Goodwill and Other Intangible Assets

12 Months Ended

Dec. 28, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE 11 – GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

The Company has two operating and reportable segments – namely AMS and EAAA. See Note 19 entitled “Segment Information” for additional information. The Company tests goodwill for impairment at least annually at the reporting unit level. The Company’s reporting units consist of (1) the Americas, (2) Europe, Middle East and Africa (“EMEA”), and (3) Asia-Pacific. The Americas reporting unit is the same as the AMS reportable segment, and the EMEA and Asia-Pacific reporting units are one level below the EAAA reportable segment.

During the fourth quarter of 2025, 2024, and 2023 we performed our annual quantitative goodwill impairment testing. We focused our testing on the Americas reporting unit because it is the only reporting unit with an allocated goodwill balance. The allocated goodwill balances for our EMEA and Asia-Pacific reporting units were written off in prior years as a result of goodwill impairment charges. The Company performed limited procedures for our EMEA and Asia-Pacific reporting units during the 2025, 2024, and 2023 goodwill testing to facilitate a reconciliation of market capitalization.

The annual quantitative goodwill impairment testing performed in 2025, 2024, and 2023 for our Americas reporting unit used a consistent methodology. The Company prepared valuations for the Americas reporting unit on both a market comparable methodology and an income methodology, utilizing a combination of the present value of expected future cash flows and the guideline public company method to determine the estimated fair value of the reporting unit. In preparing the valuation, past, present and future expectations of performance were considered, including our expectations for the short-term and long-term impacts of macroeconomic conditions and our expected financial performance, including planned revenue and operating income for the Americas reporting unit. The present value model requires management to estimate future cash flows, the timing of these cash flows, and a discount rate based on a weighted average cost of capital.

For 2025, 2024, and 2023 the fair value of the Americas reporting unit was substantially in excess of the carrying value and is not at risk of failing the quantitative impairment test.

The ending balances and the changes in the carrying amounts of goodwill allocated to each reportable segment for the years ended December 28, 2025 and December 29, 2024, are as follows(1):


	AMS		EAAA		Total
	(in thousands)
Goodwill balance, at December 31, 2023	$	105,448	$	—	$	105,448
Foreign currency translation(2)	(5,561)		—		(5,561)
Goodwill balance, at December 29, 2024	99,887		—		99,887
Foreign currency translation(2)	12,240		—		12,240
Goodwill balance, at December 28, 2025	$	112,127	$	—	$	112,127

(1) Goodwill balances are presented net of cumulative impairment losses of $358.5 million as of December 28, 2025. The cumulative impairment losses include impairment charges recognized prior to 2020 related to discontinued operations that were allocated to the current reportable segments on a proportionate basis.

(2) A portion of the goodwill balance allocated to the AMS reportable segment is comprised of goodwill denominated in foreign currency attributable to the nora acquisition.

Other Intangible Assets

During the fourth quarter of 2025, 2024, and 2023, the Company performed its annual impairment testing of the trademark and trade name intangible assets. The Company prepared valuations of the intangible assets using the present value of cash flows under the relief from royalty method, which requires management to estimate forecasted revenues and a discount rate. The intangible asset required rate of return used in the 2025, 2024, and 2023 annual impairment testing were 11.0%, 11.5%, 12.5%, respectively. We determined that the estimated fair value of the trademark and trade name intangible assets exceeded the carrying value and that no impairment existed at the 2025, 2024, or 2023 measurement dates.

The Company’s intangible assets other than goodwill consisted of the following as of December 28, 2025 and December 29, 2024:


	December 28, 2025								December 29, 2024
	Gross Carrying Amount		Accumulated Impairment		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Impairment		Accumulated Amortization		Net Carrying Amount
	(in thousands)
Intangible assets subject to amortization(1):
Technology	$	35,046	$	—	$	(35,046)	$	—	$	34,429	$	—	$	(31,522)	$	2,907
Other	749		(478)		(67)		204		723		(478)		(34)		211
Total intangible assets subject to amortization	35,795		(478)		(35,113)		204		35,152		(478)		(31,556)		3,118

Indefinite-lived intangible assets(1):
Trademark and trade name	61,762		(11,081)		—		50,681		56,236		(11,081)		—		45,155

Total intangible assets	$	97,557	$	(11,559)	$	(35,113)	$	50,885	$	91,388	$	(11,559)	$	(31,556)	$	48,273

(1) Certain intangible asset balances are subject to changes attributable to foreign currency translation.

Amortization expense related to intangible assets during the years 2025, 2024 and 2023 was $3.1 million, $5.2 million and $5.2 million, respectively, and is recorded in cost of sales in the consolidated statements of operations. The developed technology intangible asset was amortized over its estimated useful life of 7 years and was fully amortized during fiscal year 2025.