Goodwill and Intangible Assets, Net
Goodwill
The changes in the carrying amount of goodwill for the years ended December 28, 2025 and December 29, 2024 are as follows (in millions):
| | | | | | | | | | | | | | |
| | | For the year
December 30, 2024 to December 28, 2025 | | For the year
January 1, 2024 to December 29, 2024 |
| Beginning balance | | $ | 518.1 | | | $ | 485.5 | |
| Goodwill acquired during the year | | 11.1 | | | 32.9 | |
| Goodwill adjusted during the year | | 1.2 | | | (0.3) | |
| Ending balance | | $ | 530.4 | | | $ | 518.1 | |
Additions to goodwill during the years ended December 28, 2025 and December 29, 2024 related to the acquisitions during the 2025 Fiscal Year and the 2024 Fiscal Year as described in “Note 3. Acquisitions.” There have been no impairments of the Company’s goodwill for the years ended December 28, 2025 and December 29, 2024. Intangible Assets
The following table summarizes the components of intangible assets (in millions, except weighted average remaining useful life):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | December 28, 2025 | | December 29, 2024 |
| | | Weighted Average Remaining Useful Life | | Amount | | Accumulated
Amortization | | Net | | Amount | | Accumulated
Amortization | | Net |
| Customer relationships | | 15.7 years | | $ | 599.6 | | | $ | 394.4 | | | $ | 205.2 | | | $ | 585.9 | | | $ | 347.0 | | | $ | 238.9 | |
| Trademarks and other | | 2.5 years | | 48.0 | | | 33.2 | | | 14.8 | | | 52.9 | | | 30.8 | | | 22.1 | |
| Total intangibles | | | | $ | 647.6 | | | $ | 427.6 | | | $ | 220.0 | | | $ | 638.8 | | | $ | 377.8 | | | $ | 261.0 | |
During the year ended December 28, 2025, the Company recorded $15.3 million of intangible assets, including $13.7 million in Customer relationship intangibles and $1.6 million in Trademarks and other intangibles. The change in Customer relationship intangibles and Trademarks and other intangibles included additions of $12.6 million and $1.5 million, respectively, as a result of the acquisitions completed in 2025 as described in “Note 3. Acquisitions.” Updates of purchase price allocations related to prior year acquisitions during the allowable measurement period and currency translation adjustments of Customer relationship intangibles and Trademarks and other intangibles, net were $1.1 million and $0.1 million, respectively, during the year ended December 28, 2025. During the year ended December 29, 2024, the Company recorded $40.2 million of intangible assets, including $34.1 million in Customer relationship intangibles and $6.1 million in Trademarks and other intangibles. The change in Customer relationship intangibles and Trademarks and other intangibles included additions of $34.0 million and $6.3 million, respectively, as a result of the acquisitions completed in 2024 as described in “Note 3. Acquisitions.” Updates of purchase price allocations related to prior year acquisitions during the allowable measurement period and currency translation adjustments of Customer relationship intangibles and Trademarks and other intangibles, net were $0.1 million and $(0.2) million, respectively, during the year ended December 29, 2024. Customer relationship intangible assets are amortized over a weighted-average period of approximately 20 years. The Trademarks and other intangible assets are amortized over a weighted-average period of approximately five years.
Amortization expense for intangible assets for the years ended December 28, 2025, December 29, 2024, and December 31, 2023 was $55.6 million, $61.0 million, and $62.6 million, respectively.
Total future amortization estimated as of December 28, 2025, is as follows (in millions):
| | | | | |
| Fiscal year ending: | |
| 2026 | $ | 47.1 | |
| 2027 | 37.3 | |
| 2028 | 29.0 | |
| 2029 | 22.5 | |
| 2030 | 17.9 | |
| Thereafter | 66.2 | |
| Total future amortization | $ | 220.0 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.