GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

(8) GOODWILL AND INTANGIBLE ASSETS

Amortized Intangible Assets

The components of amortized intangible assets at December 31, 2022 and December 25, 2021 were as follows:

	December 31, 2022
	Gross				Weighted
	Carrying		Accumulated		Average
	Amount		Amortization		Life
Customer Relationships	$	222,716	$	145,502	13 years
Patents & Proprietary Technology		58,404		21,291	9 years
Trade Name		2,850		645	7 years
Other		2,462		2,164	5 years
	$	286,432	$	169,602

	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 was $22,120, $21,320, and $18,147 for the fiscal years ended December 31, 2022, December 25, 2021, and December 26, 2020, respectively. During the fourth quarter of fiscal 2021, an impairment test was required when the Company received clarifying information on the competitive environment of the offshore wind energy structures business. As a result, an impairment charge of approximately $4,483 was recognized against the remaining net book value of the related customer relationships.

(8) GOODWILL AND INTANGIBLE ASSETS – CONTINUED

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

	Estimated
	Amortization
	Expense
2023	$	20,825
2024		18,888
2025		17,454
2026		12,933
2027		9,695

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. The carrying values of these trade names at December 31, 2022 and December 25, 2021 were as follows:

	December 31,		December 25,		Year
	2022		2021		Acquired
Newmark	$	11,111	$	11,111	2004
Convert Italia S.p.A.		8,024		8,479	2018
Webforge		7,107		7,877	2010
Ingal EPS / Ingal Civil Products		6,891		7,637	2010
Valmont SM		—		6,082	2014
ConcealFab		5,000		—	2022
Shakespeare		4,000		4,000	2014
Walpar		3,500		3,500	2018
Other		14,152		14,721	Various
	$	59,785	$	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.

Indefinite-lived intangibles, although not amortized, are still subject to annual impairment assessments, and interim date assessments should events arise that suggest their value may be diminished. 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. During the fourth quarter of fiscal year 2021, an impairment test was required when the Company received clarifying information on the competitive environment of the offshore wind energy structures business. As a result, an impairment charge of approximately $2,013 was recognized against the related trade name. 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 year 2020.

(8) GOODWILL AND INTANGIBLE ASSETS – CONTINUED

Goodwill

The carrying amount of goodwill by segment as of December 31, 2022 and December 25, 2021 was as follows:

	Infrastructure		Agriculture		Other		Total
Gross balance at December 25, 2021	$	442,521	$	313,512	$	14,355	$	770,388
Accumulated impairment losses		(47,467)		—		(14,355)		(61,822)
Balance at December 25, 2021		395,054		313,512		—	$	708,566
Acquisitions		42,465		—		—		42,465
Foreign currency translation		(11,435)		265		—		(11,170)
Balance at December 31, 2022	$	426,084	$	313,777	$	—	$	739,861

	Infrastructure		Agriculture		Other		Total
Gross balance at December 26, 2020	$	447,612	$	30,177	$	14,355	$	492,144
Accumulated impairment losses		(47,467)		—		(14,355)		(61,822)
Balance at December 26, 2020		400,145		30,177		—		430,322
Acquisitions		—		284,253		—		284,253
Foreign currency translation		(5,091)		(918)		—		(6,009)
Balance at December 25, 2021	$	395,054	$	313,512	$	—	$	708,566

The Company’s annual impairment test of goodwill was performed as of August 27, 2022, using primarily the discounted cash flow method. The solar tracking structure reporting unit projects meaningful annual revenue growth for the foreseeable future due to strong market conditions. Therefore, the Company valued this reporting unit using a blend of both the discounted cash flows and a market approach. The market valuation approach estimates the terminal value for this reporting unit using a multiple of earnings before interest, taxes, depreciation, and amortization (“EBITDA”). During fiscal year 2022, no goodwill impairment was recorded.