Goodwill and Other Intangible Assets (Tables)
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9 Months Ended |
Sep. 28, 2019 |
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| Goodwill and Intangible Assets Disclosure [Abstract] |
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| Summary of Goodwill Amounts by Operating Segment |
Goodwill amounts by operating segment are summarized as follows:
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Goodwill at |
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Acquisitions(1)
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Dispositions |
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Adjustments(2)
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Other (3)
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Goodwill at |
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December 29, 2018 |
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September 28, 2019 |
United States |
$ |
772,213 |
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$ |
9,382 |
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$ |
— |
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$ |
4,488 |
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$ |
— |
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$ |
786,083 |
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Canada |
27,938 |
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— |
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— |
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— |
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820 |
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28,758 |
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Other |
3,696 |
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— |
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— |
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— |
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(3 |
) |
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3,693 |
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Total |
$ |
803,847 |
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$ |
9,382 |
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$ |
— |
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$ |
4,488 |
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$ |
817 |
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$ |
818,534 |
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(1) |
See Note 4 - Acquisitions of the Notes to condensed consolidated financial statements for additional information regarding the acquisition of Resharp in 2019.
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(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 $633 increase in assumed liabilities for MinuteKey. These acquisitions were
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completed in the third and fourth quarters of 2018, respectively
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| Schedule of Finite-Lived Intangible Assets |
Other intangibles, net, as of September 28, 2019 and December 29, 2018 consist of the following:
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Estimated
Useful Life
(Years) |
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September 28, 2019 |
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December 29, 2018 |
Customer relationships |
13-20 |
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$ |
940,727 |
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$ |
939,880 |
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Trademarks - Indefinite |
Indefinite |
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85,406 |
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85,228 |
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Trademarks - Other |
5-15 |
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26,700 |
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26,700 |
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Technology and patents |
7-12 |
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60,955 |
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55,394 |
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Intangible assets, gross |
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1,113,788 |
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1,107,202 |
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Less: Accumulated amortization |
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217,105 |
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176,677 |
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Other intangibles, net |
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$ |
896,683 |
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$ |
930,525 |
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| Schedule of Indefinite-Lived Intangible Assets |
Other intangibles, net, as of September 28, 2019 and December 29, 2018 consist of the following:
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Estimated
Useful Life
(Years) |
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September 28, 2019 |
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December 29, 2018 |
Customer relationships |
13-20 |
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$ |
940,727 |
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$ |
939,880 |
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Trademarks - Indefinite |
Indefinite |
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85,406 |
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85,228 |
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Trademarks - Other |
5-15 |
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26,700 |
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26,700 |
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Technology and patents |
7-12 |
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60,955 |
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55,394 |
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Intangible assets, gross |
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1,113,788 |
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1,107,202 |
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Less: Accumulated amortization |
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217,105 |
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176,677 |
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Other intangibles, net |
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$ |
896,683 |
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$ |
930,525 |
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