| GOODWILL AND INTANGIBLE ASSETS |
|
|
|
|
|
|
| 5. |
GOODWILL AND INTANGIBLE ASSETS |
Changes in the carrying amount of goodwill for the six months ended June 27, 2021 by segment are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (thousands) |
|
Manufacturing |
|
Distribution |
|
Total |
| Balance - December 31, 2020 |
|
$ |
338,045 |
|
|
$ |
57,755 |
|
|
$ |
395,800 |
|
| Acquisitions |
|
40,548
|
|
|
10,059
|
|
|
50,607
|
|
| Adjustments to preliminary purchase price allocations |
|
7,111
|
|
|
19
|
|
|
7,130
|
|
| Balance - June 27, 2021 |
|
$ |
385,704
|
|
|
$ |
67,833
|
|
|
$ |
453,537
|
|
Intangible assets, net consist of the following as of June 27, 2021 and December 31, 2020:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (thousands) |
|
June 27, 2021 |
|
December 31, 2020 |
| Customer relationships |
|
$ |
545,554
|
|
|
$ |
461,754 |
|
| Non-compete agreements |
|
18,714
|
|
|
15,949 |
|
| Patents |
|
33,428
|
|
|
23,025 |
|
| Trademarks (non-amortizing, indefinite-lived) |
|
149,777
|
|
|
113,796 |
|
|
|
747,473
|
|
|
614,524 |
|
| Less: accumulated amortization |
|
(184,185) |
|
|
(158,248) |
|
| Intangible assets, net |
|
$ |
563,288
|
|
|
$ |
456,276 |
|
Changes in the carrying value of intangible assets for the six months ended June 27, 2021 by segment are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (thousands) |
|
Manufacturing |
|
Distribution |
|
Total |
| Balance - December 31, 2020 |
|
$ |
373,717 |
|
|
$ |
82,559 |
|
|
$ |
456,276 |
|
| Acquisitions |
|
105,338
|
|
|
32,700
|
|
|
138,038
|
|
| Amortization |
|
(21,424) |
|
|
(4,513) |
|
|
(25,937) |
|
| Adjustments to preliminary purchase price allocations |
|
(5,089) |
|
|
—
|
|
|
(5,089) |
|
| Balance - June 27, 2021 |
|
$ |
452,542
|
|
|
$ |
110,746
|
|
|
$ |
563,288
|
|
|