Goodwill and Other Intangible Assets

3 Months Ended

Apr. 02, 2023

Goodwill and Other Intangible Assets [Abstract]

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 $915.3 million and $914.8 million as of April 2, 2023 and December 31, 2022, respectively. The net change in goodwill from December 31, 2022 to April 2, 2023 is attributable to the effects of foreign exchange.

As of a result of the reorganization of the Company's segments in the first quarter of 2023, our goodwill is required to be reallocated amongst the new operating segments. The allocation of goodwill is a complex process that requires, among other things, that we determine the fair value of each reporting unit under both our old and new management structures and the portions being transferred. Our allocation of goodwill to each reporting unit has not been completed and, accordingly, has not been presented. We expect to complete the reallocation of goodwill in the current year.

Intangible assets subject to amortization as of April 2, 2023 and December 31, 2022 were as follows:

			Apr. 2, 2023				Dec. 31, 2022
(in millions of dollars)	Weighted Average Useful Life (Years)		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Tradenames		34	$	221.7	$	53.8	$	221.2	$	52.2
Technology		13		18.8		13.0		18.8		12.6
Patents and trademarks		19		6.4		6.4		6.4		6.4
Customer relationships		21		78.4		13.0		78.4		11.7
		29	$	325.3	$	86.2	$	324.8	$	82.9

The weighted average amortization period for acquired intangible assets subject to amortization is approximately 29 years. Estimated amortization expense is $9.7 million for the remainder of 2023, $47.8 million for 2024–2027 and $181.6 million thereafter.