Goodwill and Identifiable Intangible Assets

3 Months Ended

Apr. 01, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets

5. Goodwill and Identifiable Intangible Assets

We had goodwill of $1,643.6 million and $1,640.7 million as of April 1, 2023 and December 31, 2022, respectively. The change in the net carrying amount of goodwill by segment was as follows:


(In millions)	Water		Outdoors		Security		Total Goodwill
Goodwill at December 31, 2022(a)	$	893.4	$	651.0	$	96.3	$	1,640.7
Year-to-date foreign currency translation adjustments		2.8		—		0.1		2.9
Goodwill at April 1, 2023(a)	$	896.2	$	651.0	$	96.4	$	1,643.6

(a) Net of accumulated impairment losses of $399.5 million in the Outdoors segment.

The gross carrying value and accumulated amortization by class of identifiable intangible assets as of April 1, 2023 and December 31, 2022 were as follows:


(In millions)	As of April 1, 2023							As of December 31, 2022
	Gross Carrying Amounts		Accumulated Amortization			Net Book Value		Gross Carrying Amounts		Accumulated Amortization			Net Book Value
Indefinite-lived tradenames	$	478.2	$	—		$	478.2	$	478.1	$	—		$	478.1
Amortizable intangible assets
Tradenames		48.2		(7.4	)		40.8		47.5		(6.8	)		40.7
Customer and contractual relationships		664.4		(249.3	)		415.1		662.6		(239.6	)		423.0
Patents/proprietary technology		128.8		(72.2	)		56.6		128.5		(69.5	)		59.0
Total		841.4		(328.9	)		512.5		838.6		(315.9	)		522.7
Total identifiable intangibles	$	1,319.6	$	(328.9	)	$	990.7	$	1,316.7	$	(315.9	)	$	1,000.8

We had net identifiable intangible assets of $990.7 million and $1,000.8 million as of April 1, 2023 and December 31, 2022, respectively. The $2.9 million increase in gross identifiable intangible assets was primarily due to foreign translation adjustments.

Amortizable identifiable intangible assets, principally customer relationships, are subject to amortization over their estimated useful life, ranging from 5 to 30 years, based on the assessment of a number of factors that may impact useful life, which includes customer attrition rates and other relevant factors.