v3.23.1
GOODWILL AND INTANGIBLE ASSETS (Tables)
 3 Months Ended
Apr. 02, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
Changes in the carrying amount of goodwill for the first quarter ended April 2, 2023 by segment are as follows:
(thousands) Manufacturing Distribution Total
Balance - December 31, 2022 $ 558,362  $ 70,901  $ 629,263 
Adjustments to preliminary purchase price allocations (2,132) 175  (1,957)
Balance - April 2, 2023
 $ 556,230  $ 71,076  $ 627,306 
Schedule of Intangible Assets, Net
Intangible assets, net consist of the following as of April 2, 2023 and December 31, 2022:
(thousands) April 2, 2023 December 31, 2022
Customer relationships $ 727,044  $ 722,503 
Non-compete agreements 21,301  20,412 
Patents 69,164  69,164 
Trademarks 196,767  195,957 
1,014,276  1,008,036 
Less: accumulated amortization (307,570) (287,806)
Intangible assets, net $ 706,706  $ 720,230 
Schedule of Changes in Intangible Assets
Changes in the carrying value of intangible assets for the first quarter ended April 2, 2023 by segment are as follows:
(thousands) Manufacturing Distribution Total
Balance - December 31, 2022 $ 622,647  $ 97,583  $ 720,230 
Additions 2,925  300  3,225 
Amortization (17,183) (2,581) (19,764)
Adjustments to preliminary purchase price allocations 3,100  (85) 3,015 
Balance - April 2, 2023
 $ 611,489  $ 95,217  $ 706,706