GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 24, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

(3) GOODWILL AND INTANGIBLE ASSETS

Amortized Intangible Assets

The components of amortized intangible assets as of September 24, 2022 and December 25, 2021 were as follows:

	September 24, 2022
	Gross				Weighted
	Carrying		Accumulated		Average
	Amount		Amortization		Life
Customer Relationships	$	241,049	$	160,896	13 years
Patents & Proprietary Technology		57,202		19,572	8 years
Trade Name		2,850		543	7 years
Other		4,415		4,091	6 years
	$	305,516	$	185,102

	December 25, 2021
	Gross				Weighted
	Carrying		Accumulated		Average
	Amount		Amortization		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 thirty-nine weeks ended September 24, 2022 and September 25, 2021, respectively was as follows:

	Thirteen weeks ended				Thirty-nine weeks ended
	2022		2021		2022		2021
Amortization expense	$	5,386	$	6,137	$	16,766	$	15,551

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

	Estimated
	Amortization
	Expense
2022	$	22,021
2023		20,631
2024		18,703
2025		17,269
2026		12,743

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 24, 2022 and December 25, 2021 are as follows:

	September 24,		December 25,		Year
	2022		2021		Acquired
Newmark	$	11,111	$	11,111	2004
Convert Italia S.p.A		7,266		8,479	2018
Webforge		6,375		7,877	2010
Ingal EPS/Ingal Civil Products		6,181		7,637	2010
Valmont SM		5,209		6,082	2014
ConcealFab		5,000		—	2022
Shakespeare		4,000		4,000	2014
Walpar		3,500		3,500	2018
Other		13,741		14,721	Various
	$	62,383	$	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 27, 2022. 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 September 24, 2022 and December 25, 2021 was as follows:

	Infrastructure		Agriculture
	Segment		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		42,465		—		42,465
Foreign currency translation		(22,726)		282		(22,444)
Balance at September 24, 2022	$	414,793	$	313,794	$	728,587

	Infrastructure		Agriculture
	Segment		Segment		Total
Gross Balance September 24, 2022	$	476,615	$	313,794	$	790,409
Accumulated impairment losses		(61,822)		—		(61,822)
Balance at September 24, 2022	$	414,793	$	313,794	$	728,587

The Company’s annual impairment test of goodwill was performed as of August 27, 2022, 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.