GOODWILL AND OTHER INTANGIBLE ASSETS

3 Months Ended

Mar. 29, 2025

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

(4) GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

As of March 29, 2025 and December 28, 2024, the carrying amounts of goodwill by segment were as follows:

	Infrastructure		Agriculture		Total
Gross balance as of December 28, 2024	$	470,988	$	322,241	$	793,229
Accumulated impairment losses		(49,382)		(120,000)		(169,382)
Balance as of December 28, 2024		421,606		202,241		623,847
Foreign currency translation		3,800		361		4,161
Balance as of March 29, 2025	$	425,406	$	202,602	$	628,008

	Infrastructure		Agriculture		Total
Gross balance as of March 29, 2025	$	474,788	$	322,602	$	797,390
Accumulated impairment losses		(49,382)		(120,000)		(169,382)
Balance as of March 29, 2025	$	425,406	$	202,602	$	628,008

In the third quarter of fiscal 2024, the Company performed its annual goodwill impairment assessment. The estimated fair value of all reporting units exceeded their respective carrying amounts, and no impairments were recorded. The Company’s Solar reporting unit, which has approximately $39,400 of goodwill, did not have a significant excess of fair value over its carrying amount. As renewable energy policies and global trade and economic conditions evolve, the Company continues to assess the reporting unit’s growth prospects, projected performance, and its ability to generate and grow cash flows in excess of its carrying amount. If conditions change, the Company may be required to perform an interim goodwill impairment test for this reporting unit before the next annual assessment.

Other Intangible Assets

As of March 29, 2025 and December 28, 2024, the components of other intangible assets were as follows:

	March 29, 2025				December 28, 2024
	Gross				Gross
	Carrying		Accumulated		Carrying		Accumulated
	Amount		Amortization		Amount		Amortization
Amortizing intangible assets:
Customer relationships	$	231,533	$	170,060	$	230,063	$	166,516
Patents and proprietary technology		26,955		14,508		26,225		13,829
Trade names		2,870		2,762		2,870		2,654
Other		4,519		4,358		4,430		4,245
Non-amortizing intangible assets:
Trade names		58,610		—		57,738		—
	$	324,487	$	191,688	$	321,326	$	187,244

The weighted-average life of amortizing intangible assets is approximately four years. Amortization expenses for the thirteen weeks ended March 29, 2025 and March 30, 2024 were $2,858 and $3,715, respectively. Amortization expense is expected to average $9,267 annually over the next five fiscal years, based on amortizing intangible assets reported as of March 29, 2025.