Goodwill and Other Intangible Assets

9 Months Ended

Oct. 02, 2022

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 $912.2 million and $907.5 million as of October 2, 2022 and December 31, 2021, respectively.  The net change in goodwill from December 31, 2021 to October 2, 2022 is attributable to the purchase of Concept Pet (see Note 3 to the Condensed Consolidated Financial Statements) and effects of foreign exchange.

Intangible assets subject to amortization as of October 2, 2022 and December 31, 2021 were as follows:

			Oct. 2, 2022				Dec. 31, 2021
(millions of dollars)	Weighted Average Useful Life (Years)		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Tradenames		34	$	221.0	$	50.4	$	221.6	$	44.9
Technology		13		18.8		12.2		18.8		11.2
Patents and trademarks		19		6.4		6.4		6.4		6.4
Customer relationships		21		76.6		10.3		75.2		7.9
		29	$	322.8	$	79.3	$	322.0	$	70.4

The weighted average amortization period for acquired intangible assets subject to amortization is approximately 29 years.  Estimated amortization expense is $3.0 million for the remainder of 2022, $51.2 million for 2023–2026 and $189.3 million thereafter.