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ACQUISITIONS, DISPOSTIONS, GOODWILL AND INTANGIBLES
 9 Months Ended
Oct. 01, 2022
Business Acquisition [Line Items]  
ACQUISITIONS, DISPOSTIONS, GOODWILL AND INTANGIBLES ACQUISITIONS, DISPOSITIONS, GOODWILL AND INTANGIBLES
 
The Company has completed numerous acquisitions since its formation, which have been financed through a combination of debt and equity funding and available cash. The operations of each acquisition have been included in the Company’s consolidated results of operations since the respective closing dates of the acquisitions. The Company measures all assets acquired and liabilities assumed at their acquisition-date fair value. Goodwill acquired during a business combination has an indefinite life and is not amortized.

The following table summarizes the Company’s acquisitions by region and period:

Nine months endedYear ended
October 1, 2022January 1, 2022
West— — 
East1 3 

The purchase price allocation, primarily the valuation of property, plant and equipment for the acquisitions completed during the nine months ended October 1, 2022, as well as the acquisitions completed during 2021 that occurred after
October 2, 2021, have not yet been finalized due to the recent timing of the acquisitions, status of the valuation of property, plant and equipment and finalization of related tax returns. The following table summarizes aggregated information regarding the fair values of the assets acquired and liabilities assumed as of the respective acquisition dates:

Nine months endedYear ended
October 1, 2022    January 1, 2022
Financial assets$— $— 
Inventories16 2,406 
Property, plant and equipment1,877 19,668 
Intangible assets— 702 
Other assets83 98 
Financial liabilities— (1,742)
Other long-term liabilities(43)(470)
Net assets acquired1,933 20,662 
Goodwill— — 
Purchase price1,933 20,662 
Acquisition-related liabilities— (1,149)
Other— — 
Net cash paid for acquisitions$1,933 $19,513 

Changes in the carrying amount of goodwill, by reportable segment, from January 1, 2022 to October 1, 2022 are summarized as follows:
 WestEastCement
Total  
Balance—January 1, 2022$570,509 $388,585 $204,656 $1,163,750 
Dispositions (1)— (27,084)— (27,084)
Foreign currency translation adjustments(4,902)— — (4,902)
Balance—October 1, 2022$565,607 $361,501 $204,656 $1,131,764 
_______________________________________________________________________
(1) Reflects goodwill derecognition from dispositions completed during the nine months ended October 1, 2022.

The Company’s intangible assets subject to amortization are primarily composed of operating permits, mineral lease agreements and reserve rights. Operating permits relate to permitting and zoning rights acquired outside of a business combination. The assets related to mineral lease agreements reflect the submarket royalty rates paid under agreements, primarily for extracting aggregates. The values were determined as of the respective acquisition dates by a comparison of market-royalty rates. The reserve rights relate to aggregate reserves to which the Company has certain rights of ownership, but does not own the reserves. The intangible assets are amortized on a straight-line basis over the lives of the leases or permits. The following table shows intangible assets by type and in total:

 October 1, 2022January 1, 2022
 Gross
 Carrying
 Amount		Accumulated
 Amortization		Net
 Carrying
 Amount		Gross
 Carrying
 Amount		Accumulated
 Amortization		Net
 Carrying
 Amount
Operating permits$36,036 $(3,739)$32,297 $33,671 $(2,467)$31,204 
Mineral leases15,463 (6,529)8,934 19,927 (8,922)11,005 
Reserve rights25,586 (3,947)21,639 25,586 (3,329)22,257 
Other4,810 (427)4,383 5,481 (551)4,930 
Total intangible assets$81,895 $(14,642)$67,253 $84,665 $(15,269)$69,396 
 
Amortization expense totaled $0.8 million and $2.6 million for the three and nine months ended October 1, 2022, respectively, and $0.9 million and $2.8 million for the three and nine months ended October 2, 2021, respectively. The estimated amortization expense for the intangible assets for each of the five years subsequent to October 1, 2022 is as follows:
2022 (three months)$959 
20233,845 
20243,819 
20253,775 
20263,726 
20273,714 
Thereafter47,415 
Total$67,253 

In the nine months ended October 1, 2022, as part of the Company's strategy to rationalize assets, the Company sold three businesses in the East segment, resulting in cash proceeds of $373.8 million and a total gain on disposition of $174.4 million.

