Goodwill and Identifiable Intangible Assets

3 Months Ended

Mar. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets

5. Goodwill and Identifiable Intangible Assets

We had goodwill of $1,988.7 million and $1,906.8 million as of March 30, 2024 and December 30, 2023, 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 30, 2023(a)	$	1,129.3		$	651.1	$	126.4		$	1,906.8
Year-to-date foreign currency translation adjustments		(2.4	)		—		(0.3	)		(2.7	)
Acquisition-related adjustments		84.1			—		0.5			84.6
Goodwill at March 30, 2024(a)	$	1,211.0		$	651.1	$	126.6		$	1,988.7

(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 March 30, 2024 and December 30, 2023 were as follows:


(In millions)	As of March 30, 2024							As of December 30, 2023
	Gross Carrying Amounts		Accumulated Amortization			Net Book Value		Gross Carrying Amounts		Accumulated Amortization			Net Book Value
Indefinite-lived tradenames	$	519.7	$	—		$	519.7	$	520.1	$	—		$	520.1
Amortizable intangible assets
Tradenames		76.3		(10.0	)		66.3		58.4		(9.3	)		49.1
Customer and contractual relationships		1,017.9		(303.4	)		714.5		1,017.3		(289.4	)		727.9
Patents/proprietary technology		138.0		(83.8	)		54.2		138.2		(80.6	)		57.6
Total		1,232.2		(397.2	)		835.0		1,213.9		(379.3	)		834.6
Total identifiable intangibles	$	1,751.9	$	(397.2	)	$	1,354.7	$	1,734.0	$	(379.3	)	$	1,354.7

We had net identifiable intangible assets of $1,354.7 million and $1,354.7 million as of March 30, 2024 and December 30, 2023, respectively. The $17.9 million increase in gross identifiable intangible assets was primarily due to the SpringWell acquisition.

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.