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Intangible Assets | 6 Months Ended
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Jun. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | Intangible Assets 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 28, 2024 |  |  |  |  |  |  |  |  |
Cost | $ | 191,417 |  |  | $ | 14,174 |  |  | $ | 1,300 |  |  | $ | 62,633 |  |  | $ | 269,524 |
Accumulated amortization | (135,516) |  |  | (9,423) |  |  | (677) |  |  | — |  |  | (145,616) |
Foreign currency translation | (8,865) |  |  | (375) |  |  | — |  |  | (689) |  |  | (9,929) |
Book value | $ | 47,036 |  |  | $ | 4,376 |  |  | $ | 623 |  |  | $ | 61,944 |  |  | $ | 113,979 |
Weighted average life in years | 13 |  | 9 |  | 6 |  | N/A |  |
As of December 29, 2023 |  |  |  |  |  |  |  |  |
Cost | $ | 191,417 |  |  | $ | 14,174 |  |  | $ | 1,300 |  |  | $ | 62,633 |  |  | $ | 269,524 |
Accumulated amortization | (128,248) |  |  | (8,547) |  |  | (561) |  |  | — |  |  | (137,356) |
Foreign currency translation | (7,591) |  |  | (344) |  |  | — |  |  | 2,025 |  |  | (5,910) |
Book value | $ | 55,578 |  |  | $ | 5,283 |  |  | $ | 739 |  |  | $ | 64,658 |  |  | $ | 126,258 |
Weighted average life in years | 13 |  | 9 |  | 6 |  | N/A |  |
Amortization of intangibles for the second quarter was $4.1 million in 2024 and $4.4 million in 2023, and for the year to date was $8.3 million in 2024 and $8.9 million in 2023. Estimated annual amortization expense based on the current carrying amount of other intangible assets is as follows (in thousands):
| 2024 (Remainder) |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Thereafter
Estimated Amortization Expense | $ | 8,105 |  |  | $ | 15,964 |  |  | $ | 9,092 |  |  | $ | 6,372 |  |  | $ | 4,222 |  |  | $ | 8,280 |
Changes in the carrying amount of goodwill for each reportable segment were as follows (in thousands):
| Contractor |  | Industrial |  | Process |  | Total
Balance, December 29, 2023 | $ | 77,542 |  |  | $ | 143,132 |  |  | $ | 149,554 |  |  | $ | 370,228 |
Foreign currency translation | (447) |  |  | (6,063) |  |  | (181) |  |  | (6,691) |
Balance, June 28, 2024 | $ | 77,095 |  |  | $ | 137,069 |  |  | $ | 149,373 |  |  | $ | 363,537 |

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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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