XML 23 R13.htm IDEA: XBRL DOCUMENT
v3.23.1

Goodwill and Other Intangible Assets | 3 Months Ended
--- | ---
Apr. 01, 2023
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 April 1, 2023, are as follows:
(Amounts in millions) | Commercial & Industrial Group |  | Snap-on Tools Group |  | Repair Systems & Information Group |  | Total
Balance as of December 31, 2022 | $ | 302.9 |  |  | $ | 12.4 |  |  | $ | 730.0 |  |  | $ | 1,045.3 |
Currency translation | 3.7 |  |  | — |  |  | 1.6 |  |  | 5.3 |
Balance as of April 1, 2023 | $ | 306.6 |  |  | $ | 12.4 |  |  | $ | 731.6 |  |  | $ | 1,050.6 |
Additional disclosures related to other intangible assets are as follows:
| April 1, 2023 |  | December 31, 2022
(Amounts in millions) | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value
Amortized other intangible assets: |  |  |  |  |  |  |  |  |  |  |
Customer relationships | $ | 212.7 |  |  | $ | (154.1) |  |  | $ | 58.6 |  |  | $ | 212.1 |  |  | $ | (150.8) |  |  | $ | 61.3 |
Developed technology | 36.0 |  |  | (27.1) |  |  | 8.9 |  |  | 35.8 |  |  | (26.0) |  |  | 9.8 |
Internally developed software | 182.4 |  |  | (140.1) |  |  | 42.3 |  |  | 179.6 |  |  | (137.2) |  |  | 42.4 |
Patents | 49.4 |  |  | (25.8) |  |  | 23.6 |  |  | 48.4 |  |  | (25.6) |  |  | 22.8 |
Trademarks | 3.9 |  |  | (2.4) |  |  | 1.5 |  |  | 3.9 |  |  | (2.4) |  |  | 1.5 |
Other | 7.8 |  |  | (4.1) |  |  | 3.7 |  |  | 7.7 |  |  | (4.0) |  |  | 3.7 |
Total | 492.2 |  |  | (353.6) |  |  | 138.6 |  |  | 487.5 |  |  | (346.0) |  |  | 141.5 |
Non-amortized trademarks | 134.7 |  |  | — |  |  | 134.7 |  |  | 134.1 |  |  | — |  |  | 134.1 |
Total other intangible assets | $ | 626.9 |  |  | $ | (353.6) |  |  | $ | 273.3 |  |  | $ | 621.6 |  |  | $ | (346.0) |  |  | $ | 275.6 |
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 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 sustained decrease in share price and/or other events. As of April 1, 2023, 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
The weighted-average amortization period for all amortizable intangibles on a combined basis is 12 years. Intangible asset renewal costs are expensed as incurred. The aggregate amortization expense was $6.9 million and $7.2 million for the respective three month periods ended April 1, 2023, and April 2, 2022. Based on current levels of amortizable intangible assets and estimated weighted-average useful lives, estimated annual amortization expense is expected to be $26.9 million in 2023, $21.1 million in 2024, $15.1 million in 2025, $11.4 million in 2026, $10.3 million in 2027, and $8.9 million in 2028.

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 https://asc.fasb.org/topic&trid=2144416 + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration