Goodwill and Other Intangibles Resulting from Business Acquisitions (Tables)

6 Months Ended

Jul. 01, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of changes in net carrying amount of goodwill

Changes in the net carrying amount of goodwill for the six months ended July 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)	—		119.7		119.7
Translation adjustments	3.5		(.5)		3.0
Goodwill as of July 1, 2023	$	622.2	$	1,362.9	$	1,985.1

(1) Goodwill acquired related to the 2023 Acquisitions. We expect substantially all of the recognized goodwill related to the 2023 Acquisitions not to be deductible for income tax purposes.

Schedule of Finite-Lived Intangible Assets

The table below summarizes the amounts and weighted average useful lives of these intangible assets as of the respective acquisition dates.

	Amount (in millions)		Weighted average amortization period (in years)
Customer relationships	$	64.9	11
Patented and other developed technology	19.7		7
Trade names and trademarks	3.0		6

Estimated amortization expense for finite-lived intangible assets

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 impact of the 2023 Acquisitions.

(In millions)	Estimated Amortization Expense
2023 (remainder of year)	$	44.2
2024	88.3
2025	87.5
2026	84.5
2027	84.2
2028 and thereafter	340.1