FY2021 10-K Document - FINAL 11 15 21 - Flipbook - Page 57
Table of Contents
Note 8 - Goodwill and Intangible Assets
The changes in the carrying amount of goodwill are as follows:
Balance September 29, 2018
Divestiture
$
Aircraft
Controls
179,907 $
Space and
Defense
Industrial
Controls
Systems
261,732 $
355,578 $
—
Foreign currency translation
—
(2,968)
Balance at September 28, 2019
Total
797,217
(1,237)
(48)
(8,724)
(1,237)
(11,740)
176,939
261,684
345,617
784,240
Acquisition
—
—
25,237
25,237
Divestiture
—
—
(635)
(635)
Foreign currency translation
2,582
42
10,390
13,014
Balance at October 3, 2020
179,521
261,726
380,609
821,856
Acquisition
Divestitures
Foreign currency translation
Balance at October 2, 2021
29,123
(312)
2,447
210,779 $
—
—
41
261,767 $
—
(3,092)
1,542
379,059 $
29,123
(3,404)
4,030
851,605
$
Goodwill in our Space and Defense Controls segment is net of a $4,800 accumulated impairment loss at October 2,
2021. Goodwill in our Medical Devices reporting unit, included in our Industrial Systems segment, is net of a $38,200
accumulated impairment loss at October 2, 2021.
The components of intangible assets are as follows:
Customer-related
Technology-related
Program-related
Marketing-related
Other
Intangible assets
WeightedAverage
Life (years)
11
9
23
8
10
12
October 2, 2021
October 3, 2020
Gross
Gross
Carrying
Accumulated
Accumulated
Carrying
Amount
Amortization
Amount
Amortization
$
163,215 $
(108,844) $
140,048 $
(103,733)
82,716
(58,119)
77,060
(54,833)
40,211
(19,707)
38,963
(17,340)
28,590
(22,212)
25,581
(20,981)
1,963
(1,718)
4,134
(3,853)
$
316,695 $
(210,600) $
285,786 $
(200,740)
Substantially all acquired intangible assets other than goodwill are being amortized. Customer-related intangible
assets primarily consist of customer relationships. Technology-related intangible assets primarily consist of
technology, patents, intellectual property and software. Program-related intangible assets consist of long-term
programs represented by current contracts and probable follow on work. Marketing-related intangible assets primarily
consist of trademarks, trade names and non-compete agreements.
In 2021, we recorded $1,144 in impairment charges on long-lived assets in our Space and Defense Controls segment.
These charges relate to intangibles assets that experienced a decline in value. These charges are included in longlived asset impairment in the Consolidated Statements of Earnings. In 2020, we recorded a $8,723 write down of
intangible assets based on expected cash flows over the remaining life of the assets in relation to the impairment
charges associated with the COVID-19 pandemic.
Amortization of acquired intangible assets is as follows:
2021
Acquired intangible asset amortization
$
13,454 $
2020
12,524 $
2019
13,079
Based on acquired intangible assets recorded at October 2, 2021, amortization is estimated to be approximately:
2022
Estimated future amortization of acquired intangible assets
$
57
13,500 $
2023
12,900 $
2024
12,100 $
2025
10,900 $
2026
10,700