GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Amortized Intangible Assets

The components of amortized intangible assets at March 31, 2018 and December 30, 2017 were as follows:



	March 31, 2018
	Gross Carrying Amount		Accumulated Amortization		Weighted Average Life
Customer Relationships	$	191,117	$	126,168	13 years
Proprietary Software & Database	3,659		3,115		8 years
Patents & Proprietary Technology	6,748		4,115		11 years
Other	5,035		4,248		3 years
	$	206,559	$	137,646



	December 30, 2017
	Gross Carrying Amount		Accumulated Amortization		Weighted Average Life
Customer Relationships	$	200,810	$	131,062	13 years
Proprietary Software & Database	3,671		3,107		8 years
Patents & Proprietary Technology	6,693		3,999		11 years
Other	4,861		4,121		3 years
	$	216,035	$	142,289

Amortization expense for intangible assets for the thirteen weeks ended March 31, 2018 and April 1, 2017, respectively was as follows:



Thirteen Weeks Ended
2018			2017
3,883			3,863

Estimated annual amortization expense related to finite‑lived intangible assets is as follows:



	Estimated Amortization Expense
2018	$	14,167
2019	12,986
2020	11,879
2021	9,796
2022	7,494

The useful lives assigned to finite‑lived intangible assets included consideration of factors such as the Company’s past and expected experience related to customer retention rates, the remaining legal or contractual life of the underlying arrangement that resulted in the recognition of the intangible asset and the Company’s expected use of the intangible asset.

(5) GOODWILL AND INTANGIBLE ASSETS (Continued)

Non-amortized intangible assets

Intangible assets with indefinite lives are not amortized. The carrying values of trade names at March 31, 2018 and December 30, 2017 were as follows:



	March 31, 2018		December 30, 2017		Year Acquired
Webforge	$	9,793	$	9,432	2010
Valmont SM	10,243		9,973		2014
Newmark	11,111		11,111		2004
Ingal EPS/Ingal Civil Products	7,985		7,690		2010
Shakespeare	4,000		4,000		2014
Other	17,495		22,647
	$	60,627	$	64,853

In its determination of these intangible assets as indefinite‑lived, the Company considered such factors as its expected future use of the intangible asset, legal, regulatory, technological and competitive factors that may impact the useful life or value of the intangible asset and the expected costs to maintain the value of the intangible asset. The Company expects that these intangible assets will maintain their value indefinitely. Accordingly, these assets are not amortized.

The Company’s trade names were tested for impairment in the third quarter of 2017. The values of each trade name was determined using the relief-from-royalty method. Based on this evaluation, no trade names were determined to be impaired.

Goodwill

The carrying amount of goodwill by segment as of March 31, 2018 and December 30, 2017 was as follows:



	Engineered Support Structures Segment			Utility Support Structures Segment		Coatings Segment			Irrigation Segment			Other			Total
Gross Balance at December 30, 2017	$	170,076		$	90,248	$	76,696		$	19,778		$	15,814		$	372,612
Accumulated impairment losses	(18,670		)	$	—	(16,222		)	$	—		$	—		$	(34,892	)
Balance at December 30, 2017	$	151,406		$	90,248	$	60,474		$	19,778		$	15,814		$	337,720
Acquisitions	—			—		—			3,922			—			3,922
Assets held for sale	—			—		—			—			(16,420		)	(16,420		)
Foreign currency translation	1,984			402		(200		)	(140		)	606			2,652
Balance at March 31, 2018	$	153,390		$	90,650	$	60,274		$	23,560		$	—		$	327,874

The Company’s annual impairment test of goodwill was performed during the third quarter of 2017. As a result of that testing, the Company determined that its goodwill was not impaired, as the valuation of the reporting units exceeded their respective carrying values. The Company's offshore and other complex steel structures reporting unit with $15,245 of goodwill, is the reporting unit that did not have a substantial excess of estimated fair value over its carrying value. The Company monitors the outlook for wind energy in Europe which would affect the sales demand assumptions in the five year

(5) GOODWILL AND INTANGIBLE ASSETS (Continued)

impairment model for this reporting unit. If demand for off and onshore structures for wind energy declines significantly and recent increases to oil prices do not drive demand for new exploration structures, the Company may be required to perform an interim goodwill impairment test. The Company continues to monitor changes in global market conditions, including commodity prices, which could impact future results of any of its reporting units.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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