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GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended
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Dec. 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 December 25, 2021 and December 26, 2020 were as follows:
| December 25, 2021
| Gross Carrying Amount |  | Accumulated Amortization |  | Weighted Average Life
Customer Relationships | $ | 224,597 |  |  | $ | 160,626 |  |  | 13 years
Patents & Proprietary Technology | 58,699 |  |  | 13,955 |  |  | 9 years
Trade Name | 2,850 |  |  | 183 |  |  | 7 years
Other | 4,534 |  |  | 3,959 |  |  | 6 years
| $ | 290,680 |  |  | $ | 178,723 |  |  |
| 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 was $21,320, $18,147 and $18,087 for the fiscal years ended December 25, 2021, December 26, 2020 and December 28, 2019, respectively. During the fourth quarter of fiscal 2021, an impairment test was required when the Company received clarifying information on the competitive environment of the Valmont SM business in Europe. As a result, an impairment charge of approximately $4,483 was recognized against the remaining net book value of the Valmont SM customer relationship. Estimated annual amortization expense related to finite‑lived intangible assets is as follows:
| Estimated Amortization Expense
2022 | $ | 19,466 |
2023 | 17,692 |
2024 | 15,768 |
2025 | 14,301 |
2026 | 10,123 |
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. The carrying values of these trade names at December 25, 2021 and December 26, 2020 were as follows:
| December 25, 2021 |  | December 26, 2020 |  | Year Acquired
Newmark | $ | 11,111 |  |  | $ | 11,111 |  |  | 2004
Webforge | 7,877 |  |  | 7,972 |  |  | 2010
Valmont SM | 6,082 |  |  | 8,720 |  |  | 2014
Ingal EPS/Ingal Civil Products | 7,637 |  |  | 7,730 |  |  | 2010
Shakespeare | 4,000 |  |  | 4,000 |  |  | 2014
Walpar | 3,500 |  |  | 3,500 |  |  | 2018
Convert | 8,479 |  |  | 9,137 |  |  | 2018
Other | 14,721 |  |  | 14,828 |  |  |
| $ | 63,407 |  |  | $ | 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. During the fourth quarter of fiscal 2021, an impairment test was required when the Company received clarifying information on the competitive environment of the Valmont SM business in Europe. As a result, an impairment charge of approximately $2,013 was recognized against the Valmont SM trade name. 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 December 25, 2021 and December 26, 2020 was as follows:
| Engineered Support Structures Segment |  | Utility Support Structures Segment |  | Coatings Segment |  | Irrigation Segment |  |  |  | Total
Gross balance at 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 | — |  |  | — |  |  | — |  |  | 284,253 |  |  |  |  | 284,253 |
Foreign currency translation | (1,632) |  |  | (3,256) |  |  | (203) |  |  | (918) |  |  |  |  | (6,009) |
Balance at December 25, 2021 | $ | 199,446 |  |  | $ | 117,724 |  |  | $ | 77,884 |  |  | $ | 313,512 |  |  |  |  | $ | 708,566 |
| Engineered Support Structures Segment |  | Utility Support Structures Segment |  | Coatings Segment |  | Irrigation Segment |  |  |  | Total
Gross balance at December 28, 2019 | $ | 228,634 |  |  | $ | 130,594 |  |  | $ | 93,747 |  |  | $ | 25,136 |  |  |  |  | $ | 478,111 |
Accumulated impairment losses | (18,670) |  |  | (14,355) |  |  | (16,222) |  |  | — |  |  |  |  | (49,247) |
Balance at December 28, 2019 | 209,964 |  |  | 116,239 |  |  | 77,525 |  |  | 25,136 |  |  |  |  | 428,864 |
Acquisitions | — |  |  | 1,100 |  |  | — |  |  | 5,038 |  |  |  |  | 6,138 |
Impairment | (12,575) |  |  | — |  |  | — |  |  | — |  |  |  |  | (12,575) |
Foreign currency translation | 3,689 |  |  | 3,641 |  |  | 562 |  |  | 3 |  |  |  |  | 7,895 |
Balance at December 26, 2020 | $ | 201,078 |  |  | $ | 120,980 |  |  | $ | 78,087 |  |  | $ | 30,177 |  |  |  |  | $ | 430,322 |
The Company’s annual impairment test of goodwill was performed as of August 28, 2021, using primarily the discounted cash flow method. The solar tracking structure reporting unit projects meaningful annual revenue growth for the foreseeable future due to strong market conditions. Therefore, we valued this reporting unit using a blend of both the discounted cash flows and a market approach. The market valuation approach estimates the terminal value for this reporting unit using a multiple of earnings before interest, taxes, depreciation and amortization (EBITDA). During fiscal 2021, no goodwill impairment was recorded. In April 2020, the price of a barrel of oil began a large decline and various economic forecasts show the lower price of oil will continue into the next few years. This lower price for oil and a revised assessment of the Australian market performed in conjunction with the executed restructuring activities required the Company to re-assess the financial projections for the Access Systems reporting unit. This resulted in lower projected net sales, operating income, and cash flows for this reporting unit, resulting in the need for an interim impairment test. The results of the test showed that the 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 the second quarter of 2020.

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