GOODWILL AND INTANGIBLE ASSETS |
|
|
|
|
|
|
5. |
GOODWILL AND INTANGIBLE ASSETS |
Changes in the carrying amount of goodwill for the nine months ended September 25, 2022 by segment are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(thousands) |
|
Manufacturing |
|
Distribution |
|
Total |
Balance - December 31, 2021 |
|
$ |
481,906 |
|
|
$ |
69,471 |
|
|
$ |
551,377 |
|
Acquisitions |
|
46,417
|
|
|
—
|
|
|
46,417
|
|
Adjustments to preliminary purchase price allocations |
|
(1,359) |
|
|
1,190
|
|
|
(169) |
|
Balance - September 25, 2022 |
|
$ |
526,964
|
|
|
$ |
70,661
|
|
|
$ |
597,625
|
|
Intangible assets, net consist of the following as of September 25, 2022 and December 31, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(thousands) |
|
September 25, 2022 |
|
December 31, 2021 |
Customer relationships |
|
$ |
680,153
|
|
|
$ |
617,814 |
|
Non-compete agreements |
|
20,372
|
|
|
21,284 |
|
Patents |
|
59,640
|
|
|
50,038 |
|
Trademarks |
|
184,027
|
|
|
165,897 |
|
|
|
944,192
|
|
|
855,033 |
|
Less: accumulated amortization |
|
(268,752) |
|
|
(214,577) |
|
Intangible assets, net |
|
$ |
675,440
|
|
|
$ |
640,456 |
|
Changes in the carrying value of intangible assets for the nine months ended September 25, 2022 by segment are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(thousands) |
|
Manufacturing |
|
Distribution |
|
Total |
Balance - December 31, 2021 |
|
$ |
534,827 |
|
|
$ |
105,629 |
|
|
$ |
640,456 |
|
Acquisitions |
|
88,910
|
|
|
—
|
|
|
88,910
|
|
Amortization |
|
(46,327) |
|
|
(7,848) |
|
|
(54,175) |
|
Adjustments to preliminary purchase price allocations |
|
(1,888) |
|
|
2,137
|
|
|
249
|
|
Balance - September 25, 2022 |
|
$ |
575,522
|
|
|
$ |
99,918
|
|
|
$ |
675,440
|
|
|