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Goodwill and Other Intangible Assets | 9 Months Ended
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Sep. 28, 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 nine months ended September 28, 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 | 1.2 |  |  | — |  |  | 1.2 |  |  | 2.4 |
Acquisition adjustments | (13.2) |  |  | — |  |  | — |  |  | (13.2) |
Balance as of September 28, 2024 | $ | 334.6 |  |  | $ | 12.4 |  |  | $ | 739.6 |  |  | $ | 1,086.6 |
Goodwill of $1,086.6 million as of September 28, 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:
| September 28, 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 | $ | 218.0 |  |  | $ | (165.7) |  |  | $ | 52.3 |  |  | $ | 214.5 |  |  | $ | (163.6) |  |  | $ | 50.9 |
Developed technology | 36.6 |  |  | (32.4) |  |  | 4.2 |  |  | 36.2 |  |  | (29.8) |  |  | 6.4 |
Internally developed software | 202.0 |  |  | (156.6) |  |  | 45.4 |  |  | 191.3 |  |  | (148.2) |  |  | 43.1 |
Patents | 48.5 |  |  | (21.2) |  |  | 27.3 |  |  | 53.0 |  |  | (26.8) |  |  | 26.2 |
Trademarks | 3.9 |  |  | (2.5) |  |  | 1.4 |  |  | 4.0 |  |  | (2.5) |  |  | 1.5 |
Other | 6.3 |  |  | (2.9) |  |  | 3.4 |  |  | 6.2 |  |  | (2.8) |  |  | 3.4 |
Total | 515.3 |  |  | (381.3) |  |  | 134.0 |  |  | 505.2 |  |  | (373.7) |  |  | 131.5 |
Non-amortized trademarks | 143.3 |  |  | — |  |  | 143.3 |  |  | 137.4 |  |  | — |  |  | 137.4 |
Total other intangible assets | $ | 658.6 |  |  | $ | (381.3) |  |  | $ | 277.3 |  |  | $ | 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 September 28, 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 $19.0 million for the respective three and nine month periods ended September 28, 2024, and $6.8 million and $20.7 million for the respective three and nine month periods ended September 30, 2023. Based on current levels of amortizable intangible assets and estimated weighted-average useful lives, estimated annual amortization expense is expected to be $25.4 million in 2024, $21.0 million in 2025, $16.1 million in 2026, $13.4 million in 2027, $11.4 million in 2028, and $8.2 million in 2029.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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