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Goodwill and Intangible Assets (Tables)
3 Months Ended
Mar. 26, 2021
Goodwill And Intangible Assets Disclosure [Abstract]  
Details of Goodwill

Details of aggregate goodwill of the Company are as follows:

(In millions)

 

Products

 

 

Services

 

 

Total

 

Balance at December 25, 2020

 

$

97.6

 

 

$

73.5

 

 

$

171.1

 

Adjustments

 

 

 

 

 

 

Balance at March 26, 2021

 

$

97.6

 

 

$

73.5

 

 

$

171.1

 

 

Purchased Intangible Assets

Details of intangible assets were as follows:

 

 

 

 

As of March 26, 2021

 

 

As of December 25, 2020

 

 

 

 

Gross

 

 

 

 

 

 

 

 

 

 

Gross

 

 

 

 

 

 

 

 

 

 

Useful Life

 

Carrying

 

 

Accumulated

 

 

Carrying

 

 

Carrying

 

 

Accumulated

 

 

Carrying

 

(Dollars in millions)

(in years)

 

Amount

 

 

Amortization

 

 

Value

 

 

Amount

 

 

Amortization

 

 

Value

 

Customer relationships

6 - 10

 

$

119.4

 

 

$

(53.3

)

 

$

66.1

 

 

$

119.4

 

 

$

(50.6

)

 

$

68.8

 

Tradename

4 - 6*

 

 

27.0

 

 

 

(12.5

)

 

 

14.5

 

 

 

27.0

 

 

 

(11.7

)

 

 

15.3

 

Intellectual property/know-how

7 - 12

 

 

13.9

 

 

 

(10.1

)

 

 

3.8

 

 

 

13.9

 

 

 

(9.8

)

 

 

4.1

 

Recipes

20

 

 

73.2

 

 

 

(9.5

)

 

 

63.7

 

 

 

73.2

 

 

 

(8.5

)

 

 

64.7

 

Standard operating procedures

20

 

 

8.6

 

 

 

(1.1

)

 

 

7.5

 

 

 

8.6

 

 

 

(1.0

)

 

 

7.6

 

Total

 

 

$

242.1

 

 

$

(86.5

)

 

$

155.6

 

 

$

242.1

 

 

$

(81.6

)

 

$

160.5

 

*

The Company concluded that the asset life of the UCT tradename of $9.0 million is indefinite and is therefore not amortized but is reviewed for impairment at least annually and whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable.

Future Estimated Amortization Expense As of March 26, 2021, future estimated amortization expense is expected to be as follows:

 

 

 

Amortization

 

(In millions)

 

Expense

 

2021 (remaining in year)

 

$

14.7

 

2022

 

 

19.3

 

2023

 

 

14.2

 

2024

 

 

14.0

 

2025

 

 

12.3

 

Thereafter

 

 

72.1

 

Total

 

$

146.6