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GOODWILL AND OTHER INTANGIBLES RESULTING FROM BUSINESS ACQUISITIONS | 12 Months Ended
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Dec. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLES RESULTING FROM BUSINESS ACQUISITIONS | GOODWILL AND OTHER INTANGIBLES RESULTING FROM BUSINESS ACQUISITIONS Goodwill Results from our annual goodwill impairment test in the fourth quarter of 2024 indicated that no impairment occurred during 2024. The assumptions used in our assessment were primarily based on Level 3 inputs. Changes in the net carrying amount of goodwill for 2024 and 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) |  | — |  |  | 135.0 |  |  |  |  |  |  | 135.0 |
Translation adjustments |  | 12.0 |  |  | 4.2 |  |  |  |  |  |  | 16.2 |
Goodwill as of December 30, 2023 |  | 630.7 |  |  | 1,382.9 |  |  |  |  |  |  | 2,013.6 |
Acquisition adjustments(2) |  | — |  |  | (2.7) |  |  |  |  |  |  | (2.7) |
Translation adjustments |  | (24.6) |  |  | (10.1) |  |  |  |  |  |  | (34.7) |
Goodwill as of December 28, 2024 |  | $ | 606.1 |  |  | $ | 1,370.1 |  |  |  |  |  |  | $ | 1,976.2 |
(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. (2)Measurement period adjustments related to the finalization of the purchase price allocation for our 2023 Acquisitions. The carrying amounts of goodwill at December 28, 2024 and December 30, 2023 were net of accumulated impairment losses of $820 million recognized in fiscal year 2009 by our Solutions Group reportable segment. Indefinite-Lived Intangible Assets Results from our annual indefinite-lived intangible assets impairment test in the fourth quarter indicated that no impairment occurred in 2024. The carrying value of indefinite-lived intangible assets resulting from business acquisitions, consisting of trade names and trademarks, was $154.5 million and $155.3 million at December 28, 2024 and December 30, 2023, respectively. Finite-Lived Intangible Assets In connection with the 2023 Acquisitions, we acquired approximately $94 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 value 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 estimated 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 the intangible assets associated with the 2023 Acquisitions as of their respective acquisition dates.
|  | Amount (in millions) |  | Weighted average amortization period (in years)
Customer relationships |  | $ | 68.8 |  |  | 11
Patented and other developed technology |  | 22.2 |  |  | 7
Trade names and trademarks |  | 3.0 |  |  | 6
Refer to Note 2, “Business Acquisitions,” for more information. The table below sets forth our finite-lived intangible assets resulting from business acquisitions at December 28, 2024 and December 30, 2023, which continue to be amortized.
|  | 2024 |  | 2023
(In millions) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Customer relationships |  | $ | 916.0 |  |  | $ | 438.5 |  |  | $ | 477.5 |  |  | $ | 922.5 |  |  | $ | 383.7 |  |  | $ | 538.8 |
Patented and other developed technology |  | 275.2 |  |  | 156.8 |  |  | 118.4 |  |  | 278.3 |  |  | 130.2 |  |  | 148.1 |
Trade names and trademarks |  | 17.1 |  |  | 12.8 |  |  | 4.3 |  |  | 17.4 |  |  | 11.7 |  |  | 5.7 |
Other intangibles |  | 3.2 |  |  | 2.6 |  |  | .6 |  |  | 3.2 |  |  | 2.0 |  |  | 1.2 |
Total |  | $ | 1,211.5 |  |  | $ | 610.7 |  |  | $ | 600.8 |  |  | $ | 1,221.4 |  |  | $ | 527.6 |  |  | $ | 693.8 |
Amortization expense for finite-lived intangible assets resulting from business acquisitions was $89.4 million for 2024, $86.3 million for 2023 and $81.8 million for 2022. We expect estimated amortization expense for finite-lived intangible assets resulting from business acquisitions for each of the next five fiscal years and thereafter to be as follows:
(In millions) |  | Estimated Amortization Expense
2025 |  | $ | 88.2 |
2026 |  | 85.4 |
2027 |  | 85.0 |
2028 |  | 77.2 |
2029 |  | 61.8 |
2030 and thereafter |  | 203.2 |

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