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GOODWILL AND INTANGIBLE ASSETS
9 Months Ended
Sep. 30, 2024
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 October, 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 September 30, 2024:
TotalIndustrial Powertrain SolutionsPower Efficiency SolutionsAutomation & Motion Control
Balance as of December 31, 2023$6,553.1 $3,747.0 $753.9 $2,052.2 
Acquisitions(5.1)(5.8)— 0.7 
Translation Adjustments9.3 7.9 0.9 0.5 
Balance as of September 30, 2024$6,557.3 $3,749.1 $754.8 $2,053.4 
Cumulative Goodwill Impairment Charges(1)
$223.6 $18.1 $200.4 $5.1 
(1) Excludes impairment charges related to Industrial Systems, since it was sold in April 2024. See Note 3 – Held for Sale, Acquisitions and Divestitures for more information.

Intangible Assets
Intangible assets consist of the following:
 September 30, 2024December 31, 2023
 Weighted Average Amortization Period (Years)Gross ValueAccumulated
Amortization
Net Carrying AmountGross ValueAccumulated
Amortization
Net Carrying Amount
Customer Relationships15$3,963.4 $867.6 $3,095.8 $4,028.5 $746.2 $3,282.3 
Technology13297.7 104.9 192.8 302.6 92.9 209.7 
Trademarks10710.9 175.0 535.9 712.1 120.7 591.4 
Total Intangibles$4,972.0 $1,147.5 $3,824.5 $5,043.2 $959.8 $4,083.4 

Amortization expense recorded for the three and nine months ended September 30, 2024 was $86.8 million and $260.0 million, respectively. Amortization expense recorded for the three and nine months ended September 30, 2023 was $87.0 and $222.7 million, respectively. Amortization expense for 2024 is estimated to be $350.2 million.
    
The following table presents future estimated annual amortization expense for intangible assets:
 YearEstimated Amortization
2025$348.1 
2026344.7 
2027344.6 
2028344.6 
2029342.6