GOODWILL AND INTANGIBLE ASSETS |
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4. |
GOODWILL AND INTANGIBLE ASSETS |
Changes in the carrying amount of goodwill for the first quarter ended April 2, 2023 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, 2022 |
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$ |
558,362 |
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$ |
70,901 |
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$ |
629,263 |
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Adjustments to preliminary purchase price allocations |
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(2,132) |
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|
175
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(1,957) |
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Balance - April 2, 2023 |
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$ |
556,230
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$ |
71,076
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$ |
627,306
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Intangible assets, net consist of the following as of April 2, 2023 and December 31, 2022:
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(thousands) |
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April 2, 2023 |
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December 31, 2022 |
Customer relationships |
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$ |
727,044
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$ |
722,503 |
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Non-compete agreements |
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21,301
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20,412 |
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Patents |
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69,164
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69,164 |
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Trademarks |
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196,767
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195,957 |
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1,014,276
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1,008,036 |
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Less: accumulated amortization |
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(307,570) |
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(287,806) |
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Intangible assets, net |
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$ |
706,706
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$ |
720,230 |
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Changes in the carrying value of intangible assets for the first quarter ended April 2, 2023 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, 2022 |
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$ |
622,647 |
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$ |
97,583 |
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$ |
720,230 |
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Additions |
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2,925
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|
300
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3,225
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Amortization |
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(17,183) |
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(2,581) |
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(19,764) |
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Adjustments to preliminary purchase price allocations |
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3,100
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(85) |
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|
3,015
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Balance - April 2, 2023 |
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$ |
611,489
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$ |
95,217
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$ |
706,706
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