Goodwill and Identifiable Intangible Assets

3 Months Ended

Mar. 29, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets

We had goodwill of $1,127.1 million and $1,127.5 million as of March 29, 2026 and December 28, 2025, respectively. The change in the net carrying amount of goodwill was as follows:


(U.S. Dollars presented in millions)	Total Goodwill
Balance at December 28, 2025	$	1,127.5
2026 translation adjustments	(0.4)
Balance at March 29, 2026	$	1,127.1

The gross carrying value and accumulated amortization by class of intangible assets as of March 29, 2026 and December 28, 2025 were as follows:


	March 29, 2026						December 28, 2025
(U.S. Dollars presented in millions)	Gross Carrying Amounts		Accumulated Amortization		Net Book Value		Gross Carrying Amounts		Accumulated Amortization		Net Book Value
Indefinite-lived tradenames	$	267.5	$	—	$	267.5	$	268.1	$	—	$	268.1
Amortizable intangible assets
Tradenames	10.2		(10.2)		—		10.3		(10.3)		—
Customer and contractual relationships	536.5		(263.2)		273.3		536.8		(257.2)		279.6
Patents/proprietary technology	11.0		(11.0)		—		11.0		(11.0)		—
Total	557.7		(284.4)		273.3		558.1		(278.5)		279.6
Total identifiable intangibles	$	825.2	$	(284.4)	$	540.8	$	826.2	$	(278.5)	$	547.7

There were no impairments of goodwill or indefinite-lived assets for the thirteen weeks ended March 29, 2026. The Company tests goodwill and indefinite-lived intangibles for impairment annually in the fourth quarter or more frequently if events or changes in circumstances indicate the asset might be impaired. During the quarter ended March 29, 2026, the Company’s market capitalization declined and, at times, was below the carrying value of its net assets. Management evaluated whether this decline, together with other macroeconomic, industry and company-specific factors, constituted a triggering event requiring an interim goodwill impairment test. After considering the short-term and temporary nature of the stock price decline, the Company’s forecasted operating performance and cash flows from operations, and the implied control premium when comparing market capitalization to an internal valuation, management concluded that it is not more likely than not that the fair value of its reporting unit is less than its carrying amount. Accordingly, no impairment assessment was conducted in the thirteen weeks ended March 29, 2026. However, it is possible that future changes in the macroeconomic environment, or other company-specific factors, may constitute a triggering event and require the Company to perform an impairment analysis in the future to determine if the fair value of the Company's reporting units is less than its carrying amount.