Intangible Assets

6 Months Ended

Jun. 25, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Components of other intangible assets were as follows (dollars in thousands):


	Finite Life						Indefinite Life
	Customer Relationships		Patents and Proprietary Technology		Trademarks, Trade Names and Other		Trade Names		Total
As of June 25, 2021
Cost	$	194,505	$	26,074	$	900	$	62,633	$	284,112
Accumulated amortization	(101,173)		(14,312)		(376)		—		(115,861)
Foreign currency translation	(6,757)		(603)		—		(1,030)		(8,390)
Book value	$	86,575	$	11,159	$	524	$	61,603	$	159,861
Weighted average life in years	13		10		5		N/A


As of December 25, 2020
Cost	$	186,073	$	25,187	$	900	$	61,920	$	274,080
Accumulated amortization	(93,832)		(12,924)		(301)		—		(107,057)
Foreign currency translation	(6,004)		(538)		—		188		(6,354)
Book value	$	86,237	$	11,725	$	599	$	62,108	$	160,669
Weighted average life in years	13		10		5		N/A

Amortization of intangibles for the quarter was $4.6 million in 2021 and $4.1 million in 2020 and for the year to date was $8.9 million in 2021 and $8.2 million in 2020. Estimated annual amortization expense based on the current carrying amount of other intangible assets is as follows (in thousands):


	2021 (Remainder)		2022		2023		2024		2025		Thereafter
Estimated Amortization Expense	$	9,003	$	17,964	$	17,076	$	15,518	$	14,946	$	23,751

Changes in the carrying amount of goodwill for each reportable segment were as follows (in thousands):


	Industrial		Process		Contractor		Total
Balance, December 25, 2020	$	186,536	$	141,513	$	19,554	$	347,603
Additions, adjustments from business acquisitions	13,249		—		—		13,249
Foreign currency translation	(2,835)		432		—		(2,403)
Balance, June 25, 2021	$	196,950	$	141,945	$	19,554	$	358,449

In the second quarter the Company completed the acquisition of a business that is not material to the consolidated financial statements.