GOODWILL AND INTANGIBLE ASSETS (Tables)
|
9 Months Ended |
Sep. 27, 2020 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| Schedule of goodwill |
Changes in the carrying amount of goodwill for the nine months ended September 27, 2020 by segment are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (thousands) |
|
Manufacturing |
|
Distribution |
|
Total |
| Balance - December 31, 2019 |
|
$ |
268,402 |
|
|
$ |
50,947 |
|
|
$ |
319,349 |
|
| Acquisitions |
|
35,087
|
|
|
8,980
|
|
|
44,067
|
|
| Adjustments to preliminary purchase price allocations |
|
(8,708) |
|
|
1,725
|
|
|
(6,983) |
|
| Balance - September 27, 2020 |
|
$ |
294,781
|
|
|
$ |
61,652
|
|
|
$ |
356,433
|
|
|
| Schedule of intangible assets, net |
Intangible assets, net consist of the following as of September 27, 2020 and December 31, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (thousands) |
|
September 27,
2020 |
|
December 31,
2019 |
| Customer relationships |
|
$ |
394,687
|
|
|
$ |
357,513 |
|
| Non-compete agreements |
|
15,231
|
|
|
16,202 |
|
| Patents |
|
16,555
|
|
|
16,495 |
|
| Trademarks |
|
101,426
|
|
|
88,524 |
|
|
|
527,899
|
|
|
478,734 |
|
| Less: accumulated amortization |
|
(146,980) |
|
|
(121,720) |
|
| Intangible assets, net |
|
$ |
380,919
|
|
|
$ |
357,014 |
|
|
| Schedule of changes in intangible assets |
Changes in the carrying value of intangible assets for the nine months ended September 27, 2020 by segment are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (thousands) |
|
Manufacturing |
|
Distribution |
|
Total |
| Balance - December 31, 2019 |
|
$ |
282,123 |
|
|
$ |
74,891 |
|
|
$ |
357,014 |
|
| Acquisitions and other |
|
36,409
|
|
|
13,096
|
|
|
49,505
|
|
| Amortization |
|
(24,313) |
|
|
(5,287) |
|
|
(29,600) |
|
Impairment of intangible assets (1)
|
|
(119) |
|
|
(1,831) |
|
|
(1,950) |
|
| Adjustments to preliminary purchase price allocations |
|
6,095
|
|
|
(145) |
|
|
5,950
|
|
| Balance - September 27, 2020 |
|
$ |
300,195
|
|
|
$ |
80,724
|
|
|
$ |
380,919
|
|
|