GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 27, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

The activity in goodwill by reportable segment for the years ended December 27, 2020 and December 29, 2019 were as follows:

	December 29, 2019		Additions		Currency Translation		December 27, 2020
	(In thousands)
U.S.	$	41,936	$	—	$	—	$	41,936
U.K. and Europe	806,207		—		29,298		835,505
Mexico	125,607		2,197		—		127,804
Total	$	973,750	$	2,197	$	29,298	$	1,005,245

	December 30, 2018		Additions		Currency Translation		December 29, 2019
	(In thousands)
U.S.	$	41,936	$	—	$	—	$	41,936
U.K. and Europe	782,207		—		24,000		806,207
Mexico	125,607		—		—		125,607
Total	$	949,750	$	—	$	24,000	$	973,750

Identified intangible assets consisted of the following:

	December 29, 2019		Additions		Amortization		Currency Translation		December 27, 2020
	(In thousands)
Carrying amount:
Trade names	$	78,343	$	—	$	—	$	—	$	78,343
Customer relationships	292,278		—		—		4,784		297,062
Non-compete agreements	320		—		—		—		320
Trade names not subject to amortization	391,431		—		—		13,809		405,240
Accumulated amortization:
Trade names	(45,518)		—		(1,968)		—		(47,486)
Customer relationships	(120,481)		—		(20,747)		(2,018)		(143,246)
Non-compete agreements	(320)		—		—		—		(320)
Total	$	596,053	$	—	$	(22,715)	$	16,575	$	589,913

	December 30, 2018		Additions		Amortization		Currency Translation		December 29, 2019
	(In thousands)
Carrying amount:
Trade names	$	78,343	$	—	$	—	$	—	$	78,343
Customer relationships	247,706		40,418		—		4,154		292,278
Non-compete agreements	320		—		—		—		320
Trade names not subject to amortization	380,067		—		—		11,364		391,431
Accumulated amortization:
Trade names	(43,552)		—		(1,966)		—		(45,518)
Customer relationships	(98,441)		—		(20,920)		(1,120)		(120,481)
Non-compete agreements	(315)		—		(5)		—		(320)
Total	$	564,128	$	40,418	$	(22,891)	$	14,398	$	596,053

Additions shown in above table for 2019 are comprised of a customer relationships intangible asset recorded as part of the PPL acquisition. The Company valued this asset using the income approach resulting in a fair value of $40.4 million. The intangible asset has a useful life of eleven years. For additional information regarding the initial valuation and assumptions used, refer to “Note 2. Business Acquisitions.”

Intangible assets are amortized over the estimated useful lives of the assets as follows:

Customer relationships	3-16 years
Trade names	20 years
Non-compete agreements	3 years

The Company recognized amortization expense related to identified intangible assets of $22.7 million in 2020, $22.9 million in 2019 and $25.7 million in 2018.

The Company expects to recognize amortization expense associated with identified intangible assets of $23.3 million in 2021, $23.3 million in 2022, $22.3 million in 2023 and $21.2 million in 2024, and $21.2 million in 2025.

As of December 27, 2020, the Company assessed qualitative factors to determine if it was necessary to perform either the two-step quantitative impairment test related to the carrying amount of its goodwill or quantitative impairment tests related to the carrying amounts of its identified intangible assets not subject to amortization. Based on these assessments, the Company determined that it was not necessary to perform either the two-step quantitative impairment test related to the carrying amount of its goodwill nor the quantitative impairment tests related to the carrying amounts of its identified intangible assets not subject to amortization at that date.

As of December 27, 2020, the Company assessed if events or changes in circumstances indicated that the aggregate carrying amount of its identified intangible assets subject to amortization might not be recoverable. There were no indicators present that required the Company to test the recoverability of the aggregate carrying amount of its identified intangible assets subject to amortization at that date.