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Goodwill and Intangible Assets
 9 Months Ended
Sep. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

5. Goodwill and Intangible Assets

We had goodwill of $2,004.7 million and $1,906.8 million as of September 28, 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

 

 

7.3

 

 

 

-

 

 

 

(0.3

)

 

 

7.0

 

Acquisition-related adjustments

 

 

86.4

 

 

 

-

 

 

 

4.5

 

 

 

90.9

 

Goodwill at September 28, 2024(a)

 

$

1,223.0

 

 

$

651.1

 

 

$

130.6

 

 

$

2,004.7

 

 

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

The gross carrying value and accumulated amortization by class of intangible assets as of September 28, 2024 and December 30, 2023 were as follows:

 

(In millions)

 

As of September 28, 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

 

$

519.9

 

 

$

-

 

 

$

519.9

 

 

$

520.1

 

 

$

-

 

 

$

520.1

 

Amortizable intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tradenames

 

 

78.5

 

 

 

(12.4

)

 

 

66.1

 

 

 

58.4

 

 

 

(9.3

)

 

 

49.1

 

Customer and contractual relationships

 

 

1,023.5

 

 

 

(334.3

)

 

 

689.2

 

 

 

1,017.3

 

 

 

(289.4

)

 

 

727.9

 

Patents/proprietary technology

 

 

139.1

 

 

 

(90.0

)

 

 

49.1

 

 

 

138.2

 

 

 

(80.6

)

 

 

57.6

 

Total

 

 

1,241.1

 

 

 

(436.7

)

 

 

804.4

 

 

 

1,213.9

 

 

 

(379.3

)

 

 

834.6

 

Total intangible assets

 

$

1,761.0

 

 

$

(436.7

)

 

$

1,324.3

 

 

$

1,734.0

 

 

$

(379.3

)

 

$

1,354.7

 

We had net intangible assets of $1,324.3 million and $1,354.7 million as of September 28, 2024 and December 30, 2023, respectively. The $27.0 million increase in gross intangible assets was primarily due to the SpringWell acquisition and 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.