| GOODWILL AND INTANGIBLE ASSETS |
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| 5. |
GOODWILL AND INTANGIBLE ASSETS |
Changes in the carrying amount of goodwill for the three months ended March 27, 2022 by segment are as follows:
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| (thousands) |
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Manufacturing |
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Distribution |
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Total |
| Balance - December 31, 2021 |
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$ |
481,906 |
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$ |
69,471 |
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$ |
551,377 |
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| Acquisitions |
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45,666
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—
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45,666
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| Adjustments to preliminary purchase price allocations |
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2,966
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110
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3,076
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| Balance - March 27, 2022 |
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$ |
530,538
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$ |
69,581
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$ |
600,119
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Intangible assets, net consist of the following as of March 27, 2022 and December 31, 2021:
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| (thousands) |
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March 27, 2022 |
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December 31, 2021 |
| Customer relationships |
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$ |
656,777
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$ |
617,814 |
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| Non-compete agreements |
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22,851
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21,284 |
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| Patents |
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60,988
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50,038 |
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| Trademarks |
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181,432
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165,897 |
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922,048
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855,033 |
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| Less: accumulated amortization |
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(231,438) |
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(214,577) |
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| Intangible assets, net |
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$ |
690,610
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$ |
640,456 |
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Changes in the carrying value of intangible assets for the three months ended March 27, 2022 by segment are as follows:
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| (thousands) |
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Manufacturing |
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Distribution |
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Total |
| Balance - December 31, 2021 |
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$ |
534,827 |
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$ |
105,629 |
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$ |
640,456 |
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| Acquisitions |
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70,000
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—
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70,000
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| Amortization |
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(14,314) |
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(2,547) |
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(16,861) |
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| Adjustments to preliminary purchase price allocations |
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(2,655) |
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(330) |
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(2,985) |
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| Balance - March 27, 2022 |
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$ |
587,858
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$ |
102,752
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$ |
690,610
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