Annual report pursuant to Section 13 and 15(d)

Acquired Intangible Assets and Goodwill

v3.24.0.1
Acquired Intangible Assets and Goodwill
 12 Months Ended
Dec. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Acquired Intangible Assets and Goodwill Acquired Intangible Assets and Goodwill
Intangible assets acquired in a business combination (See Note 10, Business Combinations) are recognized at fair value and amortized over their estimated useful lives. The carrying amount and accumulated amortization of recognized intangible assets at December 30, 2023 and December 31, 2022, are as follows:
(in millions)
 December 30, 2023 December 31, 2022
Intangible Assets
 Useful Life Gross Carrying Amount Accumulated Amortization Net Amount Gross Carrying Amount Accumulated Amortization Net Amount
Customer relationships
10-15 years
 $ 409.0  $ 154.1  $ 254.9  $ 408.2  $ 125.6  $ 282.6 
Tradenames and trademarks
 Indefinite 107.5  —  107.5  107.4  —  107.4 
Software development
10-15 years
 20.3  7.5  12.8  20.3  6.1  14.2 
Noncompete agreements
3-8 years
 0.3  0.2  0.1  0.4  0.2  0.2 
Backlog
< 1 year
—  —  —  41.4  41.4  — 
$ 537.1  $ 161.8  $ 375.3  $ 577.7  $ 173.3  $ 404.4 
Changes to gross carrying amount of recognized intangible assets due to translation adjustments include a gain of $0.8 and a loss of $2.0 for the years ended December 30, 2023 and December 31, 2022, respectively. Amortization expense was approximately $29.8, $29.7 and $31.6 for the years ended December 30, 2023, December 31, 2022, and January 1, 2022, respectively.

The following table summarizes the aggregate expected amortization expense of definite-lived intangible assets as of December 30, 2023 (in millions):
2024 $ 29.7 
2025 29.7 
2026 29.7 
2027 29.7 
2028 29.5 
Thereafter 119.5 
Total $ 267.8 

The changes in the carrying amounts of goodwill for the years ended December 31, 2022 and December 30, 2023 were as follows:
Janus North America Janus International Consolidated
Balance as of January 1, 2022 $ 356.9  $ 12.4  $ 369.3 
Foreign Currency Translation Adjustment —  (1.2) (1.2)
Access Control Technologies, LLC Acquisition Adjustment 0.1  —  0.1 
Balance as of December 31, 2022 $ 357.0  $ 11.2  $ 368.2 
Foreign Currency Translation Adjustment —  0.4  0.4 
Balance as of December 30, 2023 $ 357.0  $ 11.6  $ 368.6