Intangible Assets

3 Months Ended

Mar. 26, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible Assets

Components of other intangible assets were (dollars in thousands):

	Finite Life						Indefinite Life
	Customer Relationships		Patents and Proprietary Technology		Trademarks, Trade Names and Other		Trade Names		Total
As of March 26, 2021
Cost	$	186,073	$	25,364	$	900	$	61,920	$	274,257
Accumulated amortization	(97,426)		(13,603)		(338)		—		(111,367)
Foreign currency translation	(7,625)		(661)		—		(1,812)		(10,098)
Book value	$	81,022	$	11,100	$	562	$	60,108	$	152,792
Weighted average life in years	13		10		5		N/A

As of December 25, 2020
Cost	$	186,073	$	25,187	$	900	$	61,920	$	274,080
Accumulated amortization	(93,832)		(12,924)		(301)		—		(107,057)
Foreign currency translation	(6,004)		(538)		—		188		(6,354)
Book value	$	86,237	$	11,725	$	599	$	62,108	$	160,669
Weighted average life in years	13		10		5		N/A

Amortization of intangibles for the quarter was $4.3 million in 2021 and $4.1 million in 2020. Estimated annual amortization expense based on the current carrying amount of other intangible assets is as follows (in thousands):

	2021 (Remainder)		2022		2023		2024		2025		Thereafter
Estimated Amortization Expense	$	12,679	$	16,796	$	15,920	$	14,245	$	13,796	$	19,248

Changes in the carrying amount of goodwill for each reportable segment were (in thousands): 

	Industrial		Process		Contractor		Total
Balance, December 25, 2020	$	186,536	$	141,513	$	19,554	$	347,603
Foreign currency translation	(4,727)		134		—		(4,593)
Balance, March 26, 2021	$	181,809	$	141,647	$	19,554	$	343,010

Subsequent to the end of the first quarter, the Company completed the acquisition of a business that is not material to the consolidated financial statements.