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Goodwill and Other Intangibles Resulting from Business Acquisitions | 6 Months Ended
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Jul. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangibles Resulting from Business Acquisitions | Goodwill and Other Intangibles Resulting from Business Acquisitions Changes in the net carrying amount of goodwill for the six months ended July 1, 2023 by reportable segment are shown below.
(In millions) | Materials Group |  | Solutions Group |  |  |  | Total
Goodwill as of December 31, 2022 | $ | 618.7 |  |  | $ | 1,243.7 |  |  |  |  | $ | 1,862.4 |
Acquisitions(1) | — |  |  | 119.7 |  |  |  |  | 119.7 |
Translation adjustments | 3.5 |  |  | (.5) |  |  |  |  | 3.0 |
Goodwill as of July 1, 2023 | $ | 622.2 |  |  | $ | 1,362.9 |  |  |  |  | $ | 1,985.1 |
(1) Goodwill acquired related to the 2023 Acquisitions. We expect substantially all of the recognized goodwill related to the 2023 Acquisitions not to be deductible for income tax purposes. In connection with the 2023 Acquisitions, we acquired approximately $88 million of identifiable finite-lived intangible assets, which consisted of customer relationships, patented and other developed technology, and trade names and trademarks. We utilized the income approach to estimate the fair values of acquired identifiable intangibles, primarily using Level 3 inputs. We applied significant judgment in determining the fair value of intangible assets, which included our estimates and assumptions with respect to future revenue and related profit margins, customer retention rates, technology migration curves, royalty rates, discount rates and economic lives assigned to the acquired intangible assets. The table below summarizes the amounts and weighted average useful lives of these intangible assets as of the respective acquisition dates.
|  | Amount (in millions) |  | Weighted average amortization period (in years)
Customer relationships |  | $ | 64.9 |  |  | 11
Patented and other developed technology |  | 19.7 |  |  | 7
Trade names and trademarks |  | 3.0 |  |  | 6
Amortization expense for all finite-lived intangible assets resulting from business acquisitions, including the 2023 Acquisitions, was $21.6 million and $20.6 million for the three months ended July 1, 2023 and July 2, 2022, respectively, and $42.1 million and $41.1 million for the six months ended July 1, 2023 and July 2, 2022, respectively. Estimated future amortization expense related to existing finite-lived intangible assets for the remainder of fiscal year 2023 and for each of the next four fiscal years and thereafter is shown below. These amounts include the impact of the 2023 Acquisitions.
(In millions) | Estimated Amortization Expense
2023 (remainder of year) | $ | 44.2 |
2024 | 88.3 |
2025 | 87.5 |
2026 | 84.5 |
2027 | 84.2 |
2028 and thereafter | 340.1 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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