GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 25, 2022

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 25, 2022 and December 26, 2021 were as follows:

	December 26, 2021		Additions		Currency Translation		December 25, 2022
	(In thousands)
U.S.	$	41,936	$	—	$	—	$	41,936
U.K. and Europe	1,167,512		5,401		(114,709)		1,058,204
Mexico	127,804		—		—		127,804
Total	$	1,337,252	$	5,401	$	(114,709)	$	1,227,944

	December 27, 2020		Additions		Currency Translation		December 26, 2021
	(In thousands)
U.S.	$	41,936	$	—	$	—	$	41,936
U.K. and Europe	835,505		350,364		(18,357)		1,167,512
Mexico	127,804		—		—		127,804
Total	$	1,005,245	$	350,364	$	(18,357)	$	1,337,252

Intangible assets consisted of the following:

	December 26, 2021		Amortization		Disposals		Currency Translation		December 25, 2022
	(In thousands)
Carrying amount:
Trade names not subject to amortization	$	609,713	$	—	$	—	$	(60,689)	$	549,024
Trade names subject to amortization	114,268		—		—		(2,211)		112,057
Customer relationships	455,459		—		—		(27,797)		427,662
Non-compete agreements	320		—		(320)		—		—
Accumulated amortization:
Trade names	(49,901)		(3,894)		—		87		(53,708)
Customer relationships	(166,296)		(29,844)		—		7,125		(189,015)
Non-compete agreements	(320)		—		320		—		—
Total	$	963,243	$	(33,738)	$	—	$	(83,485)	$	846,020

	December 27, 2020		Additions		Amortization		Currency Translation		December 26, 2021
	(In thousands)
Carrying amount:
Trade names not subject to amortization	$	405,240	$	214,047	$	—	$	(9,574)	$	609,713
Trade names subject to amortization	78,343		36,825		—		(900)		114,268
Customer relationships	297,062		164,285		—		(5,888)		455,459
Non-compete agreements	320		—		—		—		320
Accumulated amortization:
Trade names	(47,486)		—		(2,409)		(6)		(49,901)
Customer relationships	(143,246)		—		(23,963)		913		(166,296)
Non-compete agreements	(320)		—		—		—		(320)
Total	$	589,913	$	415,157	$	(26,372)	$	(15,455)	$	963,243

For additional information regarding the additions in above tables, refer to “Note 2. Business Acquisitions.”

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

Customer relationships	3-18 years
Trade names subject to amortization	15-20 years
Non-compete agreements	3 years

The Company recognized amortization expense related to intangible assets of $33.7 million in 2022, $26.4 million in 2021 and $22.7 million in 2020.

The Company expects to recognize amortization expense associated with intangible assets of $30.8 million in 2023, $30.8 million in 2024, $30.8 million in 2025, $30.8 million in 2026 and $24.1 million in 2027.

As of December 25, 2022, the Company assessed qualitative factors to determine if it was necessary to perform quantitative impairment tests related to the carrying amounts of its goodwill or its intangible assets not subject to amortization. Based on these assessments, the Company determined that it was not necessary to perform quantitative impairment tests related to the carrying amount of its goodwill nor its intangible assets not subject to amortization at that date.

As of December 25, 2022, the Company assessed if events or changes in circumstances indicated that the aggregate carrying amount of its 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 intangible assets subject to amortization at that date.