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Intangible Assets | 9 Months Ended
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Sep. 27, 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 September 27, 2024 |  |  |  |  |  |  |  |  |
Cost | $ | 194,417 |  |  | $ | 14,174 |  |  | $ | 1,700 |  |  | $ | 62,633 |  |  | $ | 272,924 |
Accumulated amortization | (139,594) |  |  | (9,828) |  |  | (734) |  |  | — |  |  | (150,156) |
Foreign currency translation | (7,287) |  |  | (330) |  |  | — |  |  | 1,813 |  |  | (5,804) |
Book value | $ | 47,536 |  |  | $ | 4,016 |  |  | $ | 966 |  |  | $ | 64,446 |  |  | $ | 116,964 |
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 third quarter was $4.5 million in 2024 and $4.4 million in 2023, and for the year to date was $12.8 million in 2024 and $13.2 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 | $ | 4,264 |  |  | $ | 16,908 |  |  | $ | 9,729 |  |  | $ | 6,913 |  |  | $ | 4,707 |  |  | $ | 9,997 |
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 |
Additions, adjustments from business acquisitions | — |  |  | — |  |  | 4,022 |  |  | 4,022 |
Foreign currency translation | 65 |  |  | (667) |  |  | 814 |  |  | 212 |
Balance, September 27, 2024 | $ | 77,607 |  |  | $ | 142,465 |  |  | $ | 154,390 |  |  | $ | 374,462 |
In the third quarter the Company completed an acquisition of a business that is not material to the consolidated financial statements. On September 26, 2024, the Company entered into a definitive agreement to acquire Corob S.p.A. ("Corob") for €230 million, subject to certain customary adjustments, with up to €30 million in additional contingent consideration. Corob is a global leader in the design and manufacturing of high-performance volumetric and gravimetric dispensing, mixing, and shaking equipment used in mission-critical tinting applications. The acquisition is expected to be completed during the fourth quarter of fiscal 2024 and funded with cash on hand.

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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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