GOODWILL AND INTANGIBLE ASSETS |
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5. |
GOODWILL AND INTANGIBLE ASSETS |
Changes in the carrying amount of goodwill for the three months ended March 28, 2021 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, 2020 |
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$ |
338,045 |
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$ |
57,755 |
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$ |
395,800 |
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Acquisitions |
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3,894
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—
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3,894
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Adjustments to preliminary purchase price allocations |
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5,688
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—
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5,688
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Balance - March 28, 2021 |
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$ |
347,627
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$ |
57,755
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$ |
405,382
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Intangible assets, net consist of the following as of March 28, 2021 and December 31, 2020:
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(thousands) |
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March 28, 2021 |
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December 31, 2020 |
Customer relationships |
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$ |
466,458
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$ |
461,754 |
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Non-compete agreements |
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16,282
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15,949 |
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Patents |
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23,078
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23,025 |
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Trademarks |
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115,605
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113,796 |
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621,423
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614,524 |
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Less: accumulated amortization |
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(170,154) |
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(158,248) |
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Intangible assets, net |
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$ |
451,269
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$ |
456,276 |
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Changes in the carrying value of intangible assets for the three months ended March 28, 2021 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, 2020 |
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$ |
373,717 |
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$ |
82,559 |
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$ |
456,276 |
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Acquisitions |
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11,988
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—
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11,988
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Amortization |
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(9,874) |
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(2,032) |
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(11,906) |
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Adjustments to preliminary purchase price allocations |
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(5,089) |
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—
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(5,089) |
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Balance - March 28, 2021 |
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$ |
370,742
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$ |
80,527
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$ |
451,269
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