Goodwill and Other Intangible Assets

6 Months Ended

Jun. 28, 2020

Goodwill and Other Intangible Assets [Abstract]

Goodwill and Other Intangible Assets

Note 8.  Goodwill and Other Intangible Assets

Goodwill and other intangible assets with indefinite lives are not amortized, but instead are assessed for impairment, at least annually.  The carrying amount of goodwill was $805.8 million and $807.4 million as of June 28, 2020 and December 31, 2019, respectively.  The change in goodwill from December 31, 2019 to June 28, 2020 is attributable to the effects of foreign exchange.

Intangible assets subject to amortization as of June 28, 2020 and December 31, 2019 were as follows:

			June 28, 2020				December 31, 2019
(millions of dollars)	Weighted Average Useful Life (Years)		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Tradenames		35	$	203.9	$	35.4	$	203.9	$	32.5
Technology		13		18.8		8.8		18.8		8.0
Patents and trademarks		19		6.4		6.0		6.4		5.9
Customer relationships		22		24.8		5.2		24.7		4.4
		32	$	253.9	$	55.4	$	253.8	$	50.8

The weighted average amortization period for acquired intangible assets subject to amortization is approximately 32 years.  Estimated amortization expense is $4.8 million for the remainder of 2020, $36.4 million for 2021–2024 and $157.3 million thereafter.