Goodwill and Other Intangible Assets

6 Months Ended

Jul. 01, 2018

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 $810.6 million, and $779.3 million as of July 1, 2018 and December 31, 2017, respectively.  The net change in goodwill since December 31, 2017 was primarily attributable to the acquisition of Sivomatic (see Note 3 to the Condensed Consolidated Financial Statements).

Intangible assets subject to amortization as of July 1, 2018 and December 31, 2017 were as follows:

			July 1, 2018				Dec. 31, 2017
	Weighted Average Useful Life (Years)		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
			(millions of dollars)
Tradenames		34	$	209.8	$	23.3	$	199.8	$	20.7
Technology		12		18.8		5.6		18.8		4.8
Patents and trademarks		17		6.4		5.4		6.4		5.3
Customer relationships		30		14.5		2.8		4.5		2.2
		28	$	249.5	$	37.1	$	229.5	$	33.0

The weighted average amortization period for acquired intangible assets subject to amortization is approximately 28 years.  Estimated amortization expense is $4.3 million for the remainder of 2018, $34.8 million for 2019–2022 and $173.3 million thereafter.