Goodwill and Other Intangible Assets

6 Months Ended

Jun. 27, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill amounts by reportable segment are summarized as follows:


	Goodwill at		Acquisitions		Dispositions		Adjustments		Other⁽¹⁾		Goodwill at
	December 28, 2019												June 27, 2020
Fastening, Hardware, and Personal Protection	$	567,847	$	—	$	—	$	—	$	(704)	$	567,143
Consumer Connected Solutions	222,096		—		—		—		—		222,096
Canada	29,134		—		—		—		(1,274)		27,860
Total	$	819,077	$	—	$	—	$	—	$	(1,978)	$	817,099

(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 June 27, 2020 and December 28, 2019 consist of the following:


	Estimated Useful Life (Years)	June 27, 2020		December 28, 2019
Customer relationships	13-20	$	939,192	$	941,305
Trademarks - Indefinite	Indefinite	85,117		85,517
Trademarks - Other	7-15	26,400		26,700
Technology and patents	7-12	63,561		60,968
Intangible assets, gross		1,114,270		1,114,490
Less: Accumulated amortization		260,870		232,060
Other intangibles, net		$	853,400	$	882,430

The amortization expense for amortizable assets, including the adjustments resulting from fluctuations in foreign currency exchange rates for the thirteen and twenty-six weeks ended June 27, 2020 was $14,865 and $29,713, respectively. Amortization expense for the thirteen and twenty-six weeks ended June 29, 2019 was $14,684 and $29,449, respectively.

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 and twenty-six weeks ended June 27, 2020 and the thirteen and twenty-six weeks ended June 29, 2019, the Company did not identify any triggering events that would result in an impairment analysis outside of the annual assessment.