Goodwill and Other Intangible Assets

3 Months Ended

Apr. 01, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill amounts by reportable segment are summarized as follows:

	Goodwill at		Acquisitions		Dispositions		Other (1)		Goodwill at
	December 31, 2022								April 1, 2023
Hardware and Protective Solutions	$	574,744	$	—	$	—	$	304	$	575,048
Robotics and Digital Solutions	220,936		—		—		—		220,936
Canada	28,132		—		—		23		28,155
Total	$	823,812	$	—	$	—	$	327	$	824,139

(1)The "Other" change to goodwill relates to adjustments resulting from fluctuations in foreign currency exchange rates for the Canada and Mexico reporting units.

Other intangibles, net, as of April 1, 2023 and December 31, 2022 consist of the following: 

	Estimated Useful Life (Years)			April 1, 2023		December 31, 2022
Customer relationships	13	-	20	$	963,987	$	963,622
Trademarks - indefinite	Indefinite			85,334		85,275
Trademarks - other	7	-	15	31,387		31,387
Technology and patents	5	-	12	68,565		68,451
Intangible assets, gross				1,149,273		1,148,735
Less: Accumulated amortization				430,005		414,275
Other intangibles, net				$	719,268	$	734,460

    

The amortization expense for intangible assets, including the adjustments resulting from fluctuations in foreign currency exchange rates for the thirteen weeks ended April 1, 2023 was $15,572. Amortization expense for the thirteen weeks ended March 26, 2022 was $15,521.

The Company tests goodwill and indefinite-lived intangible assets for impairment annually in the fourth quarter. Impairment is also tested when events or changes in circumstances indicate that the carrying values of the assets may be greater than their fair values. During the thirteen weeks ended April 1, 2023 and the thirteen weeks ended March 26, 2022, the Company did not identify any triggering events that would result in an impairment analysis outside of the annual assessment.