Goodwill and Intangibles

6 Months Ended

Jul. 02, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLES

NOTE 6 – GOODWILL AND INTANGIBLES

The carrying amount, including changes therein, of goodwill was as follows:

Balance as of December 31, 2020	$	109,001
Acquisitions		11,120
Disposals		-
Measurement period adjustments		(7,966	)
Balance as of July 2, 2021	$	112,155

The Company did not recognize any impairments of goodwill in the three or six months ended July 2, 2021 or June 30, 2020. The Company completed its valuation analysis for the contingent consideration related to the LONG acquisition during the quarter ended April 2, 2021 resulting in an adjustment that is included in the measurement period adjustments noted above.

Intangible assets as of July 2, 2021 and December 31, 2020 consist of the following:

	July 2, 2021							December 31, 2020							Remaining
	Gross		Accumulated			Net book		Gross		Accumulated			Net book		useful life
	amount		amortization			value		amount		amortization			value		(in years)
Definite life intangible assets:
Customer relationships	$	149,917	$	(40,062	)	$	109,855	$	117,185	$	(34,214	)	$	82,971		11.0
Tradenames		25,580		(19,638	)		5,942		21,761		(18,759	)		3,002		2.5
Non-competes		600		(574	)		26		600		(565	)		35		0.4
Total intangibles	$	176,097	$	(60,274	)	$	115,823	$	139,546	$	(53,538	)	$	86,008

Amortization expense was $3.6 million and $3.8 million for the three months ended July 2, 2021 and June 30, 2020 respectively, and $ 6.7 million and $7.5 million for the six months ended July 2, 2021 and June 30, 2020, respectively.

Amortization of intangible assets for the next five years and thereafter is expected to be as follows:

2021 (six months remaining)	$	7,954
2022		16,831
2023		16,309
2024		15,069
2025		14,494
Thereafter		45,166
	$	115,823