Goodwill and Other Intangible Assets

9 Months Ended

Sep. 28, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill amounts by operating segment are summarized as follows:



	Goodwill at		Acquisitions⁽¹⁾		Dispositions		Adjustments⁽²⁾		Other⁽³⁾			Goodwill at
	December 29, 2018		Acquisitions⁽¹⁾		Dispositions		Adjustments⁽²⁾		Other⁽³⁾			September 28, 2019
United States	$	772,213	$	9,382	$	—	$	4,488	$	—		$	786,083
Canada	27,938		—		—		—		820			28,758
Other	3,696		—		—		—		(3		)	3,693
Total	$	803,847	$	9,382	$	—	$	4,488	$	817		$	818,534


(1)	See Note 4 - Acquisitions of the Notes to condensed consolidated financial statements for additional information regarding the acquisition of Resharp in 2019.


(2)	These amounts relate to opening balance sheet adjustments resulting from the acquisitions of MinuteKey and Big Time Products. These adjustments were primarily related to $2,087 increase in inventory reserve and a $1,106 increase in assumed liabilities for Big Time, as well as a $633 increase in assumed liabilities for MinuteKey. These acquisitions were

completed in the third and fourth quarters of 2018, respectively, and purchase price accounting adjustments are finalized as of the current period.


(3)	The "Other" change to goodwill relates to adjustments resulting from fluctuations in foreign currency exchange rates for the Canada and Mexico reporting units.

Other intangibles, net, as of September 28, 2019 and December 29, 2018 consist of the following:



	Estimated Useful Life (Years)	September 28, 2019		December 29, 2018
Customer relationships	13-20	$	940,727	$	939,880
Trademarks - Indefinite	Indefinite	85,406		85,228
Trademarks - Other	5-15	26,700		26,700
Technology and patents	7-12	60,955		55,394
Intangible assets, gross		1,113,788		1,107,202
Less: Accumulated amortization		217,105		176,677
Other intangibles, net		$	896,683	$	930,525

The amortization expense for amortizable assets including the adjustments resulting from fluctuations in foreign currency exchange rates was $14,665 and $44,114 for the thirteen and thirty-nine weeks ended September 28, 2019, respectively. Amortization expense for the thirteen and thirty-nine weeks ended September 29, 2018 was $10,437 and $29,872, respectively.

The Company tests goodwill and indefinite-lived intangible assets for impairment annually. Impairment is also tested when events or changes in circumstances indicate that the carrying values of the assets may be greater than their fair values. During the thirteen and thirty-nine weeks ended September 28, 2019 and the thirteen and thirty-nine weeks ended September 29, 2018, the Company did not adjust goodwill to fair values as a result of any impairment analyses. In the thirty-nine weeks ended September 28, 2019, the Company recorded an impairment charge of $2,125 related to the loss on the disposal of our FastKey self-service key duplicating kiosks and related intangible assets. There were no such impairment charges taken in the thirteen weeks ended September 28, 2019 nor the thirteen and thirty-nine weeks ended September 29, 2018.