GOODWILL AND INTANGIBLE ASSETS |
|
|
|
5. |
GOODWILL AND INTANGIBLE ASSETS |
Changes in the carrying amount of goodwill for the nine months ended September 29, 2019 by segment are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(thousands) |
|
Manufacturing |
|
Distribution |
|
Total |
Balance - December 31, 2018 |
|
$ |
235,345 |
|
|
$ |
46,389 |
|
|
$ |
281,734 |
|
Acquisitions |
|
7,177 |
|
|
— |
|
|
7,177 |
|
Adjustments to preliminary purchase price allocations |
|
8,428 |
|
|
11,019 |
|
|
19,447 |
|
Balance - September 29, 2019 |
|
$ |
250,950 |
|
|
$ |
57,408 |
|
|
$ |
308,358 |
|
Intangible assets, net consist of the following as of September 29, 2019 and December 31, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(thousands) |
|
September 29, 2019 |
|
Weighted Average Useful Life (in years) |
|
December 31, 2018 |
|
Weighted Average Useful Life (in years) |
Customer relationships |
|
$ |
348,947 |
|
|
10.1 |
|
$ |
366,228 |
|
|
10.1 |
Non-compete agreements |
|
16,405 |
|
|
4.9 |
|
19,159 |
|
|
4.9 |
Patents |
|
16,338 |
|
|
14.6 |
|
1,048 |
|
|
8.9 |
Trademarks |
|
80,786 |
|
|
Indefinite |
|
82,358 |
|
|
Indefinite |
|
|
462,476 |
|
|
|
|
468,793 |
|
|
|
Less: accumulated amortization |
|
(112,260 |
) |
|
|
|
(85,811 |
) |
|
|
Intangible assets, net |
|
$ |
350,216 |
|
|
|
|
$ |
382,982 |
|
|
|
Changes in the carrying value of intangible assets for the nine months ended September 29, 2019 by segment are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(thousands) |
|
Manufacturing |
|
Distribution |
|
Total |
Balance - December 31, 2018 |
|
$ |
304,485 |
|
|
$ |
78,497 |
|
|
$ |
382,982 |
|
Acquisitions |
|
8,329 |
|
|
— |
|
|
8,329 |
|
Amortization |
|
(21,808 |
) |
|
(4,640 |
) |
|
(26,448 |
) |
Adjustments to preliminary purchase price allocations |
|
(12,023 |
) |
|
(2,624 |
) |
|
(14,647 |
) |
Balance - September 29, 2019 |
|
$ |
278,983 |
|
|
$ |
71,233 |
|
|
$ |
350,216 |
|
|