The following table summarizes the changes in the carrying amount of goodwill:


(In millions)	Water			Outdoors		Security			Total Goodwill
Goodwill at December 27, 2025(a)	$	1,224.9		$	651.1	$	130.4		$	2,006.4
Year-to-date foreign currency translation adjustments		(4.8	)		-		(0.5	)		(5.3	)
Goodwill at June 27, 2026(a)	$	1,220.1		$	651.1	$	129.9		$	2,001.1

(a) Net of accumulated impairment losses of $399.5 million in the Outdoors segment.

We test goodwill for impairment annually during the fourth quarter, or whenever events or circumstances may indicate that the carrying value of a reporting unit may be greater than its fair value. The Company has three reporting units, Water, Outdoors, and Security, which are determined in accordance with the provisions of ASC 350, Intangibles - Goodwill and Other.

The historical cushion on the Outdoors reporting unit and the recent and sustained decline in the Company's stock price since the last impairment test conducted in the fourth quarter of 2025 triggered the Company to perform an interim goodwill impairment test at the Outdoors reporting unit as of March 28, 2026. The fair value of the reporting unit was determined based on an equally weighted combination of a discounted cashflow analysis, or income approach, and a guideline public company method, or market approach, based on market multiples of comparable companies. The most significant assumptions used in the fair value analysis were forecasted revenue growth rates, EBITDA margin, market participant discount rates, and EBITDA multiples. As a result of this test, we determined that no impairment existed for the Outdoors reporting unit and that fair value substantially exceeded the carrying value.

The strategic review of the Fiberon business within the Outdoors segment triggered the Company to perform an interim goodwill impairment test of the Outdoors reporting unit as of June 27, 2026. The fair value of the reporting unit was determined based on an equally weighted combination of a discounted cashflow analysis, or income approach, and a guideline public company method, or market approach, based on market multiples of comparable companies. The most significant assumptions used in the fair value analysis were forecasted revenue growth rates, EBITDA margin, market participant discount rates, and EBITDA multiples. As a result of this test, we determined that no impairment existed for the Outdoors reporting unit and that fair value substantially exceeded the carrying value.

The following table summarizes intangible assets:


(In millions)	As of June 27, 2026							As of December 27, 2025
	Gross Carrying Amounts		Accumulated Amortization			Net Book Value		Gross Carrying Amounts		Accumulated Amortization			Net Book Value
Indefinite-lived tradenames	$	511.7	$	-		$	511.7	$	519.8	$	-		$	519.8
Amortizable intangible assets
Tradenames	$	75.9	$	(18.8	)	$	57.1	$	78.8	$	(17.8	)	$	61.0
Customer and contractual relationships		875.7		(360.9	)		514.8		1,024.0		(408.4	)		615.6
Patents/proprietary technology		128.3		(98.7	)		29.6		140.9		(105.6	)		35.3
Total		1,079.9		(478.4	)		601.5		1,243.7		(531.8	)		711.9
Total intangible assets	$	1,591.6	$	(478.4	)	$	1,113.2	$	1,763.5	$	(531.8	)	$	1,231.7

The $171.9 million decrease in gross identifiable intangible assets was primarily due to an impairment within our Outdoors segment of $167.5 million and foreign currency translation adjustments.

Amortizable identifiable intangible assets, primarily customer relationships, are amortized over their estimated useful life, ranging from 4 to 30 years, based on the assessment of a number of factors that may impact useful life, which includes customer attrition rates and other relevant factors.