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Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2022
Goodwill and Other Intangible Assets [Abstract]  
Goodwill and Other Intangible Assets

Note 11.  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 $914.8 million and $907.5 million as of December 31, 2022 and December 31, 2021, respectively.  The net change in goodwill since December 31, 2021 was attributable to the acquisition of Concept Pet and the effects of foreign exchange.


The balance of goodwill by segment and the activity occurring in the past two fiscal years is as follows:

(millions of dollars)
  
Performance
Materials
    
Specialty
Minerals
    
Refractories
    
Consolidated
  
Balance at December 31, 2020
  
$
752.4
    
$
12.7
    
$
43.4
    
$
808.5
  
                                 
Change in goodwill relating to:
                                
Normerica acquisition
    
104.5
      
—
      
—
      
104.5
  
Foreign exchange translation
    
(3.9
)
    
(0.1
)
    
(1.5
)
    
(5.5
)
Total Changes
  
$
100.6
    
$
(0.1
)
  
$
(1.5
)
  
$
99.0
  
                                 
Balance at December 31, 2021
  
$
853.0
    
$
12.6
    
$
41.9
    
$
907.5
  
                                 
Change in goodwill relating to:
                                
Concept Pet acquisition
    
9.2
      
—
      
—
      
9.2
  
Foreign exchange translation
    
(0.5
)
    
(0.8
)
    
(0.6
)
    
(1.9
)
Total Changes
  
$
8.7
    
$
(0.8
)
  
$
(0.6
)
  
$
7.3
  
                                 
Balance at December 31, 2022
  
$
861.7
    
$
11.8
    
$
41.3
    
$
914.8
  


Acquired intangible assets subject to amortization as of December 31, 2022 and December 31, 2021 were as follows:

        
December 31, 2022
    
December 31, 2021
  
   
Weighted Average
Useful Life
(Years)
    
Gross
Carrying
Amount
    
Accumulated
Amortization
    
Gross
Carrying
Amount
    
Accumulated
Amortization
  
Tradenames
    
34
    
$
221.2
    
$
52.2
    
$
221.6
    
$
44.9
  
Technology
    
13
      
18.8
      
12.6
      
18.8
      
11.2
  
Patents and trademarks
    
19
      
6.4
      
6.4
      
6.4
      
6.4
  
Customer relationships
    
21
      
78.4
      
11.7
      
75.2
      
7.9
  
     
29
    
$
324.8
    
$
82.9
    
$
322.0
    
$
70.4
  


The weighted average amortization period of the acquired intangible assets subject to amortization is approximately 29 years. Amortization expense was approximately $12.7 million, $10.6 million and $9.3 million for the years ended December 31, 2022, 2021 and 2020, respectively and is recorded within the Marketing and administrative expenses line within the Consolidated Statements of Income.  The estimated amortization expense is as follows: 2023 - $12.9 million; 2024 -$12.0; 2025 - $12.0; 2026 -$11.9 million; 2027 - $11.9 million and $181.2 million thereafter.