XML 26 R14.htm IDEA: XBRL DOCUMENT
v3.19.1

Goodwill and Other Intangible Assets | 3 Months Ended
--- | ---
Mar. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The changes in the carrying amount of goodwill by segment for the three months ended March 30, 2019, are as follows:
(Amounts in millions) | Commercial & Industrial Group |  | Snap-on Tools Group |  | Repair Systems & Information Group |  | Total
Balance as of December 29, 2018 | $ | 286.2 |  |  | $ | 12.5 |  |  | $ | 603.5 |  |  | $ | 902.2 |
Currency translation | (2.1 | ) |  | — |  |  | (0.5 | ) |  | (2.6 | )
Acquisitions and related adjustments | — |  |  | — |  |  | 1.3 |  |  | 1.3 |
Balance as of March 30, 2019 | $ | 284.1 |  |  | $ | 12.5 |  |  | $ | 604.3 |  |  | $ | 900.9 |
Goodwill of $900.9 million as of March 30, 2019, includes $1.3 million from the acquisition of TMB. The goodwill from TMB is included in the Repair Systems and Information Group. See Note 3 for additional information on acquisitions. Additional disclosures related to other intangible assets are as follows:
| March 30, 2019 |  | December 29, 2018
(Amounts in millions) | Gross Carrying Value |  | Accumulated Amortization |  | Gross Carrying Value |  | Accumulated Amortization
Amortized other intangible assets: |  |  |  |  |  |  |
Customer relationships | $ | 172.6 |  |  | $ | (110.5 | ) |  | $ | 172.2 |  |  | $ | (107.6 | )
Developed technology | 18.8 |  |  | (18.6 | ) |  | 18.5 |  |  | (18.3 | )
Internally developed software | 158.0 |  |  | (117.9 | ) |  | 156.6 |  |  | (116.6 | )
Patents | 35.9 |  |  | (23.1 | ) |  | 35.7 |  |  | (22.9 | )
Trademarks | 3.2 |  |  | (2.0 | ) |  | 3.2 |  |  | (2.0 | )
Other | 7.5 |  |  | (3.0 | ) |  | 7.3 |  |  | (2.9 | )
Total | 396.0 |  |  | (275.1 | ) |  | 393.5 |  |  | (270.3 | )
Non-amortized trademarks | 109.6 |  |  | — |  |  | 109.7 |  |  | — |
Total other intangible assets | $ | 505.6 |  |  | $ | (275.1 | ) |  | $ | 503.2 |  |  | $ | (270.3 | )
Significant and unanticipated changes in circumstances, such as declines in profitability and cash flow due to significant and long-term deterioration in macroeconomic, industry and market conditions, the loss of key customers, changes in technology or markets, significant changes in key personnel or litigation, a significant and sustained decrease in share price and/or other events, including effects from the sale or disposal of a reporting unit, could require a provision for impairment of goodwill and/or other intangible assets in a future period. As of March 30, 2019, the company had no accumulated impairment losses. The weighted-average amortization periods related to other intangible assets are as follows:
| In Years
Customer relationships | 15
Developed technology | 3
Internally developed software | 6
Patents | 8
Trademarks | 6
Other | 39
Snap-on is amortizing its customer relationships on both an accelerated and straight-line basis over a 15-year weighted-average life; the remaining intangibles are amortized on a straight-line basis. The weighted-average amortization period for all amortizable intangibles on a combined basis is 12 years. The company’s customer relationships generally have contractual terms of three to five years and are typically renewed without significant cost to the company. The weighted-average 15-year life for customer relationships is based on the company’s historical renewal experience. Intangible asset renewal costs are expensed as incurred. The aggregate amortization expense was $5.4 million and $6.6 million for the respective three months ended March 30, 2019, and March 31, 2018. Based on current levels of amortizable intangible assets and estimated weighted-average useful lives, estimated annual amortization expense is expected to be $20.7 million in 2019, $17.7 million in 2020, $15.4 million in 2021, $13.1 million in 2022, $12.0 million in 2023, and $10.0 million in 2024.

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration