Goodwill and Intangibles

9 Months Ended

Oct. 01, 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		13,181
Disposals		-
Measurement period adjustments		(891	)
Balance as of October 1, 2021	$	121,291

The Company did not recognize any impairments of goodwill in the three or nine months ended October 1, 2021 or September 30, 2020. The Company completed its valuation analysis for the contingent consideration related to the LONG and Alta Vista acquisitions during the quarters ended April 2, 2021 and October 1, 2021, respectively, resulting in an adjustment that is included in the measurement period adjustments noted above.

Intangible assets as of October 1, 2021 and December 31, 2020 consist of the following:

	October 1, 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	$	(43,686	)	$	106,231	$	117,185	$	(34,214	)	$	82,971		11.0
Tradenames		25,580		(20,218	)		5,362		21,761		(18,759	)		3,002		2.5
Non-competes		600		(578	)		22		600		(565	)		35		0.4
Total intangibles	$	176,097	$	(64,482	)	$	111,615	$	139,546	$	(53,538	)	$	86,008

Amortization expense was $4.2 million and $3.8 million for the three months ended October 1, 2021 and September 30, 2020 respectively, and $10.9 million and $11.3 million for the nine months ended October 1, 2021 and September 30, 2020, respectively.

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

2021 (three months remaining)	$	3,746
2022		16,831
2023		16,309
2024		15,069
2025		14,494
Thereafter		45,166
	$	111,615