XML 37 R19.htm IDEA: XBRL DOCUMENT
v3.22.4

Goodwill and Other Intangible Assets | 12 Months Ended
--- | ---
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill The changes in the carrying amount of goodwill by segment were as follows:
(In thousands) |  | Piping Systems |  | Industrial Metals |  | Climate |  | Total
Goodwill |  | $ | 184,699 |  |  | $ | 8,854 |  |  | $ | 23,616 |  |  | $ | 217,169 |
Accumulated impairment charges |  | (40,552) |  |  | (8,853) |  |  | — |  |  | (49,405) |
Balance at December 26, 2020: |  | 144,147 |  |  | 1 |  |  | 23,616 |  |  | 167,764 |
Additions |  | 12,098 |  |  | — |  |  | — |  |  | 12,098 |
Reductions (1) |  | (4,402) |  |  | — |  |  | (1,964) |  |  | (6,366) |
Impairment charges |  | $ | — |  |  | $ | — |  |  | $ | (2,087) |  |  | $ | (2,087) |
Currency translation |  | (79) |  |  | — |  |  | — |  |  | (79) |
Balance at December 25, 2021: |  | 151,764 |  |  | 1 |  |  | 19,565 |  |  | 171,330 |
Reductions (2) |  | (11,216) |  |  | — |  |  | — |  |  | (11,216) |
Currency translation |  | (2,526) |  |  | — |  |  | — |  |  | (2,526) |
Balance at December 31, 2022: |  |  |  |  |  |  |  |
Goodwill |  | 178,574 |  |  | 8,854 |  |  | 19,565 |  |  | 206,993 |
Accumulated impairment charges |  | (40,552) |  |  | (8,853) |  |  | — |  |  | (49,405) |
Goodwill, net |  | $ | 138,022 |  |  | $ | 1 |  |  | $ | 19,565 |  |  | $ | 157,588 |
(1) Includes disposals of Die-Mold and STI businesses. |  |  |  |  |  |  |  |
(2) Includes finalization of the purchase price allocation adjustment for Mueller Middle East of $11.2 million.
Reporting units with recorded goodwill include Domestic Piping Systems Group, B&K LLC, Great Lakes, Heatlink Group, European Operations, Jungwoo-Mueller, Mueller Middle East, Westermeyer, and Flex Duct. Several factors give rise to goodwill in the Company’s acquisitions, such as the expected benefit from synergies of the combination and the existing workforce of the acquired businesses. With the exception of the Turbotec reporting unit, there were no impairment charges resulting from the 2022, 2021, or 2020 annual impairment tests as the estimated fair value of each of the reporting units exceeded its carrying value. During the third quarter of 2021, the Company recognized an impairment charge of $2.1 million related to Turbotec, reported within the Climate segment. Other Intangible Assets The carrying amount of intangible assets at December 31, 2022 was as follows:
(In thousands) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Customer relationships |  | $ | 53,156 |  |  | $ | (15,658) |  |  | $ | 37,498 |
Non-compete agreements |  | 2,333 |  |  | (2,333) |  |  | — |
Patents and technology |  | 18,032 |  |  | (7,570) |  |  | 10,462 |
Trade names and licenses |  | 13,374 |  |  | (6,697) |  |  | 6,677 |
Other |  | 1,676 |  |  | (1,528) |  |  | 148 |
Other intangible assets |  | $ | 88,571 |  |  | $ | (33,786) |  |  | $ | 54,785 |
The carrying amount of intangible assets at December 25, 2021 was as follows:
(In thousands) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Customer relationships |  | $ | 55,108 |  |  | $ | (13,803) |  |  | $ | 41,305 |
Non-compete agreements |  | 2,474 |  |  | (2,458) |  |  | 16 |
Patents and technology |  | 18,396 |  |  | (6,501) |  |  | 11,895 |
Trade names and licenses |  | 13,654 |  |  | (5,598) |  |  | 8,056 |
Other |  | 1,676 |  |  | (1,234) |  |  | 442 |
Other intangible assets |  | $ | 91,308 |  |  | $ | (29,594) |  |  | $ | 61,714 |
Amortization expense for intangible assets was $5.6 million in 2022, $6.3 million in 2021, and $6.1 million in 2020. Future amortization expense is estimated as follows:
(In thousands) |  | Amount
2023 |  | $ | 5,145 |
2024 |  | 4,930 |
2025 |  | 4,808 |
2026 |  | 4,663 |
2027 |  | 4,662 |
Thereafter |  | 30,577 |
Expected amortization expense |  | $ | 54,785 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI https://asc.fasb.org/topic&trid=2144416 + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration