GOODWILL AND INTANGIBLE ASSETS |
|
|
|
|
|
|
5. |
GOODWILL AND INTANGIBLE ASSETS |
Changes in the carrying amount of goodwill for the nine months ended September 26, 2021 by segment are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(thousands) |
|
Manufacturing |
|
Distribution |
|
Total |
Balance - December 31, 2020 |
|
$ |
338,045 |
|
|
$ |
57,755 |
|
|
$ |
395,800 |
|
Acquisitions |
|
64,312
|
|
|
11,458
|
|
|
75,770
|
|
Adjustments to preliminary purchase price allocations |
|
7,366
|
|
|
19
|
|
|
7,385
|
|
Balance - September 26, 2021 |
|
$ |
409,723
|
|
|
$ |
69,232
|
|
|
$ |
478,955
|
|
Intangible assets, net consist of the following as of September 26, 2021 and December 31, 2020:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(thousands) |
|
September 26, 2021 |
|
December 31, 2020 |
Customer relationships |
|
$ |
549,314
|
|
|
$ |
461,754 |
|
Non-compete agreements |
|
19,144
|
|
|
15,949 |
|
Patents |
|
36,528
|
|
|
23,025 |
|
Trademarks (non-amortizing, indefinite lived) |
|
151,997
|
|
|
113,796 |
|
|
|
756,983
|
|
|
614,524 |
|
Less: accumulated amortization |
|
(198,943) |
|
|
(158,248) |
|
Intangible assets, net |
|
$ |
558,040
|
|
|
$ |
456,276 |
|
Changes in the carrying value of intangible assets for the nine months ended September 26, 2021 by segment are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(thousands) |
|
Manufacturing |
|
Distribution |
|
Total |
Balance - December 31, 2020 |
|
$ |
373,717 |
|
|
$ |
82,559 |
|
|
$ |
456,276 |
|
Acquisitions |
|
114,833
|
|
|
32,715
|
|
|
147,548
|
|
Amortization |
|
(33,543) |
|
|
(7,152) |
|
|
(40,695) |
|
Adjustments to preliminary purchase price allocations |
|
(5,089) |
|
|
—
|
|
|
(5,089) |
|
Balance - September 26, 2021 |
|
$ |
449,918
|
|
|
$ |
108,122
|
|
|
$ |
558,040
|
|
|