Goodwill and Other Intangible Assets

12 Months Ended

Dec. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

The changes in the carrying amount of goodwill by segment for 2023 and 2022 are as follows:


(Amounts in millions)	Commercial & Industrial Group		Snap-on Tools Group		Repair Systems & Information Group		Total
Balance as of 2021 year end	$	325.8	$	12.4	$	778.3	$	1,116.5
Currency translation	(22.4)		—		(15.7)		(38.1)
Acquisition adjustments	(0.5)		—		(32.6)		(33.1)
Balance as of 2022 year end	$	302.9	$	12.4	$	730.0	$	1,045.3
Currency translation	10.7		—		6.7		17.4
Acquisition adjustments	33.0		—		1.7		34.7
Balance as of 2023 year end	$	346.6	$	12.4	$	738.4	$	1,097.4

Goodwill of $1,097.4 million as of 2023 year end included $33.0 million, on a preliminary basis, from the acquisition of Mountz and $1.7 million from the acquisition of SAVTEQ. The goodwill from Mountz and SAVTEQ is included in the Commercial & Industrial Group and Repair Systems & Information Group, respectively.

The purchase accounting valuations for the acquired net assets of AutoCrib Germany, Dealer-FX and Pradines were completed in 2022. The purchase accounting valuations for the acquired net assets of Dealer-FX resulted in a reduction of goodwill of $32.6 million from 2021 year end. The purchase accounting valuations for the acquired net assets of Pradines resulted 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 AutoCrib Germany and Pradines is included in the Commercial & Industrial Group.

See Note 3 for additional information on acquisitions.

Additional disclosures related to other intangible assets as of 2023 and 2022 year end are as follows:


	2023						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	$	214.5	$	(163.6)	$	50.9	$	212.1	$	(150.8)	$	61.3
Developed technology	36.2		(29.8)		6.4		35.8		(26.0)		9.8
Internally developed software	191.3		(148.2)		43.1		179.6		(137.2)		42.4
Patents	53.0		(26.8)		26.2		48.4		(25.6)		22.8
Trademarks	4.0		(2.5)		1.5		3.9		(2.4)		1.5
Other	6.2		(2.8)		3.4		7.7		(4.0)		3.7
Total	505.2		(373.7)		131.5		487.5		(346.0)		141.5
Non-amortized trademarks	137.4		—		137.4		134.1		—		134.1
Total other intangible assets	$	642.6	$	(373.7)	$	268.9	$	621.6	$	(346.0)	$	275.6

The gross carrying value of patents as of year end 2023 includes $1.1 million related to the SAVTEQ acquisition.

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, changes in key personnel or litigation, a sustained decrease in share price and/or other events. As of 2023 year end, 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						15
Trademarks						9
Other						39

The weighted-average amortization period for all amortizable intangible assets on a combined basis is 12 years. Intangible asset renewal costs are expensed as incurred.

The aggregate amortization expense was $27.1 million in 2023, $28.7 million in 2022 and $29.2 million in 2021. Based on current levels of amortizable intangible assets and estimated weighted-average useful lives, estimated annual amortization expense is expected to be $22.6 million in 2024, $16.3 million in 2025, $12.3 million in 2026, $10.6 million in 2027, and $9.3 million in 2028.