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Goodwill and Other Intangible Assets | 6 Months Ended
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Jul. 02, 2022
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 2, 2022, are as follows:
(Amounts in millions) | Commercial & Industrial Group |  | Snap-on Tools Group |  | Repair Systems & Information Group |  | Total
Balance as of January 1, 2022 | $ | 325.8 |  |  | $ | 12.4 |  |  | $ | 778.3 |  |  | $ | 1,116.5 |
Currency translation | (22.7) |  |  | — |  |  | (14.7) |  |  | (37.4) |
Acquisition-related adjustments | (0.5) |  |  | — |  |  | (32.6) |  |  | (33.1) |
Balance as of July 2, 2022 | $ | 302.6 |  |  | $ | 12.4 |  |  | $ | 731.0 |  |  | $ | 1,046.0 |
Goodwill of $1,046.0 million as of July 2, 2022, included $118.2 million from the acquisition of Dealer-FX, $10.2 million from the acquisition of Pradines and $3.3 million from the acquisition of AutoCrib Germany. In the first quarter of 2022, the purchase accounting valuations for the acquired net assets, including deferred tax assets, of Dealer-FX were completed, resulting in a reduction of goodwill of $32.6 million from 2021 year end. In the second quarter of 2022, the purchase accounting valuations for the acquired net assets of Pradines were completed, resulting in a reduction of goodwill of $0.5 million from 2021 year end. The goodwill from Dealer-FX is included in the Repair Systems & Information Group and the goodwill from Pradines and AutoCrib Germany 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 2, 2022 |  | January 1, 2022
(Amounts in millions) | Gross Carrying Value |  | Accumulated Amortization |  | Gross Carrying Value |  | Accumulated Amortization
Amortized other intangible assets: |  |  |  |  |  |  |
Customer relationships | $ | 212.6 |  |  | $ | (145.1) |  |  | $ | 217.8 |  |  | $ | (142.1) |
Developed technology | 35.9 |  |  | (24.3) |  |  | 36.6 |  |  | (23.2) |
Internally developed software | 180.6 |  |  | (138.0) |  |  | 182.7 |  |  | (139.1) |
Patents | 46.4 |  |  | (25.0) |  |  | 45.7 |  |  | (25.1) |
Trademarks | 3.8 |  |  | (2.3) |  |  | 3.9 |  |  | (2.3) |
Other | 7.9 |  |  | (4.0) |  |  | 8.3 |  |  | (4.1) |
Total | 487.2 |  |  | (338.7) |  |  | 495.0 |  |  | (335.9) |
Non-amortized trademarks | 135.0 |  |  | — |  |  | 142.6 |  |  | — |
Total other intangible assets | $ | 622.2 |  |  | $ | (338.7) |  |  | $ | 637.6 |  |  | $ | (335.9) |
As of July 2, 2022, the gross carrying value of intangible assets includes $28.4 million of customer relationships, $14.8 million of developed technology and a $17.7 million non-amortized trademark related to the Dealer-FX acquisition. Snap-on completed its annual impairment testing of goodwill and other indefinite-lived intangible assets in the second quarter of 2022, and the testing did not result in any impairment. Provision for impairment of goodwill and/or other intangible assets could arise in a future period 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 2, 2022, the company had no accumulated impairment losses. The weighted-average amortization periods related to other intangible assets are as follows:
| In Years
Customer relationships | 14
Developed technology | 5
Internally developed software | 6
Patents | 14
Trademarks | 9
Other | 39
Snap-on is amortizing its customer relationships on both an accelerated and straight-line basis over a 14 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 14 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 $7.2 million and $14.4 million for the respective three and six month periods ended July 2, 2022, and $6.3 million and $12.3 million for the respective three and six month periods ended July 3, 2021. Based on current levels of amortizable intangible assets and estimated weighted-average useful lives, estimated annual amortization expense is expected to be $28.4 million in 2022, $25.8 million in 2023, $19.6 million in 2024, $14.1 million in 2025, $10.9 million in 2026, and $9.7 million in 2027.

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