GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 28, 2024

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

(7) GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

As of December 28, 2024 and December 30, 2023, the carrying amounts of goodwill by segment were 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		—		331		331
Divestiture		(1,509)		—		(1,509)
Foreign currency translation		(6,166)		(1,773)		(7,939)
Balance as of December 28, 2024	$	421,606	$	202,241	$	623,847

	Infrastructure		Agriculture		Total
Gross balance as of December 31, 2022	$	473,551	$	313,777	$	787,328
Accumulated impairment losses		(47,467)		—		(47,467)
Balance as of December 31, 2022		426,084		313,777		739,861
Acquisition		—		9,177		9,177
Divestiture		—		(160)		(160)
Impairments		(1,915)		(120,000)		(121,915)
Foreign currency translation		5,112		889		6,001
Balance as of December 30, 2023	$	429,281	$	203,683	$	632,964

In the third quarter of fiscal 2024, the Company conducted its annual goodwill impairment assessment using a quantitative test for all reporting units, with a measurement date of September 1, 2024. The fair values of the reporting units were estimated using a discounted cash flow analysis, which required projecting future cash flows and applying a risk-adjusted discount rate to determine the present value of the expected cash flows. The analysis indicated that the estimated fair values of all reporting units exceeded their respective carrying amounts, and no impairment was recorded for fiscal 2024.

In the third quarter of fiscal 2023, the Company recognized impairment charges of $120,000 and $1,915 in the Agriculture and Infrastructure segments, respectively, resulting from the Company’s annual goodwill impairment assessment as of September 2, 2023.

Other Intangible Assets

As of December 28, 2024 and December 30, 2023, the components of other intangible assets were as follows:

	December 28, 2024				December 30, 2023
	Gross				Gross
	Carrying		Accumulated		Carrying		Accumulated
	Amount		Amortization		Amount		Amortization
Amortizing intangible assets:
Customer relationships	$	230,063	$	166,516	$	233,852	$	157,873
Patents and proprietary technology		26,225		13,829		59,311		45,416
Trade names		2,870		2,654		2,870		1,056
Other		4,430		4,245		4,787		4,538
Non-amortizing intangible assets:
Trade names		57,738		—		58,750		—
	$	321,326	$	187,244	$	359,570	$	208,883

The weighted-average remaining life of amortizing intangible assets is approximately four years. Amortization expenses for fiscal years 2024, 2023, and 2022 were $14,214, $19,455, and $22,120, respectively. Amortization expense is expected to average $9,857 annually over the next five fiscal years, based on amortizing intangible assets reported as of December 28, 2024.

The Company’s indefinite-lived trade names were assessed for impairment as of September 1, 2024, using the relief-from-royalty method. Based on this evaluation, no impairments were identified for these trade names.

In the third quarter of fiscal 2023, the Company recognized an impairment charge of $1,656 in the Infrastructure segment as a result of the Company’s annual indefinite-lived trade name impairment assessment as of September 2, 2023. Additionally, in the third quarter of fiscal 2023, the Company recognized an impairment charge of $17,273 in the Agriculture segment for a certain amortizing proprietary technology intangible asset related to the Prospera subsidiary.