GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 25, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Amortized Intangible Assets

The components of amortized intangible assets at June 25, 2022 and December 25, 2021 were as follows:


	June 25, 2022
	Gross Carrying Amount		Accumulated Amortization		Weighted Average Life
Customer Relationships	$	246,965	$	163,494	13 years

Patents & Proprietary Technology	58,188		17,861		9 years
Trade Name	2,850		441		7 years
Other	4,476		4,113		6 years
	$	312,479	$	185,909


	December 25, 2021
	Gross Carrying Amount		Accumulated Amortization		Weighted Average Life
Customer Relationships	$	224,597	$	160,626	13 years

Patents & Proprietary Technology	58,699		13,955		9 years
Trade Name	2,850		183		7 years
Other	4,534		3,959		6 years
	$	290,680	$	178,723

Amortization expense for intangible assets for the thirteen and twenty-six weeks ended June 25, 2022 and June 26, 2021, respectively was as follows:


	Thirteen weeks ended				Twenty-six weeks ended
	2022		2021		2022		2021
Amortization expense	$	5,531	$	5,182	$	11,380	$	9,414

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


	Estimated Amortization Expense
2022	$	21,425
2023	19,588
2024	17,675
2025	16,241
2026	15,823

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 June 25, 2022 and December 25, 2021 are as follows:


	June 25, 2022		December 25, 2021		Year Acquired
Newmark	$	11,111	$	11,111	2004
Convert Italia S.p.A	7,916		8,479		2018
Webforge	7,215		7,877		2010
Ingal EPS/Ingal Civil Products	6,996		7,637		2010
Valmont SM	5,673		6,082		2014
ConcealFab	5,000		—		2022
Shakespeare	4,000		4,000		2014
Walpar	3,500		3,500		2018
Other	14,352		14,721		Various
	$	65,763	$	63,407

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.

Goodwill

The carrying amount of goodwill by segment as of June 25, 2022 and December 25, 2021 was as follows:


	Infrastructure Segment		Agriculture Segment		Total
Gross Balance December 25, 2021	$	456,876	$	313,512	$	770,388
Accumulated impairment losses	(61,822)		—		(61,822)
Balance at December 25, 2021	395,054		313,512		708,566
Acquisitions	42,640		—		42,640


Foreign currency translation	(9,759)		296		(9,463)
Balance at June 25, 2022	$	427,935	$	313,808	$	741,743


	Infrastructure Segment		Agriculture Segment		Total
Gross Balance June 25, 2022	$	489,757	$	313,808	$	803,565
Accumulated impairment losses	$	(61,822)	$	—	$	(61,822)
Balance at June 25, 2022	$	427,935	$	313,808	$	741,743

The Company’s annual impairment test of goodwill was performed as of August 28, 2021, using primarily the discounted cash flow method. The estimated fair value of all our reporting units exceeded their respective carrying value, so no goodwill impairments were recorded. During fiscal 2022, no goodwill impairments have been recorded.