Intangible Assets

9 Months Ended

Sep. 25, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible Assets

Components of other intangible assets were (dollars in thousands):

	Finite Life						Indefinite Life
	Customer Relationships		Patents and Proprietary Technology		Trademarks, Trade Names and Other		Trade Names		Total
As of September 25, 2020
Cost	$	186,073	$	25,313	$	1,000	$	61,920	$	274,306
Accumulated amortization	(90,280)		(12,380)		(358)		—		(103,018)
Foreign currency translation	(8,349)		(707)		—		(1,572)		(10,628)
Book value	$	87,444	$	12,226	$	642	$	60,348	$	160,660
Weighted average life in years	13		10		4		N/A

As of December 27, 2019
Cost	$	186,310	$	20,413	$	1,020	$	61,920	$	269,663
Accumulated amortization	(80,764)		(10,526)		(650)		—		(91,940)
Foreign currency translation	(10,412)		(885)		(73)		(3,730)		(15,100)
Book value	$	95,134	$	9,002	$	297	$	58,190	$	162,623
Weighted average life in years	13		10		4		N/A

Amortization of intangibles for the quarter was $4.2 million in 2020 and $3.9 million in 2019 and for the year to date was $12.5 million in 2020 and $11.6 million in 2019. Estimated annual amortization expense based on the current carrying amount of other intangible assets is as follows (in thousands):

	2020		2021		2022		2023		2024		Thereafter
Estimated Amortization Expense	$	16,868	$	16,854	$	16,765	$	15,809	$	14,267	$	32,211

Changes in the carrying amount of goodwill for each reportable segment were (in thousands): 

	Industrial		Process		Contractor		Total
Balance, December 27, 2019	$	177,112	$	110,997	$	19,554	$	307,663
Additions, adjustments from business acquisitions	—		29,657		—		29,657
Foreign currency translation	5,253		(233)		—		5,020
Balance, September 25, 2020	$	182,365	$	140,421	$	19,554	$	342,340