GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

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 three months ended March 31, 2023:

	Total		Industrial Powertrain Solutions		Power Efficiency Solutions		Automation & Motion Control		Industrial Systems
Balance as of December 31, 2022	$	4,018.8	$	2,290.0	$	752.3	$	865.0	$	111.5
Acquisitions	2,499.3		1,395.4		—		1,103.9		—
Translation Adjustments	8.6		5.2		1.1		1.9		0.4
Balance as of March 31, 2023	$	6,526.7	$	3,690.6	$	753.4	$	1,970.8	$	111.9
Cumulative Goodwill Impairment Charges	$	328.7	$	18.1	$	200.4	$	5.1	$	105.1

Intangible Assets

The following table presents intangible assets including those acquired in the Altra Transaction (see Note 3 - Acquisitions and Divestitures for more information):

		March 31, 2023						December 31, 2022
	Weighted Average Amortization Period (Years)	Gross Value		Accumulated Amortization		Net Carrying Amount		Gross Value		Accumulated Amortization		Net Carrying Amount
Customer Relationships	15	$	4,129.2	$	587.9	$	3,541.3	$	2,321.4	$	532.0	$	1,789.4
Technology	13	347.6		127.0		220.6		246.2		125.0		121.2
Trademarks	10	725.0		72.2		652.8		392.7		73.4		319.3
Total Intangibles		$	5,201.8	$	787.1	$	4,414.7	$	2,960.3	$	730.4	$	2,229.9

Amortization expense recorded for the three months ended March 31, 2023 was $46.3 million. Amortization expense recorded for the three months ended March 31, 2022 was $47.3 million. Amortization expense for fiscal year 2023 is estimated to be $316.7 million.

The following table presents future estimated annual amortization expense for intangible assets:

Year	Estimated Amortization
2024	$	356.0
2025	354.0
2026	350.5
2027	349.8
2028	349.8