v3.22.2.2
GOODWILL AND INTANGIBLE ASSETS (Tables)
9 Months Ended
Sep. 25, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
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 
Schedule of Intangible Assets, Net
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 
Schedule of Changes in Intangible Assets
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