Goodwill and Other Intangible Assets (Tables)
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6 Months Ended |
Jul. 01, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
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Summary of Goodwill Amounts by Operating Segment |
Goodwill amounts by reportable segment are summarized as follows:
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Goodwill at |
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Acquisitions |
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Dispositions |
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Other (1)
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Goodwill at |
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December 31, 2022 |
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July 1, 2023 |
Hardware and Protective Solutions |
$ |
574,744 |
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$ |
— |
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$ |
— |
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$ |
515 |
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$ |
575,259 |
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Robotics and Digital Solutions |
220,936 |
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— |
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— |
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— |
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220,936 |
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Canada |
28,132 |
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— |
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— |
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646 |
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28,778 |
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Total |
$ |
823,812 |
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$ |
— |
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$ |
— |
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$ |
1,161 |
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$ |
824,973 |
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(1)The "Other" change to goodwill relates to adjustments resulting from fluctuations in foreign currency exchange rates for the Canada and Mexico reporting units.
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Schedule of Finite-Lived Intangible Assets |
Other intangibles, net, as of July 1, 2023 and December 31, 2022 consist of the following:
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Estimated Useful Life (Years) |
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July 1, 2023 |
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December 31, 2022 |
Customer relationships |
13 |
- |
20 |
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$ |
964,869 |
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$ |
963,622 |
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Trademarks - indefinite |
Indefinite |
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85,506 |
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85,275 |
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Trademarks - other |
7 |
- |
15 |
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31,387 |
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31,387 |
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Technology and patents |
5 |
- |
12 |
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68,688 |
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68,451 |
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Intangible assets, gross |
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1,150,450 |
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1,148,735 |
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Less: Accumulated amortization |
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445,984 |
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414,275 |
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Other intangibles, net |
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$ |
704,466 |
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$ |
734,460 |
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Schedule of Indefinite-Lived Intangible Assets |
Other intangibles, net, as of July 1, 2023 and December 31, 2022 consist of the following:
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Estimated Useful Life (Years) |
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July 1, 2023 |
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December 31, 2022 |
Customer relationships |
13 |
- |
20 |
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$ |
964,869 |
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$ |
963,622 |
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Trademarks - indefinite |
Indefinite |
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85,506 |
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85,275 |
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Trademarks - other |
7 |
- |
15 |
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31,387 |
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31,387 |
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Technology and patents |
5 |
- |
12 |
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68,688 |
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68,451 |
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Intangible assets, gross |
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1,150,450 |
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1,148,735 |
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Less: Accumulated amortization |
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445,984 |
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414,275 |
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Other intangibles, net |
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$ |
704,466 |
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$ |
734,460 |
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