Goodwill and Other Intangible Assets, Net

12 Months Ended

Dec. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

Goodwill as of December 30, 2022, and December 31, 2021, was $592,186 and $580,761, respectively.

Changes in the carrying value of goodwill are summarized as follows:


Balance - December 25, 2020	$	559,735
Additions (a)	21,026
Balance - December 31, 2021	$	580,761
Additions (a)	12,184
Cumulative translation adjustments	(759)
Balance - December 30, 2022	$	592,186

(a)Goodwill increased by $12,184 in 2022 due to the acquisitions of Staub and Clare, and by $21,026 in 2021 due to the acquisition of Access Networks. See Note 3 for additional details on the Company’s acquisitions.

As of December 30, 2022, and December 31, 2021, other intangible assets, net, consisted of the following:


		December 30, 2022
	Estimated Useful Life	Gross Carrying Amount (1)		Accumulated Amortization		Net Carrying Amount
Customer relationships	5 – 25 years	$	520,825	$	(123,393)	$	397,432
Technology	4 – 15 years	98,478		(54,391)		44,087
Trade names – definite	2 – 10 years	59,963		(23,627)		36,336
Trade names – indefinite	indefinite	76,564		—		76,564
Total intangible assets		$	755,830	$	(201,411)	$	554,419

(1) Amounts also include any net changes in intangible asset balances for the periods presented that resulted from foreign currency translation.


		December 31, 2021
	Estimated Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	5 – 25 years	$	509,162	$	(96,149)	$	413,013
Technology	5 – 15 years	95,078		(38,221)		56,857
Trade names – definite	2 – 10 years	57,660		(16,902)		40,758
Trade names – indefinite	indefinite	76,564		—		76,564
Total intangible assets		$	738,464	$	(151,272)	$	587,192

Total amortization expense for intangible assets for the years ended December 30, 2022, December 31, 2021 and December 25, 2020 was $50,229, $48,553 and $47,491, respectively. The weighted-average useful life remaining for amortizing definite lived intangible assets was approximately 14.5 years as of December 30, 2022.

As of December 30, 2022, the estimated amortization expense for intangible assets for the next five fiscal years and thereafter are as follows:


2023	$	49,705
2024	43,204
2025	35,588
2026	35,233
2027	34,417
Thereafter	279,708
Total	$	477,855