GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Oct. 02, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

As required, the Company performs an annual impairment test of goodwill as of the end of the October fiscal month or more frequently if events or circumstances change that would more likely than not reduce the fair value of its reporting units below their carrying value.

The following table presents changes to goodwill during the nine months ended October 2, 2021 (in millions):


	Total		Commercial Systems		Industrial Systems		Climate Solutions		Power Transmission Solutions
Balance as of January 2, 2021	$	1,518.2	$	433.3	$	163.7	$	330.8	$	590.4


Translation Adjustments	(12.0)		(3.7)		(1.5)		(0.3)		(6.5)




Balance as of October 2, 2021	$	1,506.2	$	429.6	$	162.2	$	330.5	$	583.9

Cumulative Goodwill Impairment Charges	$	295.7	$	183.2	$	72.1	$	17.2	$	23.2

Intangible Assets

The following table presents intangible assets (in millions):


		October 2, 2021				January 2, 2021
	Weighted Average Amortization Period (Years)	Gross Value		Accumulated Amortization		Gross Value		Accumulated Amortization
Amortizable Intangible Assets:
Customer Relationships	17	$	700.1	$	373.2	$	708.6	$	349.4
Technology	14	145.5		110.8		146.3		108.0
Trademarks	14	36.5		28.2		37.7		27.7


		882.1		512.2		892.6		485.1
Non-Amortizable Trade Name		122.1		—		122.8		—
		$	1,004.2	$	512.2	$	1,015.4	$	485.1

Intangible Assets, Net of Amortization		$	492.0			$	530.3

Amortization expense recorded for the three and nine months ended October 2, 2021 was $10.5 million and $32.8 million, respectively. Amortization expense recorded for the three and nine months ended September 26, 2020 was $11.9 million and $36.3 million, respectively. Amortization expense for fiscal year 2021 is estimated to be $43.0 million. There were no intangible asset impairments during the three and nine months ended October 2, 2021 and September 26, 2020, respectively.

The following table presents future estimated annual amortization for intangible assets (in millions):


Year	Estimated Amortization
2022	$	41.3
2023	41.2
2024	40.6
2025	38.5
2026	35.0