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Goodwill and Intangible Assets
6 Months Ended
Jun. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
The changes in the carrying value by reportable segment for the six months ended June 29, 2024 were as follows:
Six Months Ended
December 30, 20232024 AcquisitionsAdjustmentsForeign Currency Translation of non-USD functional currency goodwillJune 29, 2024
INF$91,658 $13,317 $— $— $104,975 
BTS115,945 2,849 — (60)118,734 
GEO316,970 2,880 517 (368)319,999 
Total$524,573 $19,046 $517 $(428)$543,708 
Goodwill of $13,566 from acquisitions completed during the six months ended June 29, 2024 is expected to be deductible for income tax purposes. During the six months ended June 29, 2024, the Company recorded purchase price adjustments of $517 that increased goodwill related to 2023 acquisitions.
Intangible Assets
Intangible assets, net, as of June 29, 2024 and December 30, 2023 consist of the following:
June 29, 2024December 30, 2023
Gross
Carrying
Amount
Accumulated AmortizationNet
Amount
Gross
Carrying
Amount
Accumulated AmortizationNet
Amount
Finite-lived intangible assets:
Customer relationships(1)
$343,423 $(133,828)$209,595 $314,662 $(116,086)$198,576 
Trade name(2)
23,340 (19,534)3,806 22,384 (18,327)4,057 
Customer backlog(3)
39,416 (35,608)3,808 35,116 (32,681)2,435 
Non-compete(4)
17,745 (13,624)4,121 14,987 (12,690)2,297 
Developed technology(5)
39,153 (22,694)16,459 39,153 (19,816)19,337 
Total finite-lived intangible assets$463,077 $(225,288)$237,789 $426,302 $(199,600)$226,702 

(1) Amortized on a straight-line or sum-of-the-years' digits basis over estimated lives (2 to 17 years)
(2) Amortized on a straight-line basis over their estimated lives (1 to 5 years)
(3) Amortized on a straight-line basis over their estimated lives (1 to 10 years)
(4) Amortized on a straight-line basis over their contractual lives (1 to 5 years)
(5) Amortized on a straight-line basis over their estimated lives (5 to 10 years)
The identifiable intangible assets acquired during the six months ended June 29, 2024 consist of customer relationships, trade name, customer backlog, and non-competes with weighted average lives of 10.9 years, 1.9 years, 1.0 year, and 3.9 years, respectively. Amortization expense was $13,567 and $25,687 during the three and six months ended June 29, 2024, respectively, and $11,300 and $20,334 during the three and six months ended July 1, 2023, respectively.