 28.8 |
Total intangible assets | $ | 1,365.0 |  |  | $ | (353.2) |  |  | $ | 1,011.8 |  |  |  |  | $ | 1,264.4 |  |  | $ | (316.6) |  |  | $ | 947.8 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Based on the intangible asset balances as of December 31, 2023, expected amortization expense for the years 2024 through 2028 is as follows:
Maturity of Intangible Assets |  | Estimated Amortization
2024 |  | $ | 98.8 |
2025 |  | 97.3 |
2026 |  | 95.7 |
2027 |  | 92.4 |
2028 |  | 89.4 |

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