XML 23 R12.htm IDEA: XBRL DOCUMENT
v3.21.2

GOODWILL AND INTANGIBLE ASSETS | 9 Months Ended
--- | ---
Sep. 25, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS Amortized Intangible Assets The components of amortized intangible assets at September 25, 2021 and December 26, 2020 were as follows:
| September 25, 2021
| Gross Carrying Amount |  | Accumulated Amortization |  | Weighted Average Life
Customer Relationships | $ | 239,493 |  |  | $ | 166,857 |  |  | 13 years
Patents & Proprietary Technology | 63,109 |  |  | 12,318 |  |  | 8 years
Other | 7,469 |  |  | 6,828 |  |  | 4 years
| $ | 310,071 |  |  | $ | 186,003 |  |  |
| December 26, 2020
| Gross Carrying Amount |  | Accumulated Amortization |  | Weighted Average Life
Customer Relationships | $ | 237,232 |  |  | $ | 155,760 |  |  | 13 years
Patents & Proprietary Technology | 26,208 |  |  | 8,301 |  |  | 14 years
Other | 7,602 |  |  | 6,786 |  |  | 4 years
| $ | 271,042 |  |  | $ | 170,847 |  |  |
Amortization expense for intangible assets for the thirteen and thirty-nine weeks ended September 25, 2021 and September 26, 2020, respectively was as follows:
Thirteen weeks ended |  | Thirty-nine weeks ended
2021 |  | 2020 |  | 2021 |  | 2020
$ | 6,137 |  |  | $ | 4,518 |  |  | $ | 15,551 |  |  | $ | 13,621 |
Estimated annual amortization expense related to finite-lived intangible assets is as follows:
| Estimated Amortization Expense
2021 | $ | 21,392 |
2022 | 21,062 |
2023 | 19,261 |
2024 | 17,324 |
2025 | 15,868 |
The useful lives assigned to finite-lived intangible assets included consideration of factors such as the Company’s past and expected experience related to customer retention rates, the remaining legal or contractual life of the underlying arrangement that resulted in the recognition of the intangible asset and the Company’s expected use of the intangible asset. Non-amortized intangible assets Intangible assets with indefinite lives are not amortized and consist solely of trade names. The carrying value of trade names at September 25, 2021 and December 26, 2020 are as follows:
| September 25, 2021 |  | December 26, 2020 |  | Year Acquired
Newmark | $ | 11,111 |  |  | $ | 11,111 |  |  | 2004
Webforge | 8,035 |  |  | 7,972 |  |  | 2010
Convert Italia S.p.A | 8,790 |  |  | 9,137 |  |  | 2018
Valmont SM | 8,386 |  |  | 8,720 |  |  | 2014
Ingal EPS/Ingal Civil Products | 7,790 |  |  | 7,730 |  |  | 2010
Walpar | 3,500 |  |  | 3,500 |  |  | 2018
Shakespeare | 4,000 |  |  | 4,000 |  |  | 2014
Other | 17,769 |  |  | 14,828 |  |  | Various
| $ | 69,381 |  |  | $ | 66,998 |  |  |
In its determination of these intangible assets as indefinite-lived, the Company considered such factors as its expected future use of the intangible asset, legal, regulatory, technological and competitive factors that may impact the useful life or value of the intangible asset and the expected costs to maintain the value of the intangible asset. The Company expects that these intangible assets will maintain their value indefinitely. Accordingly, these assets are not amortized. The Company’s trade names were tested for impairment as of August 28, 2021. The values of each trade name were determined using the relief-from-royalty method. Based on this evaluation, no trade names were determined to be impaired. In conjunction with an interim second quarter 2020 goodwill impairment test, impairment indicators were noted for the Webforge and Locker trade names requiring an interim impairment test. As a result, an impairment charge of approximately $3,900 was recognized against these two trade names in fiscal 2020. Goodwill The carrying amount of goodwill by segment as of September 25, 2021 and December 26, 2020 was as follows:
| Engineered Support Structures Segment |  | Utility Support Structures Segment |  | Coatings Segment |  | Irrigation Segment |  |  |  | Total
Gross Balance December 26, 2020 | $ | 232,323 |  |  | $ | 135,335 |  |  | $ | 94,309 |  |  | $ | 30,177 |  |  |  |  | $ | 492,144 |
Accumulated impairment losses | (31,245) |  |  | (14,355) |  |  | (16,222) |  |  | — |  |  |  |  | (61,822) |
Balance at December 26, 2020 | 201,078 |  |  | 120,980 |  |  | 78,087 |  |  | 30,177 |  |  |  |  | 430,322 |
Acquisitions | — |  |  | — |  |  | — |  |  | 280,659 |  |  |  |  | 280,659 |
Foreign currency translation | 170 |  |  | (1,731) |  |  | 129 |  |  | (87) |  |  |  |  | (1,519) |
Balance at September 25, 2021 | $ | 201,248 |  |  | $ | 119,249 |  |  | $ | 78,216 |  |  | $ | 310,749 |  |  |  |  | $ | 709,462 |
The Company’s annual impairment test of goodwill was performed as of August 28, 2021, using primarily the discounted cash flow method. During fiscal 2021, no goodwill impairment has been recorded. An interim impairment test was required in the second quarter of 2020 and that test showed that the Access Systems reporting unit's carrying value was higher than its estimated fair value. Accordingly, the Company recorded a $12,575 impairment of Access System's goodwill in fiscal 2020.

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 http://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