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Goodwill and Other Intangible Assets | 6 Months Ended
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Jun. 29, 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 six months ended June 29, 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 | (10.7) |  |  | — |  |  | (5.6) |  |  | (16.3) |
Acquisition adjustments | (13.2) |  |  | — |  |  | — |  |  | (13.2) |
Balance as of June 29, 2024 | $ | 322.7 |  |  | $ | 12.4 |  |  | $ | 732.8 |  |  | $ | 1,067.9 |
Goodwill of $1,067.9 million as of June 29, 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:
| June 29, 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 | $ | 220.7 |  |  | $ | (166.8) |  |  | $ | 53.9 |  |  | $ | 214.5 |  |  | $ | (163.6) |  |  | $ | 50.9 |
Developed technology | 36.1 |  |  | (31.2) |  |  | 4.9 |  |  | 36.2 |  |  | (29.8) |  |  | 6.4 |
Internally developed software | 196.8 |  |  | (153.0) |  |  | 43.8 |  |  | 191.3 |  |  | (148.2) |  |  | 43.1 |
Patents | 48.1 |  |  | (20.7) |  |  | 27.4 |  |  | 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 | 511.7 |  |  | (377.0) |  |  | 134.7 |  |  | 505.2 |  |  | (373.7) |  |  | 131.5 |
Non-amortized trademarks | 140.1 |  |  | — |  |  | 140.1 |  |  | 137.4 |  |  | — |  |  | 137.4 |
Total other intangible assets | $ | 651.8 |  |  | $ | (377.0) |  |  | $ | 274.8 |  |  | $ | 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. Snap-on completed its annual impairment testing of goodwill and other indefinite-lived intangible assets in the second quarter of 2024, the results of which did not result in any impairment. 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 June 29, 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 $6.4 million and $12.7 million for the respective three and six month periods ended June 29, 2024, and $7.0 million and $13.9 million for the respective three and six month periods ended July 1, 2023. Based on current levels of amortizable intangible assets and estimated weighted-average useful lives, estimated annual amortization expense is expected to be $25.1 million in 2024, $19.6 million in 2025, $14.5 million in 2026, $12.2 million in 2027, $10.6 million in 2028, and $8.0 million in 2029.

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