Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND INTANGIBLE ASSETS (Tables)

v3.20.1
GOODWILL AND INTANGIBLE ASSETS (Tables)
 3 Months Ended
Mar. 29, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of goodwill
Changes in the carrying amount of goodwill for the three months ended March 29, 2020 by segment are as follows:
(thousands)
 
Manufacturing
 
Distribution
 
Total
Balance - December 31, 2019
 
$
268,402

 
$
50,947

 
$
319,349

Acquisitions
 
5,787

 
—

 
5,787

Adjustments to preliminary purchase price allocations
 
780

 
—

 
780

Balance - March 29, 2020
 
$
274,969

 
$
50,947

 
$
325,916








Schedule of intangible assets, net
Intangible assets, net consist of the following as of March 29, 2020 and December 31, 2019:
(thousands)

March 29,
2020

Weighted Average Useful Life
(in years)

December 31,
2019

Weighted Average Useful Life
(in years)
Customer relationships

$
365,693


10.1

$
357,513


10.1
Non-compete agreements

16,262


5.0

16,202


5.0
Patents

16,495


14.6

16,495


14.6
Trademarks
 
89,504

 
Indefinite
 
88,524

 
Indefinite
 

487,954


 

478,734


 
Less: accumulated amortization

(131,321
)



(121,720
)

 
Intangible assets, net

$
356,633


 

$
357,014


 

Schedule of changes in intangible assets
Changes in the carrying value of intangible assets for the three months ended March 29, 2020 by segment are as follows:
(thousands)

Manufacturing

Distribution

Total
Balance - December 31, 2019

$
282,123


$
74,891


$
357,014

Acquisitions

9,220


—


9,220

Amortization

(7,833
)

(1,768
)

(9,601
)
Adjustments to preliminary purchase price allocations

—


—


—

Balance - March 29, 2020

$
283,510


$
73,123


$
356,633