Goodwill and Other Intangible Assets

3 Months Ended

Apr. 01, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

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.