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v3.23.1

Goodwill and Intangible Assets (Tables) | 3 Months Ended
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Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Changes To Goodwill | Changes to goodwill are as follows:
(in millions) | Aerospace & Electronics | Process Flow Technologies | Payment & Merchandising Technologies | Engineered Materials | Total
Balance as of December 31, 2022 | $ | 202.3 |  | $ | 317.3 |  | $ | 836.6 |  | $ | 171.3 |  | $ | 1,527.5 |
Currency translation | — |  | 2.2 |  | 1.2 |  | — |  | 3.4 |
Balance as of March 31, 2023 | $ | 202.3 |  | $ | 319.5 |  | $ | 837.8 |  | $ | 171.3 |  | $ | 1,530.9 |
Changes To Intangible Assets | Changes to intangible assets are as follows:
(in millions) | Three Months Ended March 31, 2023 |  | Year Ended December 31, 2022
Balance at beginning of period, net of accumulated amortization | $ | 416.6 |  |  | $ | 467.1 |
Amortization expense | (10.4) |  |  | (41.7) |
Currency translation and other | 0.3 |  |  | (8.8) |
Balance at end of period, net of accumulated amortization | $ | 406.5 |  |  | $ | 416.6 |
Summary Of Intangible Assets | A summary of intangible assets are as follows:
|  |  | March 31, 2023 |  | December 31, 2022
(in millions) | Weighted Average Amortization Period of Finite Lived Assets (in years) |  | Gross Asset |  | Accumulated Amortization |  | Net |  | Gross Asset |  | Accumulated Amortization |  | Net
Intellectual property rights | 15.1 |  | $ | 132.4 |  |  | $ | 59.5 |  |  | $ | 72.9 |  |  | $ | 132.1 |  |  | $ | 59.1 |  |  | $ | 73.0 |
Customer relationships and backlog | 18.4 |  | 636.2 |  |  | 338.3 |  |  | 297.9 |  |  | 635.5 |  |  | 329.8 |  |  | 305.7 |
Drawings | 40.0 |  | 11.1 |  |  | 10.7 |  |  | 0.4 |  |  | 11.1 |  |  | 10.7 |  |  | 0.4 |
Other | 11.7 |  | 141.8 |  |  | 106.5 |  |  | 35.3 |  |  | 141.3 |  |  | 103.8 |  |  | 37.5 |
Total | 18.0 |  | $ | 921.5 |  |  | $ | 515.0 |  |  | $ | 406.5 |  |  | $ | 920.0 |  |  | $ | 503.4 |  |  | $ | 416.6 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Future amortization expense associated with intangible assets is expected to be:
(in millions) |
Remainder of 2023 | $ | 31.4 |
2024 | 41.1 |
2025 | 35.7 |
2026 | 35.5 |
2027 | 34.9 |
2028 and after | 160.5 |

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- Definition Tabular disclosure of acquired indefinite-lived intangible assets. Indefinite-lived intangible assets are assets that have no physical form, but have expected future economic benefit. Indefinite-lived assets are assets that are not subject to amortization. Acquired indefinite-lived intangible assets are disclosed by major class (assets that can be grouped together because they are similar, either by their nature or by their use in operations of the entity) and in total. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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