GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 25, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Amortized Intangible Assets

The components of amortized intangible assets at September 25, 2021 and December 26, 2020 were as follows:


	September 25, 2021
	Gross Carrying Amount		Accumulated Amortization		Weighted Average Life
Customer Relationships	$	239,493	$	166,857	13 years

Patents & Proprietary Technology	63,109		12,318		8 years
Other	7,469		6,828		4 years
	$	310,071	$	186,003


	December 26, 2020
	Gross Carrying Amount		Accumulated Amortization		Weighted Average Life
Customer Relationships	$	237,232	$	155,760	13 years

Patents & Proprietary Technology	26,208		8,301		14 years
Other	7,602		6,786		4 years
	$	271,042	$	170,847

Amortization expense for intangible assets for the thirteen and thirty-nine weeks ended September 25, 2021 and September 26, 2020, respectively was as follows:


Thirteen weeks ended				Thirty-nine weeks ended
2021		2020		2021		2020
$	6,137	$	4,518	$	15,551	$	13,621

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


	Estimated Amortization Expense
2021	$	21,392
2022	21,062
2023	19,261
2024	17,324
2025	15,868

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.

Non-amortized intangible assets

Intangible assets with indefinite lives are not amortized and consist solely of trade names. The carrying value of trade names at September 25, 2021 and December 26, 2020 are as follows:


	September 25, 2021		December 26, 2020		Year Acquired
Newmark	$	11,111	$	11,111	2004
Webforge	8,035		7,972		2010
Convert Italia S.p.A	8,790		9,137		2018
Valmont SM	8,386		8,720		2014
Ingal EPS/Ingal Civil Products	7,790		7,730		2010
Walpar	3,500		3,500		2018
Shakespeare	4,000		4,000		2014
Other	17,769		14,828		Various
	$	69,381	$	66,998

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 as of August 28, 2021. The values of each trade name were determined using the relief-from-royalty method. Based on this evaluation, no trade names were determined to be impaired. In conjunction with an interim second quarter 2020 goodwill impairment test, impairment indicators were noted for the Webforge and Locker trade names requiring an interim impairment test. As a result, an impairment charge of approximately $3,900 was recognized against these two trade names in fiscal 2020.

Goodwill

The carrying amount of goodwill by segment as of September 25, 2021 and December 26, 2020 was as follows:


	Engineered Support Structures Segment		Utility Support Structures Segment		Coatings Segment		Irrigation Segment		Total
Gross Balance December 26, 2020	$	232,323	$	135,335	$	94,309	$	30,177	$	492,144
Accumulated impairment losses	(31,245)		(14,355)		(16,222)		—		(61,822)
Balance at December 26, 2020	201,078		120,980		78,087		30,177		430,322
Acquisitions	—		—		—		280,659		280,659


Foreign currency translation	170		(1,731)		129		(87)		(1,519)
Balance at September 25, 2021	$	201,248	$	119,249	$	78,216	$	310,749	$	709,462

The Company’s annual impairment test of goodwill was performed as of August 28, 2021, using primarily the discounted cash flow method. During fiscal 2021, no goodwill impairment has been recorded.

An interim impairment test was required in the second quarter of 2020 and that test showed that the Access Systems reporting unit's carrying value was higher than its estimated fair value. Accordingly, the Company recorded a $12,575 impairment of Access System's goodwill in fiscal 2020.