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Goodwill and Other Intangible Assets | 9 Months Ended
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Oct. 01, 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 nine months ended October 1, 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 | (44.6) |  |  | — |  |  | (28.2) |  |  | (72.8) |
Acquisition-related adjustments | (0.5) |  |  | — |  |  | (32.6) |  |  | (33.1) |
Balance as of October 1, 2022 | $ | 280.7 |  |  | $ | 12.4 |  |  | $ | 717.5 |  |  | $ | 1,010.6 |
Goodwill of $1,010.6 million as of October 1, 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. The purchase accounting valuations for the acquired net assets of AutoCrib Germany were completed in the first quarter of 2022. Also 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:
| October 1, 2022 |  | January 1, 2022
(Amounts in millions) | Gross Carrying Value |  | Accumulated Amortization |  | Gross Carrying Value |  | Accumulated Amortization
Amortized other intangible assets: |  |  |  |  |  |  |
Customer relationships | $ | 207.6 |  |  | $ | (145.0) |  |  | $ | 217.8 |  |  | $ | (142.1) |
Developed technology | 35.1 |  |  | (24.3) |  |  | 36.6 |  |  | (23.2) |
Internally developed software | 178.5 |  |  | (136.7) |  |  | 182.7 |  |  | (139.1) |
Patents | 47.4 |  |  | (24.7) |  |  | 45.7 |  |  | (25.1) |
Trademarks | 3.8 |  |  | (2.3) |  |  | 3.9 |  |  | (2.3) |
Other | 7.4 |  |  | (3.8) |  |  | 8.3 |  |  | (4.1) |
Total | 479.8 |  |  | (336.8) |  |  | 495.0 |  |  | (335.9) |
Non-amortized trademarks | 128.3 |  |  | — |  |  | 142.6 |  |  | — |
Total other intangible assets | $ | 608.1 |  |  | $ | (336.8) |  |  | $ | 637.6 |  |  | $ | (335.9) |
As of October 1, 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. Provisions 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 October 1, 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 $21.6 million for the respective three and nine month periods ended October 1, 2022, and $6.4 million and $18.7 million for the respective three and nine month periods ended October 2, 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, $26.2 million in 2023, $20.7 million in 2024, $14.4 million in 2025, $11.0 million in 2026, and $9.7 million in 2027.

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