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Goodwill and Identifiable Intangible Assets | 12 Months Ended
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Dec. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Identifiable Intangible Assets | 6. Goodwill and Identifiable Intangible Assets The following table summarizes the changes in the carry value of goodwill by segment:
(In millions) |  | Water |  |  |  | Outdoors |  |  | Security |  |  | Total Goodwill |
Balance at December 31, 2022(a) |  | $ | 893.4 |  |  |  | $ | 651.0 |  |  | $ | 96.3 |  |  | $ | 1,640.7 |
Foreign currency translation adjustments and other |  |  | 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 |
Foreign currency translation adjustments and other |  |  | (5.3 | ) |  |  |  | — |  |  |  | (1.2 | ) |  |  | (6.5 | )
Acquisition-related adjustments |  |  | 87.2 |  |  |  |  | — |  |  |  | 4.5 |  |  |  | 91.7 |
Balance at December 28, 2024(a) |  | $ | 1,211.2 |  |  |  | $ | 651.1 |  |  | $ | 129.7 |  |  | $ | 1,992.0 |
(a) Net of accumulated impairment losses of $399.5 million in the Outdoors segment. The gross carrying value and accumulated amortization for each major category of intangible asset are as follows:
| As of December 28, 2024 |  | As of December 30, 2023 |
(In millions) | Gross Carrying Amounts |  | Accumulated Amortization |  | Net Book Value |  | Gross Carrying Amounts |  | Accumulated Amortization |  | Net Book Value |
Indefinite-lived tradenames | $ | 518.8 |  | $ | — |  | $ | 518.8 |  | $ | 520.1 |  | $ | — |  | $ | 520.1 |
Amortizable intangible assets |  |  |  |  |  |  |  |  |  |  |  |
Tradenames |  | 76.1 |  |  | (13.1 | ) |  | 63.0 |  |  | 58.4 |  |  | (9.3 | ) |  | 49.1 |
Customer and contractual relationships |  | 1,015.5 |  |  | (346.2 | ) |  | 669.3 |  |  | 1,017.3 |  |  | (289.4 | ) |  | 727.9 |
Patents/proprietary technology |  | 138.9 |  |  | (92.8 | ) |  | 46.1 |  |  | 138.2 |  |  | (80.6 | ) |  | 57.6 |
Total |  | 1,230.5 |  |  | (452.1 | ) |  | 778.4 |  |  | 1,213.9 |  |  | (379.3 | ) |  | 834.6 |
Total identifiable intangibles | $ | 1,749.3 |  | $ | (452.1 | ) | $ | 1,297.2 |  | $ | 1,734.0 |  | $ | (379.3 | ) | $ | 1,354.7 |
Amortizable intangible assets, principally customer relationships, are subject to amortization on a straight-line basis 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 include customer attrition rates and other relevant factors. We expect to record intangible amortization of approximately $75.0 million in 2025, $74.0 million in 2026, $71.0 million in 2027, $64.0 million in 2028 and $63.0 million in 2029. During the fourth quarter of 2023, a reduction of revenue growth expectations, which were finalized during our annual planning process, led us to conclude that it was more likely than not that two indefinite-lived tradenames within our Outdoors segment were impaired. As a result of impairment tests performed, we recorded an impairment charge of $33.5 million related to the two indefinite-lived tradenames. As of December 30, 2023, the carrying value of these tradenames was $95.5 million. The fair values of the impaired tradenames were measured using the relief-from-royalty approach, which estimates the present value of royalty income that could be hypothetically earned by licensing the tradename to a third party over its remaining useful life. Some of the more significant assumptions inherent in estimating the fair values include forecasted revenue growth rates, assumed royalty rates, and market-participant discount rates that reflect the level of risk associated with the tradenames’ future revenues and profitability. We selected the assumptions used in the financial forecasts using historical data, supplemented by current and anticipated market conditions, estimated growth rates and management plans. These assumptions represent level 3 inputs of the fair value hierarchy (refer to Note 10, "Fair Value Measurements"). 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.

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