GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 29, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

The activity in goodwill by segment for the three months ended March 29, 2026 was as follows:

	December 28, 2025		Additions		Currency Translation		March 29, 2026
	(In thousands)
U.S.	$	41,936	$	—	$	—	$	41,936
Europe	1,183,920		1,008		(21,465)		1,163,463
Mexico	113,028		—		(1,373)		111,655
Total	$	1,338,884	$	1,008	$	(22,838)	$	1,317,054

On January 13, 2026, the Company acquired 100% of the equity of Hermitage AI Ltd. from Hermitage Group for £2.3 million, or about $3.1 million. The acquisition was funded with cash on hand. Transaction costs were immaterial and expensed as incurred. The fair value of the net assets acquired was £1.4 million, resulting in goodwill which is reflected in additions in the table above.

Intangible assets consisted of the following:

	December 28, 2025		Amortization		Currency Translation		March 29, 2026
	(In thousands)
Cost:
Trade names not subject to amortization	$	613,536	$	—	$	(11,007)	$	602,529
Trade names subject to amortization	114,762		—		(670)		114,092
Customer relationships	456,415		—		(5,723)		450,692
Accumulated amortization:
Trade names	(66,052)		(990)		171		(66,871)
Customer relationships	(286,595)		(7,430)		3,139		(290,886)
Intangible assets, net	$	832,066	$	(8,420)	$	(14,090)	$	809,556

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 March 29, 2026, the Company assessed if events or changes in circumstances indicated that any asset group-level carrying amounts of its intangible assets might not be recoverable. The Company will perform its annual tests of recoverability of all goodwill and trade names not subject to amortization in the fourth quarter of 2026, which if there were to be an impairment, could be material.