Goodwill and Other Intangible Assets (Tables)
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12 Months Ended |
Jan. 02, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] |
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Schedule of Intangible Assets and Goodwill |
Goodwill and other intangible assets included in the Consolidated Balance Sheets consisted of the following (in thousands): | | | | | | | | | | | | | January 2, 2021 | | December 28, 2019 | Goodwill | $ | 292,434 | | | $ | 270,820 | | Definite-lived intangible assets | 139,863 | | | 146,040 | | Indefinite-lived intangible assets | 26,599 | | | 28,849 | | Total goodwill and other intangible assets | $ | 458,896 | | | $ | 445,709 | |
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Schedule of Goodwill |
The changes in the carrying amount of goodwill, by reporting segment, are as follows (in thousands): | | | | | | | | | | | | | | | | | | | Workplace Furnishings | | Residential Building Products | | Total | Balance as of December 29, 2018 | | | | | | Goodwill | $ | 128,645 | | | $ | 186,662 | | | $ | 315,307 | | Accumulated impairment losses | (44,376) | | | (143) | | | (44,519) | | Net goodwill balance as of December 29, 2018 | $ | 84,269 | | | $ | 186,519 | | | $ | 270,788 | | | | | | | | | | | | | | | | | | | | Foreign currency translation adjustment | 32 | | | — | | | 32 | | | | | | | | | | | | | | Balance as of December 28, 2019 | | | | | | Goodwill | 128,677 | | | 186,662 | | | 315,339 | | Accumulated impairment losses | (44,376) | | | (143) | | | (44,519) | | Net goodwill balance as of December 28, 2019 | $ | 84,301 | | | $ | 186,519 | | | $ | 270,820 | | | | | | | | Goodwill acquired during the year | 39,800 | | | 10,314 | | | 50,114 | | Impairment losses | (28,500) | | | — | | | (28,500) | | | | | | | | | | | | | | Balance as of January 2, 2021 | | | | | | Goodwill | 168,477 | | | 196,976 | | | 365,453 | | Accumulated impairment losses | (72,876) | | | (143) | | | (73,019) | | Net goodwill balance as of January 2, 2021 | $ | 95,601 | | | $ | 196,833 | | | $ | 292,434 | |
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Schedule of Finite-Lived Intangible Assets by Major Class |
The table below summarizes amortizable definite-lived intangible assets, which are reflected in "Goodwill and Other Intangible Assets" in the Corporation’s Consolidated Balance Sheets (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | January 2, 2021 | | December 28, 2019 | | | Gross | | Accumulated Amortization | | Net | | Gross | | Accumulated Amortization | | Net | Patents | | $ | — | | | $ | — | | | $ | — | | | $ | 40 | | | $ | 40 | | | $ | — | | Software | | 182,127 | | | 78,619 | | | 103,508 | | | 176,836 | | | 67,541 | | | 109,295 | | Trademarks and trade names | | 9,964 | | | 3,546 | | | 6,418 | | | 7,564 | | | 3,381 | | | 4,183 | | Customer lists and other | | 91,002 | | | 61,065 | | | 29,937 | | | 104,004 | | | 71,442 | | | 32,562 | | Net definite-lived intangible assets | | $ | 283,093 | | | $ | 143,230 | | | $ | 139,863 | | | $ | 288,444 | | | $ | 142,404 | | | $ | 146,040 | |
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Finite-lived Intangible Assets Amortization Expense |
Amortization expense is reflected in "Selling and administrative expenses" in the Consolidated Statements of Comprehensive Income and was as follows (in thousands): | | | | | | | | | | | | | | | | | | | 2020 | | 2019 | | 2018 | Capitalized software | $ | 19,313 | | | $ | 18,130 | | | $ | 17,109 | | Other definite-lived intangibles | $ | 4,950 | | | $ | 6,275 | | | $ | 6,615 | |
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Schedule of Expected Amortization Expense Table |
Based on the current amount of intangible assets subject to amortization, the estimated amortization expense for each of the following five fiscal years is as follows (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2021 | | 2022 | | 2023 | | 2024 | | 2025 | Amortization expense | $ | 27.4 | | | $ | 24.4 | | | $ | 20.3 | | | $ | 18.1 | | | $ | 16.4 | |
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Schedule of Indefinite-Lived Intangible Assets |
These indefinite-lived intangible assets are reflected in "Goodwill and Other Intangible Assets" in the Consolidated Balance Sheets (in thousands): | | | | | | | | | | | | | January 2, 2021 | | December 28, 2019 | Trademarks and trade names | $ | 26,599 | | | $ | 28,849 | |
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