XML 37 R18.htm IDEA: XBRL DOCUMENT v3.20.4
Goodwill and Other Intangible Assets
12 Months Ended
Dec. 26, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Goodwill

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

(In thousands)Piping SystemsIndustrial MetalsClimateTotal
Goodwill$168,700 $8,854 $22,186 $199,740 
Accumulated impairment charges(40,552)(8,853)— (49,405)
Balance at December 29, 2018:128,148 22,186 150,335 
Additions (1)
1,999 — — 1,999 
Reductions (2)
— — (534)(534)
Currency translation1,476 — — 1,476 
Balance at December 28, 2019:131,623 21,652 153,276 
Additions11,710 — 1,964 13,674 
Currency translation814 — — 814 
Balance at December 26, 2020:    
Goodwill184,699 8,854 23,616 217,169 
Accumulated impairment charges(40,552)(8,853)— (49,405)
Goodwill, net$144,147 $$23,616 $167,764 
(1) Includes finalization of the purchase price allocation adjustment for Die-Mold of $2.0 million.
(2) Includes finalization of the purchase price allocation adjustment for ATCO of $0.5 million.
Reporting units with recorded goodwill include Domestic Piping Systems Group, B&K LLC, Great Lakes, Heatlink Group, Die-Mold, European Operations, Jungwoo-Mueller, Westermeyer, Turbotec, ATCO, and Shoals.  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 2020, 2019, or 2018 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 26, 2020 was as follows:

 
(In thousands)
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Customer relationships$61,068 $(11,676)$49,392 
Non-compete agreements2,689 (2,527)162 
Patents and technology22,585 (5,672)16,913 
Trade names and licenses14,631 (4,476)10,155 
Other1,676 (1,091)585 
Other intangible assets$102,649 $(25,442)$77,207 
The carrying amount of intangible assets at December 28, 2019 was as follows:

 
(In thousands)
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Customer relationships$44,832 $(8,773)$36,059 
Non-compete agreements2,499 (2,156)343 
Patents and technology19,804 (4,060)15,744 
Trade names and licenses10,155 (3,249)6,906 
Other1,676 (646)1,030 
Other intangible assets$78,966 $(18,884)$60,082 

Amortization expense for intangible assets was $6.1 million in 2020, $5.4 million in 2019, and $4.4 million in 2018.  Future amortization expense is estimated as follows:

(In thousands)Amount
  
2021$6,393 
20226,311 
20236,000 
20245,769 
20255,743 
Thereafter46,991 
  
Expected amortization expense$77,207