In October 2022, we completed an acquisition of an aggregates based business in Florida, which will be included in our East segment results subsequent to the date of acquisition.
Summit Materials, LLC  
Business Acquisition [Line Items]  
ACQUISITIONS, DISPOSTIONS, GOODWILL AND INTANGIBLES ACQUISITIONS, DISPOSITIONS, GOODWILL AND INTANGIBLES
 
The Company has completed numerous acquisitions since its formation, which have been financed through a combination of debt and equity funding and available cash. The operations of each acquisition have been included in the Company’s consolidated results of operations since the respective closing dates of the acquisitions. The Company measures all assets acquired and liabilities assumed at their acquisition-date fair value. Goodwill acquired during a business combination has an indefinite life and is not amortized.

The following table summarizes the Company’s acquisitions by region and period:

Nine months endedYear ended
October 1, 2022January 1, 2022
West— — 
East13
 
The purchase price allocation, primarily the valuation of property, plant and equipment for the acquisitions completed during the nine months ended October 1, 2022, as well as the acquisitions completed during 2021 that occurred after October 2, 2021, have not yet been finalized due to the recent timing of the acquisitions, status of the valuation of property, plant and equipment and finalization of related tax returns. The following table summarizes aggregated information regarding the fair values of the assets acquired and liabilities assumed as of the respective acquisition dates:
Nine months endedYear ended
October 1, 2022    January 1, 2022
Financial assets$— $— 
Inventories16 2,406 
Property, plant and equipment1,877 19,668 
Intangible assets— 702 
Other assets83 98 
Financial liabilities— (1,742)
Other long-term liabilities(43)(470)
Net assets acquired1,933 20,662 
Goodwill— — 
Purchase price1,933 20,662 
Acquisition-related liabilities— (1,149)
Other— — 
Net cash paid for acquisitions$1,933 $19,513 

Changes in the carrying amount of goodwill, by reportable segment, from January 1, 2022 to October 1, 2022 are summarized as follows:
 WestEastCement
Total  
Balance—January 1, 2022$571,509 $388,585 $204,656 $1,164,750 
Dispositions (1)— (27,084)— (27,084)
Foreign currency translation adjustments(4,902)— — (4,902)
Balance—October 1, 2022$566,607 $361,501 $204,656 $1,132,764 
_______________________________________________________________________
(1) Reflects goodwill derecognition from dispositions completed during the nine months ended October 1, 2022.

The Company’s intangible assets subject to amortization are primarily composed of operating permits, mineral lease agreements and reserve rights. Operating permits relate to permitting and zoning rights acquired outside of a business combination. The assets related to mineral lease agreements reflect the submarket royalty rates paid under agreements, primarily for extracting aggregates. The values were determined as of the respective acquisition dates by a comparison of market-royalty rates. The reserve rights relate to aggregate reserves to which the Company has certain rights of ownership, but does not own the reserves. The intangible assets are amortized on a straight-line basis over the lives of the leases or permits. The following table shows intangible assets by type and in total:
 
 October 1, 2022January 1, 2022
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Operating permits$36,036 $(3,739)$32,297 $33,671 $(2,467)$31,204 
Mineral leases15,463 (6,529)8,934 19,927 (8,922)11,005 
Reserve rights25,586 (3,947)21,639 25,586 (3,329)22,257 
Other4,810 (427)4,383 5,481 (551)4,930 
Total intangible assets$81,895 $(14,642)$67,253 $84,665 $(15,269)$69,396 
 
Amortization expense totaled $0.8 million and $2.6 million for the three and nine months ended October 1, 2022, respectively, and $0.9 million and $2.8 million for the three and nine months ended October 2, 2021, respectively. The estimated amortization expense for the intangible assets for each of the five years subsequent to October 1, 2022 is as follows:
 
2022 (three months)$959 
20233,845 
20243,819 
20253,775 
20263,726 
20273,714 
Thereafter47,415 
Total$67,253 
In the nine months ended October 1, 2022, as part of the Company's strategy to rationalize assets, the Company sold three businesses in the East segment, resulting in cash proceeds of $373.8 million and a total gain on disposition of $174.4 million.