XML 39 R19.htm IDEA: XBRL DOCUMENT v3.22.0.1
Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 25, 2021
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$172,175 $8,854 $21,652 $202,681 
Accumulated impairment charges(40,552)(8,853)— (49,405)
Balance at December 28, 2019:131,623 1 21,652 153,276 
Additions11,710 — 1,964 13,674 
Currency translation814 — — 814 
Balance at December 26, 2020:144,147 1 23,616 167,764 
Additions12,098 — — 12,098 
Reductions (1)
(4,402)— (1,964)(6,366)
Impairment charges— — (2,087)(2,087)
Currency translation(79)— — (79)
Balance at December 25, 2021:    
Goodwill192,316 8,854 21,652 222,822 
Accumulated impairment charges(40,552)(8,853)(2,087)(51,492)
Goodwill, net$151,764 $1 $19,565 $171,330 
(1) Includes disposals of Die-Mold and STI businesses.
Reporting units with recorded goodwill include Domestic Piping Systems Group, B&K LLC, Great Lakes, Heatlink Group, European Operations, Jungwoo-Mueller, Mueller Middle East, Westermeyer, Turbotec, and Flex Duct.  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.  With the exception of the Turbotec reporting unit, there were no impairment charges resulting from the 2021, 2020, or 2019 annual impairment tests as the estimated fair value of each of the reporting units exceeded its carrying value.  During the third quarter of 2021, the Company recognized an impairment charge of $2.1 million related to Turbotec, reported within the Climate segment.
Other Intangible Assets

The carrying amount of intangible assets at December 25, 2021 was as follows:

 
(In thousands)
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Customer relationships$55,108 $(13,803)$41,305 
Non-compete agreements2,474 (2,458)16 
Patents and technology18,396 (6,501)11,895 
Trade names and licenses13,654 (5,598)8,056 
Other1,676 (1,234)442 
Other intangible assets$91,308 $(29,594)$61,714 

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 

Amortization expense for intangible assets was $6.3 million in 2021, $6.1 million in 2020, and $5.4 million in 2019.  Future amortization expense is estimated as follows:

(In thousands)Amount
  
2022$5,607 
20235,295 
20245,069 
20254,943 
20264,789 
Thereafter36,011 
  
Expected amortization expense$61,714