Goodwill and Other Intangible Assets

3 Months Ended

Apr. 01, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

NOTE 8. GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill and intangible assets are as follows:

							Initial
	April 1,			December 31,			Useful Life
	2023			2022			(in years)
	(in thousands)
Goodwill	$	461,381		$	460,415		indefinite
Other intangible assets:
Trade names (indefinite-lived)	$	225,018		$	225,018		indefinite
Customer relationships and customer-related assets		340,047			340,047		<1-15
Trade name (amortizable)		22,200			22,200		15
Developed technology		20,500			20,500		3-14
Non-compete agreement		3,538			3,538		2-5
Software license		590			590		2
Less: Accumulated amortization		(171,634	)		(164,841	)
Subtotal		215,241			222,034
Other intangible assets, net	$	440,259		$	447,052
Goodwill at December 31, 2022	$	460,415
Increase relating to Martin Acquisition net working capital payment		744
Net other measurement period changes in Martin Acquisition		222
Goodwill at April 1, 2023	$	461,381

Estimated amortization of our amortizable intangible assets for future years is as follows:

(in thousands)	Total
Remainder of 2023	$	19,514
2024		25,971
2025		25,640
2026		21,241
2027		20,987
Thereafter		101,888
Total	$	215,241

Amortization expense relating to amortizable intangible assets for the three months ended April 1, 2023 and April 2, 2022, was $6.8 million and $8.0 million, respectively.

We perform our annual goodwill and indefinite-lived intangible asset impairment testing on the first day of our fiscal fourth quarter of each year, and at interim periods if needed based on occurrence of triggering events. During the three months ended April 1, 2023, we did not identify any events which we believe would trigger the need for tests for impairments of our indefinite-lived intangibles assets. As of April 1, 2023 and December 31, 2022, the carrying value of our Southeast reporting unit goodwill is $228.3 million and $228.3 million, respectively. As of April 1, 2023 and December 31, 2022, the carrying value of our Western reporting unit goodwill is $233.1 million and $232.1 million, respectively.