Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Other Intangible Assets

v3.20.1
Goodwill and Other Intangible Assets
3 Months Ended
Mar. 28, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets
Goodwill amounts by reportable segment are summarized as follows:
 
Goodwill at
 
Acquisitions
 
Dispositions
 
Adjustments
 
Other (1)
 
Goodwill at
 
December 28, 2019
 
 
March 28, 2020
Fastening, Hardware, and Personal Protection
$
567,847

 
$

 
$

 
$

 
$
(751
)
 
$
567,096

Consumer Connected Solutions
222,096

 

 

 

 

 
222,096

Canada
29,134

 

 

 

 
(2,027
)
 
27,107

Total
$
819,077

 
$

 
$

 
$

 
$
(2,778
)
 
$
816,299

 
(1)
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 March 28, 2020 and December 28, 2019 consist of the following: 
 
Estimated
Useful Life
(Years)
 
March 28, 2020
 
December 28, 2019
Customer relationships
13-20
 
$
938,361

 
$
941,305

Trademarks - Indefinite
Indefinite
 
84,945

 
85,517

Trademarks - Other
7-15
 
26,400

 
26,700

Technology and patents
7-12
 
63,548

 
60,968

Intangible assets, gross
 
 
1,113,254

 
1,114,490

Less: Accumulated amortization
 
 
245,753

 
232,060

Other intangibles, net
 
 
$
867,501

 
$
882,430


The amortization expense for amortizable assets, including the adjustments resulting from fluctuations in foreign currency exchange rates, was $14,848 for the thirteen weeks ended March 28, 2020. Amortization expense for the thirteen weeks ended March 30, 2019 was $14,765.

The Company tests goodwill and indefinite-lived intangible assets for impairment annually in the fourth quarter. 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 weeks ended March 28, 2020 and the thirteen weeks ended March 30, 2019, the Company did not identify any triggering events that would result in an impairment analysis outside of the annual assessment.