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Goodwill and Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Changes in the Carrying Amount of Goodwill | The changes in the carrying amount of goodwill for 2024 and 2023, by reportable business segment, were as follows:
| FMT |  | HST |  | FSDP |  | Total
Goodwill | $ | 800.9 |  |  | $ | 1,644.8 |  |  | $ | 393.0 |  |  | $ | 2,838.7 |
Accumulated goodwill impairment losses | (20.7) |  |  | (149.8) |  |  | (30.1) |  |  | (200.6) |
Balance at January 1, 2023 | 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 |
Foreign currency translation | (8.9) |  |  | (43.4) |  |  | (8.1) |  |  | (60.4) |
Acquisitions | — |  |  | 483.6 |  |  | — |  |  | 483.6 |
Measurement period adjustments | — |  |  | 1.8 |  |  | — |  |  | 1.8 |
Divestitures | (11.6) |  |  | — |  |  | — |  |  | (11.6) |
Balance at December 31, 2024 | $ | 764.5 |  |  | $ | 2,126.7 |  |  | $ | 360.5 |  |  | $ | 3,251.7 |
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, 2024 and 2023:
| At December 31, 2024 |  | At December 31, 2023
| Gross Carrying Amount |  | Accumulated Amortization |  | Net |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Amortized intangible assets: |  |  |  |  |  |  |  |  |  |  |
Patents | $ | 2.5 |  |  | $ | (2.0) |  |  | $ | 0.5 |  |  | $ | 2.7 |  |  | $ | (2.0) |  |  | $ | 0.7 |
Trade names | 201.4 |  |  | (60.0) |  |  | 141.4 |  |  | 171.9 |  |  | (54.3) |  |  | 117.6 |
Customer relationships | 1,078.8 |  |  | (278.7) |  |  | 800.1 |  |  | 860.7 |  |  | (228.7) |  |  | 632.0 |
Unpatented technology | 325.4 |  |  | (85.1) |  |  | 240.3 |  |  | 233.5 |  |  | (66.3) |  |  | 167.2 |
Software | 15.2 |  |  | (3.6) |  |  | 11.6 |  |  | 5.3 |  |  | (1.9) |  |  | 3.4 |
Total amortized intangible assets | 1,623.3 |  |  | (429.4) |  |  | 1,193.9 |  |  | 1,274.1 |  |  | (353.2) |  |  | 920.9 |
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 | $ | 1,714.2 |  |  | $ | (429.4) |  |  | $ | 1,284.8 |  |  | $ | 1,365.0 |  |  | $ | (353.2) |  |  | $ | 1,011.8 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Based on the intangible asset balances as of December 31, 2024, expected amortization expense for the years 2025 through 2029 is as follows:
|  | Estimated Amortization
2025 |  | $ | 124.5 |
2026 |  | 122.9 |
2027 |  | 119.3 |
2028 |  | 116.7 |
2029 |  | 107.4 |

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