Goodwill and Intangible Assets (Tables)

12 Months Ended

Jan. 01, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes to Goodwill

The following information presents changes to goodwill during the periods indicated (in millions):

	Total		Commercial Systems		Industrial Systems		Climate Solutions		Motion Control Solutions
Balance as of December 28, 2019	$	1,501.3	$	426.6	$	170.8	$	331.2	$	572.7
Less: Impairment Charges	(10.5)		—		(10.5)		—		—
Translation and Other	27.4		6.7		3.4		(0.4)		17.7
Balance as of January 2, 2021	$	1,518.2	$	433.3	$	163.7	$	330.8	$	590.4
Impairment Charge	(33.0)		—		(33.0)		—		—
Acquisitions	2,576.8		—		—		—		2,576.8
Translation and Other	(22.8)		(4.4)		(1.9)		(0.3)		(16.2)
Balance as of January 1, 2022	$	4,039.2	$	428.9	$	128.8	$	330.5	$	3,151.0
Cumulative Goodwill Impairment Charges	$	328.7	$	183.2	$	105.1	$	17.2	$	23.2

Schedule of Gross Intangibles

Intangible assets consist of the following (in millions):

	Weighted Average Amortization Period (Years)	January 2, 2021		Acquisitions		Translation Adjustments		January 1, 2022
Customer Relationships	16	$	708.6	$	1,643.0	$	(16.2)	$	2,335.4
Technology	13	146.3		105.0		(1.2)		250.1
Trademarks	10	160.5		243.0		(3.5)		400.0
Patent and Engineering Drawings	5	16.6		—		—		16.6
Total Gross Intangibles		$	1,032.0	$	1,991.0	$	(20.9)	$	3,002.1

Schedule of Accumulated Amortization

Accumulated amortization of intangible assets consists of the following:

	January 2, 2021		Amortization		Translation Adjustments		January 1, 2022
Customer Relationships	$	349.4	$	60.7	$	(5.1)	$	405.0
Technology	108.0		6.5		(0.4)		114.1
Trademarks	27.7		10.2		(0.7)		37.2
Patent and Engineering Drawings	16.6		—		—		16.6
Total Accumulated Amortization	$	501.7	$	77.4	$	(6.2)	$	572.9
Intangible Assets, Net of Amortization	$	530.3					$	2,429.2

Schedule of Estimated Amortization

The following table presents estimated future amortization expense (in millions):

	Estimated Amortization
Year
2022	$	187.0
2023	187.0
2024	186.3
2025	184.2
2026	180.7