v3.21.1
GOODWILL AND INTANGIBLE ASSETS (Tables)
3 Months Ended
Mar. 28, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill Changes in the carrying amount of goodwill for the three months ended March 28, 2021 by segment are as follows:
(thousands) Manufacturing Distribution Total
Balance - December 31, 2020 $ 338,045  $ 57,755  $ 395,800 
Acquisitions 3,894    3,894 
Adjustments to preliminary purchase price allocations 5,688    5,688 
Balance - March 28, 2021 $ 347,627  $ 57,755  $ 405,382 
Schedule of Intangible Assets, Net
Intangible assets, net consist of the following as of March 28, 2021 and December 31, 2020:
(thousands) March 28, 2021 December 31, 2020
Customer relationships $ 466,458  $ 461,754 
Non-compete agreements 16,282  15,949 
Patents 23,078  23,025 
Trademarks 115,605  113,796 
621,423  614,524 
Less: accumulated amortization (170,154) (158,248)
Intangible assets, net $ 451,269  $ 456,276 
Schedule of Changes in Intangible Assets
Changes in the carrying value of intangible assets for the three months ended March 28, 2021 by segment are as follows:
(thousands) Manufacturing Distribution Total
Balance - December 31, 2020 $ 373,717  $ 82,559  $ 456,276 
Acquisitions 11,988    11,988 
Amortization (9,874) (2,032) (11,906)
Adjustments to preliminary purchase price allocations (5,089)   (5,089)
Balance - March 28, 2021 $ 370,742  $ 80,527  $ 451,269