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Goodwill and Intangible Assets | 6 Months Ended
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Jun. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | 5. Goodwill and Intangible Assets We had goodwill of $1,994.8 million and $1,906.8 million as of June 29, 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 | ) |  |  | - |  |  |  | (0.5 | ) |  |  | (2.9 | )
Acquisition-related adjustments |  |  | 86.4 |  |  |  | - |  |  |  | 4.5 |  |  |  | 90.9 |
Goodwill at June 29, 2024(a) |  | $ | 1,213.3 |  |  | $ | 651.1 |  |  | $ | 130.4 |  |  | $ | 1,994.8 |
(a) Net of accumulated impairment losses of $399.5 million in the Outdoors segment. The gross carrying value and accumulated amortization by class of intangible assets as of June 29, 2024 and December 30, 2023 were as follows:
(In millions) |  | As of June 29, 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 |  | $ | 519.6 |  |  | $ | - |  |  | $ | 519.6 |  |  | $ | 520.1 |  |  | $ | - |  |  | $ | 520.1 |
Amortizable intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tradenames |  |  | 76.3 |  |  |  | (11.1 | ) |  |  | 65.2 |  |  |  | 58.4 |  |  |  | (9.3 | ) |  |  | 49.1 |
Customer and contractual relationships |  |  | 1,017.6 |  |  |  | (317.9 | ) |  |  | 699.7 |  |  |  | 1,017.3 |  |  |  | (289.4 | ) |  |  | 727.9 |
Patents/proprietary technology |  |  | 138.4 |  |  |  | (86.7 | ) |  |  | 51.7 |  |  |  | 138.2 |  |  |  | (80.6 | ) |  |  | 57.6 |
Total |  |  | 1,232.3 |  |  |  | (415.7 | ) |  |  | 816.6 |  |  |  | 1,213.9 |  |  |  | (379.3 | ) |  |  | 834.6 |
Total intangible assets |  | $ | 1,751.9 |  |  | $ | (415.7 | ) |  | $ | 1,336.2 |  |  | $ | 1,734.0 |  |  | $ | (379.3 | ) |  | $ | 1,354.7 |
We had net intangible assets of $1,336.2 million and $1,354.7 million as of June 29, 2024 and December 30, 2023, respectively. The $17.9 million increase in gross intangible assets was primarily due to the SpringWell acquisition, partially offset by foreign currency translation adjustments. Amortizable 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.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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