Goodwill and Other Intangible Assets

6 Months Ended

Jul. 04, 2021

Goodwill and Other Intangible Assets [Abstract]

Goodwill and Other Intangible Assets

Note 7.  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 $806.4 million and $808.5 million as of July 4, 2021 and December 31, 2020, respectively.  The change in goodwill from December 31, 2020 to July 4, 2021 is attributable to the effects of foreign exchange.

Intangible assets subject to amortization as of July 4, 2021 and December 31, 2020 were as follows:

			July 4, 2021				December 31, 2020
(millions of dollars)	Weighted Average Useful Life (Years)		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Tradenames		35	$	203.9	$	41.6	$	203.9	$	38.6
Technology		13		18.8		10.4		18.8		9.6
Patents and trademarks		19		6.4		6.2		6.4		6.1
Customer relationships		22		26.1		6.6		26.9		5.9
		32	$	255.2	$	64.8	$	256.0	$	60.2

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 2021, $36.1 million for 2022–2025 and $149.5 million thereafter.