Goodwill and Intangibles

3 Months Ended

Apr. 01, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLES

NOTE 5 – GOODWILL AND INTANGIBLES

The carrying amount, including changes therein, of goodwill was as follows (in thousands):

Balance as of December 31, 2021	$	124,348
Acquisitions		5,506
Disposals		-
Measurement period adjustments		3,000
Balance as of April 1, 2022	$	132,854

The Company did not recognize any impairments of goodwill in the quarters ended April 1, 2022 or April 2, 2021.

Intangible assets as of April 1, 2022 and December 31, 2021 consist of the following (in thousands):

	April 2, 2022							December 31, 2021							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	$	187,126	$	(51,179	)	$	135,947	$	149,917	$	(47,310	)	$	102,607		8.0
Tradenames		28,240		(21,621	)		6,619		25,580		(20,890	)		4,690		2.3
Non-competes		600		(588	)		12		600		(583	)		17		0.6
Total intangibles	$	215,966	$	(73,388	)	$	142,578	$	176,097	$	(68,783	)	$	107,314

Amortization expense for the quarters ended April 1, 2022 and April 2, 2021 was $4.6 million and $3.2 million, respectively.

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

2022 (nine months remaining)	$	15,966
2023		20,917
2024		19,566
2025		18,399
2026		18,215
Thereafter		49,515
	$	142,578