Goodwill and Other Intangibles Resulting from Business Acquisitions

3 Months Ended

Apr. 01, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangibles Resulting from Business Acquisitions

Goodwill and Other Intangibles Resulting from Business Acquisitions

Changes in the net carrying amount of goodwill for the three months ended April 1, 2023 by reportable segment are shown below.

(In millions)	Materials Group		Solutions Group		Total
Goodwill as of December 31, 2022	$	618.7	$	1,243.7	$	1,862.4
Acquisitions(1)	—		16.8		16.8
Translation adjustments	7.8		.5		8.3
Goodwill as of April 1, 2023	$	626.5	$	1,261.0	$	1,887.5

(1) Goodwill acquired related to the acquisition of Thermopatch. We expect the recognized goodwill related to this acquisition to be partially deductible for income tax purposes.

In connection with the Thermopatch acquisition, we acquired approximately $11 million of identifiable finite-lived intangible assets, which consisted of customer relationships and trade names and trademarks.

Amortization expense for all finite-lived intangible assets resulting from business acquisitions was $20.5 million for both the three months ended April 1, 2023 and April 2, 2022.

Estimated future amortization expense related to existing finite-lived intangible assets for the remainder of fiscal year 2023 and for each of the next four fiscal years and thereafter is shown below. These amounts include the effects of the acquisition of Thermopatch.

(In millions)	Estimated Amortization Expense
2023 (remainder of year)	$	61.5
2024	80.5
2025	79.7
2026	76.8
2027	71.5
2028 and thereafter	308.1