GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 24, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

The activity in goodwill by segment for the nine months ended September 24, 2023 was as follows:

	December 25, 2022		Currency Translation		September 24, 2023
	(In thousands)
U.S.	$	41,936	$	—	$	41,936
U.K. and Europe	1,058,204		15,229		1,073,433
Mexico	127,804		—		127,804
Total	$	1,227,944	$	15,229	$	1,243,173

Intangible assets consisted of the following:

	December 25, 2022		Amortization		Currency Translation		September 24, 2023
	(In thousands)
Cost:
Trade names not subject to amortization	$	549,024	$	—	$	9,078	$	558,102
Trade names subject to amortization	112,057		—		2,255		114,312
Customer relationships	427,662		—		3,527		431,189
Accumulated amortization:
Trade names	(53,708)		(2,861)		(2,952)		(59,521)
Customer relationships	(189,015)		(21,951)		(845)		(211,811)
Intangible assets, net	$	846,020	$	(24,812)	$	11,063	$	832,271

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

At September 24, 2023, the Company assessed if events or changes in circumstances indicated that the asset group-level carrying amounts 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 asset group-level carrying amounts of its intangible assets subject to amortization at that date. The Company will perform its annual tests of recoverability of goodwill and trade names not subject to amortization in the fourth quarter of 2023, which if there were to be an impairment could be material.