XML 56 R41.htm IDEA: XBRL DOCUMENT v3.24.0.1
Goodwill and Identifiable Intangible Assets (Tables)
 12 Months Ended
Dec. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Change in Net Carrying Amount of Goodwill by Segment The change in the net carrying amount of goodwill by segment was as follows:

 

(In millions)

 

Water

 

 

 

Outdoors

 

 

Security

 

 

Total
Goodwill

 

Balance at December 31, 2021(a)

 

$

814.1

 

 

 

$

627.7

 

 

$

97.1

 

 

$

1,538.9

 

2022 translation adjustments

 

 

(9.4

)

 

 

 

—

 

 

 

(0.8

)

 

 

(10.2

)

Acquisition-related adjustments

 

 

88.7

 

 

 

 

23.3

 

 

 

—

 

 

 

112.0

 

Balance at December 31, 2022(a)

 

$

893.4

 

 

 

$

651.0

 

 

$

96.3

 

 

$

1,640.7

 

2023 translation adjustments

 

 

8.1

 

 

 

 

—

 

 

 

0.4

 

 

 

8.5

 

Acquisition-related adjustments

 

 

227.8

 

 

 

 

0.1

 

 

 

29.7

 

 

 

257.6

 

Balance at December 30, 2023(a)

 

$

1,129.3

 

 

 

$

651.1

 

 

$

126.4

 

 

$

1,906.8

 

 

(a)
Net of accumulated impairment losses of $399.5 million in the Outdoors segment.
Gross Carrying Value and Accumulated Amortization by Class of Identifiable Intangible Assets

The gross carrying value and accumulated amortization by class of intangible assets as of December 30, 2023 and December 31, 2022 were as follows:

 

 

As of December 30, 2023

 

As of December 31, 2022

 

(In millions)

Gross
Carrying
Amounts

 

Accumulated
Amortization

 

Net Book
Value

 

Gross
Carrying
Amounts

 

Accumulated
Amortization

 

Net Book
Value

 

Indefinite-lived tradenames

$

520.1

 

$

—

 

$

520.1

 

$

478.1

 

$

—

 

$

478.1

 

Amortizable intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

Tradenames

 

58.4

 

 

(9.3

)

 

49.1

 

 

47.5

 

 

(6.8

)

 

40.7

 

Customer and contractual relationships

 

1,017.3

 

 

(289.4

)

 

727.9

 

 

662.6

 

 

(239.6

)

 

423.0

 

Patents/proprietary technology

 

138.2

 

 

(80.6

)

 

57.6

 

 

128.5

 

 

(69.5

)

 

59.0

 

Total

 

1,213.9

 

 

(379.3

)

 

834.6

 

 

838.6

 

 

(315.9

)

 

522.7

 

Total identifiable intangibles

$

1,734.0

 

$

(379.3

)

$

1,354.7

 

$

1,316.7

 

$

(315.9

)

$

1,000.8

 
Significant Assumptions Used to Estimate the Fair Value of Tradename Impaired

The significant assumptions used to estimate the fair value of the tradenames impaired during the year ended December 30, 2023 were as follows:

 

 

 

2023

 

Unobservable Input

 

Minimum

 

 

Maximum

 

 

Weighted Average(a)

 

Discount rates

 

 

13.0

%

 

 

14.5

%

 

 

14.3

%

Royalty rates(b)

 

 

2.5

%

 

 

3.5

%

 

 

3.4

%

Long-term revenue growth rates(c)

 

 

2.0

%

 

 

3.0

%

 

 

2.1

%

 

(a)
Weighted by the relative fair value of the tradenames that were tested quantitatively.
(b)
Represents estimated percentage of sales a market-participant would pay to license the impaired tradenames.
(c)
Selected long-term revenue growth rate within 10-year projection period of the impaired tradenames.