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Intangible Assets | 3 Months Ended
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Mar. 28, 2025
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 March 28, 2025 |  |  |  |  |  |  |  |  |
Cost | $ | 270,586 |  |  | $ | 30,990 |  |  | $ | 3,756 |  |  | $ | 95,091 |  |  | $ | 400,423 |
Accumulated amortization | (148,689) |  |  | (7,606) |  |  | (2,580) |  |  | — |  |  | (158,875) |
Foreign currency translation | (9,043) |  |  | (464) |  |  | (32) |  |  | (123) |  |  | (9,662) |
Book value | $ | 112,854 |  |  | $ | 22,920 |  |  | $ | 1,144 |  |  | $ | 94,968 |  |  | $ | 231,886 |
Weighted average life in years | 13 |  | 10 |  | 3 |  | N/A |  |
As of December 27, 2024 |  |  |  |  |  |  |  |  |
Cost | $ | 270,910 |  |  | $ | 34,731 |  |  | $ | 3,756 |  |  | $ | 95,091 |  |  | $ | 404,488 |
Accumulated amortization | (143,689) |  |  | (10,534) |  |  | (1,478) |  |  | — |  |  | (155,701) |
Foreign currency translation | (12,102) |  |  | (1,182) |  |  | (79) |  |  | (2,118) |  |  | (15,481) |
Book value | $ | 115,119 |  |  | $ | 23,015 |  |  | $ | 2,199 |  |  | $ | 92,973 |  |  | $ | 233,306 |
Weighted average life in years | 14 |  | 9 |  | 3 |  | N/A |  |
Amortization of intangibles for the year to date was $7 million in 2025 and $4 million in 2024. Estimated annual amortization expense based on the current carrying amount of other intangible assets is as follows (in thousands):
| 2025 (Remainder) |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter
Estimated Amortization Expense | $ | 18,157 |  |  | $ | 16,662 |  |  | $ | 13,902 |  |  | $ | 11,734 |  |  | $ | 11,151 |  |  | $ | 58,525 |
Changes in the carrying amount of goodwill for each reportable segment were as follows (in thousands):
| Contractor |  | Industrial |  | Expansion Markets |  | Total
Balance, December 27, 2024 | $ | 198,038 |  |  | $ | 217,698 |  |  | $ | 71,732 |  |  | $ | 487,468 |
Adjustments from business acquisitions | 1,091 |  |  | — |  |  | — |  |  | 1,091 |
Foreign currency translation | 4,819 |  |  | 2,254 |  |  | — |  |  | 7,073 |
Balance, March 28, 2025 | $ | 203,948 |  |  | $ | 219,952 |  |  | $ | 71,732 |  |  | $ | 495,632 |

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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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