XML 23 R13.htm IDEA: XBRL DOCUMENT v3.24.2
GOODWILL AND INTANGIBLE ASSETS
6 Months Ended
Jun. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS

(5) GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

The carrying amount of goodwill by segment as of June 29, 2024 and December 30, 2023 was as follows:

    

Infrastructure

    

Agriculture

    

Total

Gross balance as of December 30, 2023

$

478,663

$

323,683

$

802,346

Accumulated impairment losses

 

(49,382)

 

(120,000)

 

(169,382)

Balance as of December 30, 2023

 

429,281

 

203,683

632,964

Acquisition measurement period adjustment

 

 

735

 

735

Foreign currency translation

 

(2,801)

 

(666)

 

(3,467)

Balance as of June 29, 2024

$

426,480

$

203,752

$

630,232

Infrastructure

    

Agriculture

    

Total

Gross balance as of June 29, 2024

$

475,862

$

323,752

$

799,614

Accumulated impairment losses

(49,382)

(120,000)

(169,382)

Balance as of June 29, 2024

$

426,480

$

203,752

$

630,232

Other Intangible Assets

The components of other intangible assets as of June 29, 2024 and December 30, 2023 were as follows:

June 29, 2024

 

December 30, 2023

Gross

 

Gross

Carrying

Accumulated

 

Carrying

Accumulated

    

Amount

    

Amortization

 

Amount

    

Amortization

Amortizing intangible assets:

Customer relationships

$

232,263

$

162,853

$

233,852

$

157,873

Patents & proprietary technology

 

59,273

 

46,158

 

59,311

 

45,416

Trade names

 

2,870

1,265

 

2,870

 

1,056

Other

 

4,410

 

4,263

 

4,787

 

4,538

Non-amortizing intangible assets:

Trade names

58,250

58,750

$

357,066

$

214,539

$

359,570

$

208,883

Amortizing intangible assets carry a remaining weighted-average life of approximately four years. Amortization expenses were $3,356 and $7,071 for the thirteen and twenty-six weeks ended June 29, 2024, respectively, and $5,225 and $10,415 for the thirteen and twenty-six weeks ended July 1, 2023, respectively. Based on amortizing intangible assets recognized in the Condensed Consolidated Balance Sheets as of June 29, 2024, amortization expense is estimated to average $10,164 for each of the next five fiscal years.