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Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Goodwill

The changes in the carrying amount of goodwill by segment were as follows:

(In thousands)Piping SystemsIndustrial MetalsClimateTotal
Goodwill$178,574 $8,854 $21,652 $209,080 
Accumulated impairment charges(40,552)(8,853)(2,087)(51,492)
Balance at December 31, 2022:138,022 1 19,565 157,588 
Reductions (1)
(7,007)— — (7,007)
Currency translation1,239 — — 1,239 
Balance at December 30, 2023:132,254 1 19,565 151,820 
Additions (2)
15,107 146,137 — 161,244 
Currency translation(1,899)— — (1,899)
Balance at December 28, 2024:    
Goodwill186,014 154,991 21,652 362,657 
Accumulated impairment charges(40,552)(8,853)(2,087)(51,492)
Goodwill, net$145,462 $146,138 $19,565 $311,165 
(1) Includes disposal of Heatlink Group business.
(2) Includes acquisitions of Nehring and Elkhart businesses.

Reporting units with recorded goodwill include Domestic Piping Systems Group, B&K LLC, Great Lakes, European Operations, Jungwoo-Mueller, Mueller Middle East, Westermeyer, Flex Duct, and Nehring.  Several factors give rise to goodwill in the Company’s acquisitions, such as the expected benefit from synergies of the combination and the existing workforce of the acquired businesses. 

For 2024, the Company utilized a qualitative assessment in the annual goodwill impairment testing for all reporting units, except the European Operations and Nehring Electrical Works reporting units. Based on the qualitative assessment, the Company concluded that it was more likely than not that the fair value of those reporting units exceeded their respective carrying values. The Company chose to perform a quantitative impairment analysis in the fourth quarter of 2024 for its European Operations and Nehring Electrical Works reporting units. As a result of these quantitative analyses no impairment loss was recognized for the goodwill of the respective reporting units.
Other Intangible Assets

The carrying amount of intangible assets at December 28, 2024 was as follows:

 
(In thousands)
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Customer relationships$259,831 $(25,403)$234,428 
Non-compete agreements2,847 (2,229)618 
Patents and technology16,385 (8,915)7,470 
Trade names and licenses74,816 (10,975)63,841 
Other1,715 (1,715)— 
Other intangible assets$355,594 $(49,237)$306,357 

The carrying amount of intangible assets at December 30, 2023 was as follows:

 
(In thousands)
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Customer relationships$50,009 $(17,535)$32,474 
Non-compete agreements2,325 (2,325)— 
Patents and technology16,681 (8,119)8,562 
Trade names and licenses12,092 (6,920)5,172 
Other1,715 (1,715)— 
Other intangible assets$82,822 $(36,614)$46,208 

Amortization expense for intangible assets was $13.9 million in 2024, $5.0 million in 2023, and $5.6 million in 2022.  Future amortization expense is estimated as follows:

(In thousands)Amount
  
2025$20,419 
202620,281 
202720,280 
202820,042 
202918,743 
Thereafter206,592 
  
Expected amortization expense$306,357