Goodwill and Other Intangible Assets

12 Months Ended

Dec. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The changes in the carrying amount of goodwill by segment were as follows:



(In thousands)	Piping Systems			Industrial Metals			Climate		Total

Goodwill	$	156,387		$	8,854		$	4,416	$	169,657
Accumulated impairment charges	(40,552		)	(8,853		)	—		(49,405		)

Balance at December 26, 2015:	115,835			1			4,416		120,252

Additions ⁽¹⁾	4,601			—			—		4,601
Currency translation	(860		)	—			—		(860		)

Balance at December 31, 2016:	119,576			1			4,416		123,993

Additions ⁽²⁾	3,852			—			—		3,852
Currency translation	2,448			—			—		2,448

Balance at December 30, 2017:
Goodwill	166,428			8,854			4,416		179,698
Accumulated impairment charges	(40,552		)	(8,853		)	—		(49,405		)

Goodwill, net	$	125,876		$	1		$	4,416	$	130,293

⁽¹⁾ Includes finalization of the purchase price allocation adjustment for Great Lakes of $4.1 million.

⁽²⁾ Includes finalization of the purchase price allocation adjustment for Jungwoo-Mueller of $0.2 million.

Reporting units with recorded goodwill include DPS, B&K LLC, Great Lakes, Heatlink Group, European Operations, Jungwoo-Mueller, Westermeyer, and Turbotec. Several factors give rise to goodwill in the Company’s acquisitions, such as the expected benefit from synergies of the combination and the existing workforce of the acquired businesses. There were no impairment charges resulting from the 2017, 2016, or 2015 annual impairment tests as the estimated fair value of each of the reporting units exceeded its carrying value.

Other Intangible Assets

The carrying amount of intangible assets at December 30, 2017 was as follows:



(In thousands)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount

Customer relationships	$	36,518	$	(4,644	)	$	31,874
Non-compete agreements	2,834		(1,497		)	1,337
Patents and technology	7,673		(1,868		)	5,805
Trade names and licenses	4,977		(1,575		)	3,402
Other	213		(623		)	(410		)

Other intangible assets	$	52,215	$	(10,207	)	$	42,008

The carrying amount of intangible assets at December 31, 2016 was as follows:



(In thousands)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount

Customer relationships	$	29,833	$	(2,845	)	$	26,988
Non-compete agreements	5,926		(4,063		)	1,863
Patents and technology	5,922		(1,179		)	4,743
Trade names and licenses	4,087		(1,032		)	3,055
Other	213		(694		)	(481		)

Other intangible assets	$	45,981	$	(9,813	)	$	36,168

Amortization expense for intangible assets was $3.1 million in 2017, $4.3 million in 2016, and $4.1 million in 2015. Future amortization expense is estimated as follows:



(In thousands)	Amount

2018	$	3,338
2019	3,253
2020	3,017
2021	2,747
2022	2,851
Thereafter	26,802

Expected amortization expense	$	42,008

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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