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Goodwill and Identifiable Intangible Assets | 9 Months Ended
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Sep. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Identifiable Intangible Assets | Goodwill and Identifiable Intangible Assets We had goodwill of $1,129.4 million and $925.1 million as of September 29, 2024 and December 31, 2023, respectively. The change in the net carrying amount of goodwill was as follows:
(U.S. Dollars presented in millions) |  | Total Goodwill
Balance at December 31, 2023 |  | $ | 925.1 |
Supreme acquisition |  | 204.9 |
2024 translation adjustments |  | (0.6) |
Balance at September 29, 2024 |  | $ | 1,129.4 |
The gross carrying value and accumulated amortization by class of intangible assets as of September 29, 2024 and December 31, 2023 were as follows:
|  | September 29, 2024 |  | December 31, 2023
(U.S. Dollars presented in millions) |  | Gross Carrying Amounts |  | Accumulated Amortization |  | Net Book Value |  | Gross Carrying Amounts |  | Accumulated Amortization |  | Net Book Value
Indefinite-lived tradenames (a) |  | $ | 268.5 |  |  | $ | — |  |  | $ | 268.5 |  |  | $ | 184.2 |  |  | $ | — |  |  | $ | 184.2 |
Amortizable intangible assets |  |  |  |  |  |  |  |  |  |  |  |
Tradenames |  | 10.3 |  |  | (10.3) |  |  | — |  |  | 10.4 |  |  | (10.4) |  |  | — |
Customer and contractual relationships (a) |  | 534.9 |  |  | (225.5) |  |  | 309.4 |  |  | 363.6 |  |  | (212.3) |  |  | 151.3 |
Patents/proprietary technology |  | 11.0 |  |  | (11.0) |  |  | — |  |  | 11.0 |  |  | (11.0) |  |  | — |
Total |  | 556.2 |  |  | (246.8) |  |  | 309.4 |  |  | 385.0 |  |  | (233.7) |  |  | 151.3 |
Total identifiable intangibles |  | $ | 824.7 |  |  | $ | (246.8) |  |  | $ | 577.9 |  |  | $ | 569.2 |  |  | $ | (233.7) |  |  | $ | 335.5 |
(a) During the third quarter of 2024, we completed our acquisition of Supreme, acquiring Indefinite-lived tradenames of $85.1 million and customer relationships of $171.8 million. There were no impairments of goodwill or indefinite-lived assets for the thirteen and thirty-nine weeks ended September 29, 2024. The Company tests goodwill and indefinite-lived intangibles for impairment annually in the fourth quarter or more frequently if events or changes in circumstances indicate the asset might be impaired. There were no triggering events requiring an impairment assessment be conducted in the thirteen and thirty-nine weeks ended September 29, 2024. However, it is possible that future changes in circumstances would require the Company to record additional non-cash impairment charges.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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