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Goodwill and Other Intangible Assets | 3 Months Ended
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Mar. 30, 2024
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 March 30, 2024, are as follows:
(Amounts in millions) | Commercial & Industrial Group |  | Snap-on Tools Group |  | Repair Systems & Information Group |  | Total
Balance as of December 30, 2023 | $ | 346.6 |  |  | $ | 12.4 |  |  | $ | 738.4 |  |  | $ | 1,097.4 |
Currency translation | (8.0) |  |  | — |  |  | (4.9) |  |  | (12.9) |
Acquisition adjustments | (13.2) |  |  | — |  |  | — |  |  | (13.2) |
Balance as of March 30, 2024 | $ | 325.4 |  |  | $ | 12.4 |  |  | $ | 733.5 |  |  | $ | 1,071.3 |
Goodwill of $1,071.3 million as of March 30, 2024, includes $19.8 million from the acquisition of Mountz. In the first quarter of 2024, the purchase accounting valuations for the acquired net assets of Mountz were completed, resulting in a reduction of goodwill of $13.2 million from year end 2023. See Note 3 for additional information on acquisitions. Additional disclosures related to other intangible assets are as follows:
| March 30, 2024 |  | December 30, 2023
(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 | $ | 220.8 |  |  | $ | (164.4) |  |  | $ | 56.4 |  |  | $ | 214.5 |  |  | $ | (163.6) |  |  | $ | 50.9 |
Developed technology | 36.2 |  |  | (30.5) |  |  | 5.7 |  |  | 36.2 |  |  | (29.8) |  |  | 6.4 |
Internally developed software | 194.5 |  |  | (150.6) |  |  | 43.9 |  |  | 191.3 |  |  | (148.2) |  |  | 43.1 |
Patents | 47.3 |  |  | (20.5) |  |  | 26.8 |  |  | 53.0 |  |  | (26.8) |  |  | 26.2 |
Trademarks | 3.9 |  |  | (2.5) |  |  | 1.4 |  |  | 4.0 |  |  | (2.5) |  |  | 1.5 |
Other | 6.1 |  |  | (2.8) |  |  | 3.3 |  |  | 6.2 |  |  | (2.8) |  |  | 3.4 |
Total | 508.8 |  |  | (371.3) |  |  | 137.5 |  |  | 505.2 |  |  | (373.7) |  |  | 131.5 |
Non-amortized trademarks | 140.2 |  |  | — |  |  | 140.2 |  |  | 137.4 |  |  | — |  |  | 137.4 |
Total other intangible assets | $ | 649.0 |  |  | $ | (371.3) |  |  | $ | 277.7 |  |  | $ | 642.6 |  |  | $ | (373.7) |  |  | $ | 268.9 |
The gross carrying value of customer relationships and non-amortized trademarks includes $8.7 million and $5.4 million, respectively, related to the Mountz acquisition. Provisions for the 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 March 30, 2024, 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 $6.3 million and $6.9 million for the respective three month periods ended March 30, 2024, and April 1, 2023. Based on current levels of amortizable intangible assets and estimated weighted-average useful lives, estimated annual amortization expense is expected to be $24.7 million in 2024, $18.2 million in 2025, $13.5 million in 2026, $11.4 million in 2027, $10.0 million in 2028, and $7.4 million in 2029.

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