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Goodwill and Other Intangible Assets | 6 Months Ended
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Jul. 03, 2021
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 six months ended July 3, 2021, are as follows:
(Amounts in millions) | Commercial & Industrial Group |  | Snap-on Tools Group |  | Repair Systems & Information Group |  | Total
Balance as of January 2, 2021 | $ | 331.2 |  |  | $ | 12.4 |  |  | $ | 638.8 |  |  | $ | 982.4 |
Currency translation | (6.5) |  |  | — |  |  | (3.1) |  |  | (9.6) |
Acquisitions and related adjustments | 9.6 |  |  | — |  |  | 195.2 |  |  | 204.8 |
Balance as of July 3, 2021 | $ | 334.3 |  |  | $ | 12.4 |  |  | $ | 830.9 |  |  | $ | 1,177.6 |
Goodwill of $1,177.6 million as of July 3, 2021, included $195.2 million, on a preliminary basis, from the acquisition of Dealer-FX and $9.6 million, on a preliminary basis, from the acquisition of Pradines. The goodwill from Dealer-FX is included in the Repair Systems & Information Group and the goodwill from Pradines is included in the Commercial & Industrial Group. See Note 3 for additional information on acquisitions. Additional disclosures related to other intangible assets are as follows:
| July 3, 2021 |  | January 2, 2021
(Amounts in millions) | Gross Carrying Value |  | Accumulated Amortization |  | Gross Carrying Value |  | Accumulated Amortization
Amortized other intangible assets: |  |  |  |  |  |  |
Customer relationships | $ | 191.6 |  |  | $ | (135.9) |  |  | $ | 191.5 |  |  | $ | (130.1) |
Developed technology | 22.1 |  |  | (20.7) |  |  | 21.8 |  |  | (19.9) |
Internally developed software | 178.6 |  |  | (133.7) |  |  | 172.2 |  |  | (128.0) |
Patents | 43.8 |  |  | (25.0) |  |  | 43.2 |  |  | (25.3) |
Trademarks | 4.0 |  |  | (2.4) |  |  | 3.9 |  |  | (2.4) |
Other | 8.2 |  |  | (4.0) |  |  | 8.2 |  |  | (3.9) |
Total | 448.3 |  |  | (321.7) |  |  | 440.8 |  |  | (309.6) |
Non-amortized trademarks | 128.6 |  |  | — |  |  | 129.6 |  |  | — |
Total other intangible assets | $ | 576.9 |  |  | $ | (321.7) |  |  | $ | 570.4 |  |  | $ | (309.6) |
Snap-on completed its annual impairment testing of goodwill and other indefinite-lived intangible assets in the second quarter of 2021, and the testing did not result in any impairment. Provision for impairment of goodwill and/or other intangible assets in a future period could arise due to 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. As of July 3, 2021, 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 | 7
Trademarks | 5
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 11 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 $6.3 million and $12.3 million for the respective three and six month periods ended July 3, 2021, and $5.7 million and $11.4 million for the respective three and six month periods ended June 27, 2020. Based on current levels of amortizable intangible assets and estimated weighted-average useful lives, estimated annual amortization expense is expected to be $24.7 million in 2021, $22.2 million in 2022, $18.6 million in 2023, $13.2 million in 2024, $8.7 million in 2025, and $8.0 million in 2026.

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- 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
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