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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 28, 2024
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 |  | $ | 178,574 |  |  | $ | 8,854 |  |  | $ | 21,652 |  |  | $ | 209,080 |
Accumulated impairment charges |  | (40,552) |  |  | (8,853) |  |  | (2,087) |  |  | (51,492) |
Balance at December 31, 2022: |  | 138,022 |  |  | 1 |  |  | 19,565 |  |  | 157,588 |
Reductions (1) |  | (7,007) |  |  | — |  |  | — |  |  | (7,007) |
Currency translation |  | 1,239 |  |  | — |  |  | — |  |  | 1,239 |
Balance at December 30, 2023: |  | 132,254 |  |  | 1 |  |  | 19,565 |  |  | 151,820 |
Additions (2) |  | 15,107 |  |  | 146,137 |  |  | — |  |  | 161,244 |
Currency translation |  | (1,899) |  |  | — |  |  | — |  |  | (1,899) |
Balance at December 28, 2024: |  |  |  |  |  |  |  |
Goodwill |  | 186,014 |  |  | 154,991 |  |  | 21,652 |  |  | 362,657 |
Accumulated impairment charges |  | (40,552) |  |  | (8,853) |  |  | (2,087) |  |  | (51,492) |
Goodwill, net |  | $ | 145,462 |  |  | $ | 146,138 |  |  | $ | 19,565 |  |  | $ | 311,165 |
(1) Includes disposal of Heatlink Group business.
(2) Includes acquisitions of Nehring and Elkhart businesses.
Reporting units with recorded goodwill include Domestic Piping Systems Group, B&K LLC, Great Lakes, European Operations, Jungwoo-Mueller, Mueller Middle East, Westermeyer, Flex Duct, and Nehring. 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. For 2024, the Company utilized a qualitative assessment in the annual goodwill impairment testing for all reporting units, except the European Operations and Nehring Electrical Works reporting units. Based on the qualitative assessment, the Company concluded that it was more likely than not that the fair value of those reporting units exceeded their respective carrying values. The Company chose to perform a quantitative impairment analysis in the fourth quarter of 2024 for its European Operations and Nehring Electrical Works reporting units. As a result of these quantitative analyses no impairment loss was recognized for the goodwill of the respective reporting units. Other Intangible Assets The carrying amount of intangible assets at December 28, 2024 was as follows:
(In thousands) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Customer relationships |  | $ | 259,831 |  |  | $ | (25,403) |  |  | $ | 234,428 |
Non-compete agreements |  | 2,847 |  |  | (2,229) |  |  | 618 |
Patents and technology |  | 16,385 |  |  | (8,915) |  |  | 7,470 |
Trade names and licenses |  | 74,816 |  |  | (10,975) |  |  | 63,841 |
Other |  | 1,715 |  |  | (1,715) |  |  | — |
Other intangible assets |  | $ | 355,594 |  |  | $ | (49,237) |  |  | $ | 306,357 |
The carrying amount of intangible assets at December 30, 2023 was as follows:
(In thousands) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Customer relationships |  | $ | 50,009 |  |  | $ | (17,535) |  |  | $ | 32,474 |
Non-compete agreements |  | 2,325 |  |  | (2,325) |  |  | — |
Patents and technology |  | 16,681 |  |  | (8,119) |  |  | 8,562 |
Trade names and licenses |  | 12,092 |  |  | (6,920) |  |  | 5,172 |
Other |  | 1,715 |  |  | (1,715) |  |  | — |
Other intangible assets |  | $ | 82,822 |  |  | $ | (36,614) |  |  | $ | 46,208 |
Amortization expense for intangible assets was $13.9 million in 2024, $5.0 million in 2023, and $5.6 million in 2022. Future amortization expense is estimated as follows:
(In thousands) |  | Amount
2025 |  | $ | 20,419 |
2026 |  | 20,281 |
2027 |  | 20,280 |
2028 |  | 20,042 |
2029 |  | 18,743 |
Thereafter |  | 206,592 |
Expected amortization expense |  | $ | 306,357 |

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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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