Goodwill and Intangibles

9 Months Ended

Sep. 30, 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:

Balance as of December 31, 2021	$	124,348
Acquisitions		5,506
Measurement period adjustments		3,000
Balance as of September 30, 2022	$	132,854

The Company did not recognize any impairments of goodwill in the nine months ended September 30, 2022 or October 1, 2021.

Intangible assets as of September 30, 2022 and December 31, 2021 consist of the following:

	September 30, 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	$	(61,644	)	$	125,482	$	149,917	$	(47,310	)	$	102,607		6.2
Tradenames		28,240		(23,237	)		5,003		25,580		(20,890	)		4,690		1.6
Non-competes		600		(600	)		-		600		(583	)		17		0.0
Total intangibles	$	215,966	$	(85,481	)	$	130,485	$	176,097	$	(68,783	)	$	107,314

Amortization expense was $6.2 million and $4.2 million for the three months ended September 30, 2022 and October 1, 2021 respectively, and $16.7 million and $10.9 million for the nine months ended September 30, 2022 and October 1, 2021, respectively.

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

2022 (three months remaining)	$	6,196
2023		24,280
2024		22,751
2025		21,433
2026		21,433
Thereafter		34,392
	$	130,485