Goodwill and Purchased Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Purchased Intangible Assets

Note 5 — Goodwill and Purchased Intangible Assets

Changes in the carrying amount of gross goodwill and other purchased intangibles for the years ended December 31, 2023 and 2022, by segment, are as follows:

(In millions)	Composite Materials			Engineered Products			Total
Balance as of December 31, 2021	$	93.4		$	174.1		$	267.5
Amortization expense		(1.8	)		(5.0	)		(6.8	)
Currency translation adjustments and other		(4.7	)		—			(4.7	)
Balance as of December 31, 2022	$	86.9		$	169.1		$	256.0
Amortization expense		(1.8	)		(5.0	)		(6.8	)
Currency translation adjustments and other		2.1			—			2.1
Balance as of December 31, 2023	$	87.2		$	164.1		$	251.3

We performed our annual impairment review of goodwill as of November 30, 2023 and determined that it was more likely than not that the fair values of our reporting units are above their carrying values and that no impairment exists. The goodwill and intangible asset balances as of December 31, 2023 included $4.1 million of indefinite-lived intangible assets, $58.5 million of a definite-lived intangible asset (net of accumulated amortization of $40.4 million) and $188.7 million of goodwill. Of the $188.7 million of goodwill, $73.3 million is allocated to the Composite Materials segment and $115.4 million to the Engineered Products segment.

The weighted average remaining life of the finite lived intangible assets is 10 years. Amortization related to the definite lived intangible assets for the next five years and thereafter is as follows:

(In millions)
2024	$	6.5
2025		6.5
2026		6.5
2027		6.4
2028		5.5
Thereafter		27.1
Total	$	58.5