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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2023
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 $913.6 million and $914.8 million as of December 31, 2023 and December 31, 2022, respectively. The net change in goodwill since December 31, 2023 was attributable to the effects of foreign exchange. As a result of the reorganization of the Company’s segments in the first quarter of 2023, we were required to reallocate our goodwill amongst the new operating segments. The allocation of goodwill was based on the fair value of each reporting unit under both our old and new management structures and the portions being transferred. This was completed in the third quarter of 2023 and is included below. The balance of goodwill by reporting unit and the activity occurring in the past two fiscal years is as follows:
(millions of dollars) |  | Consumer & Specialties |  |  | Engineered Solutions |  |  | Consolidated |
Balance at December 31, 2021 |  | $ | 337.9 |  |  | $ | 569.6 |  |  | $ | 907.5 |
Change in goodwill relating to: |  |  |  |  |  |  |  |  |  |  |  |
Concept Pet acquisition |  |  | 9.2 |  |  |  | — |  |  |  | 9.2 |
Foreign exchange translation |  |  | (0.7 | ) |  |  | (1.2 | ) |  |  | (1.9 | )
Total Changes |  | $ | 8.5 |  |  | $ | (1.2 | ) |  | $ | 7.3 |
Balance at December 31, 2022 |  | $ | 346.4 |  |  | $ | 568.4 |  |  | $ | 914.8 |
Change in goodwill relating to: |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange translation |  |  | (1.2 | ) |  |  | — |  |  |  | (1.2 | )
Total Changes |  | $ | (1.2 | ) |  | $ | — |  |  | $ | (1.2 | )
Balance at December 31, 2023 |  | $ | 345.2 |  |  | $ | 568.4 |  |  | $ | 913.6 |
Acquired intangible assets subject to amortization as of December 31, 2023 and December 31, 2022 were as follows:
|  |  |  |  | December 31, 2023 |  |  | December 31, 2022 |
|  | Weighted Average Useful Life (Years) |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |
Tradenames |  |  | 34 |  |  | $ | 221.5 |  |  | $ | 59.1 |  |  | $ | 221.2 |  |  | $ | 52.2 |
Technology |  |  | 13 |  |  |  | 18.8 |  |  |  | 14.2 |  |  |  | 18.8 |  |  |  | 12.6 |
Patents and trademarks |  |  | 19 |  |  |  | 6.4 |  |  |  | 6.4 |  |  |  | 6.4 |  |  |  | 6.4 |
Customer relationships |  |  | 21 |  |  |  | 79.0 |  |  |  | 15.0 |  |  |  | 78.4 |  |  |  | 11.7 |
|  |  | 29 |  |  | $ | 325.7 |  |  | $ | 94.7 |  |  | $ | 324.8 |  |  | $ | 82.9 |
The weighted average amortization period of the acquired intangible assets subject to amortization is approximately 29 years. Amortization expense was approximately $12.7 million, $12.7 million and $10.6 million for the years ended December 31, 2023, 2022 and 2021, respectively and is recorded within the Marketing and administrative expenses line within the Consolidated Statements of Income. The estimated amortization expense is as follows: 2024 - $12.9 million; 2025 -$12.0; 2026 - $11.5; 2027 -$11.5 million; 2028 - $11.5 million and $171.6 million thereafter.

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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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