GOODWILL AND INTANGIBLE ASSETS |
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5. |
GOODWILL AND INTANGIBLE ASSETS |
Changes in the carrying amount of goodwill for the six months ended June 26, 2022 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, 2021 |
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$ |
481,906 |
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$ |
69,471 |
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$ |
551,377 |
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Acquisitions |
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53,972
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—
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53,972
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Adjustments to preliminary purchase price allocations |
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(2,033) |
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1,770
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(263) |
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Balance - June 26, 2022 |
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$ |
533,845
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$ |
71,241
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$ |
605,086
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Intangible assets, net consist of the following as of June 26, 2022 and December 31, 2021:
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(thousands) |
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June 26, 2022 |
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December 31, 2021 |
Customer relationships |
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$ |
667,003
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$ |
617,814 |
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Non-compete agreements |
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23,212
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21,284 |
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Patents |
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61,100
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50,038 |
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Trademarks |
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182,657
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165,897 |
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933,972
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855,033 |
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Less: accumulated amortization |
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(249,983) |
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(214,577) |
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Intangible assets, net |
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$ |
683,989
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$ |
640,456 |
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Changes in the carrying value of intangible assets for the six months ended June 26, 2022 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, 2021 |
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$ |
534,827 |
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$ |
105,629 |
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$ |
640,456 |
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Acquisitions |
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78,560
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—
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78,560
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Amortization |
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(30,217) |
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(5,189) |
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(35,406) |
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Adjustments to preliminary purchase price allocations |
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(1,178) |
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|
1,557
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|
379
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Balance - June 26, 2022 |
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$ |
581,992
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$ |
101,997
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$ |
683,989
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