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Goodwill, Intangible Assets, and Cloud Computing Arrangements
9 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill, Intangible Assets, and Cloud Computing Arrangements

4. Goodwill, Intangible Assets, and Cloud Computing Arrangements

Goodwill

Goodwill represents the excess of the cost of an acquired business over the fair value of the identifiable tangible and intangible assets acquired and liabilities assumed in a business combination. At December 31, 2022 and April 2, 2022, the Company had goodwill of $196.6 million and $192.0 million, respectively.

Intangible Assets

The components of amortizable intangible assets were as follows:

 

(Dollars in thousands)

 

December 31, 2022

 

 

April 2, 2022

 

 

 

Customer
Relationships
& Other

 

 

Trade
Names

 

 

Total

 

 

Customer
Relationships
& Other

 

 

Trade
Names

 

 

Total

 

Gross carrying amount

 

$

66,010

 

 

$

21,495

 

 

$

87,505

 

 

$

61,986

 

 

$

21,419

 

 

$

83,405

 

Accumulated amortization

 

 

(29,615

)

 

 

(9,587

)

 

 

(39,202

)

 

 

(23,819

)

 

 

(8,303

)

 

 

(32,122

)

Amortizable intangibles, net

 

$

36,395

 

 

$

11,908

 

 

$

48,303

 

 

$

38,167

 

 

$

13,116

 

 

$

51,283

 

 

During the three months ended December 31, 2022 and January 1, 2022, amortization of intangible assets was $3.0 million and $1.9 million, respectively. During the nine months ended December 31, 2022 and January 1, 2022, amortization of intangible assets was $7.7 million and $5.7 million, respectively.

Cloud Computing Arrangements

The Company capitalizes costs associated with the development of cloud computing arrangements in a manner consistent with internally developed technology. At December 31, 2022 and April 2, 2022, the Company had capitalized cloud computing costs of $24.9 million and $20.5 million, respectively. Cloud computing costs are included in other noncurrent assets in the accompanying condensed consolidated balance sheets. Amortization of capitalized cloud computing costs for the three and nine months ended December 31, 2022 was $0.2 million and $0.6 million, respectively. There was no amortization of capitalized cloud computing costs during the three and nine months ended January 1, 2022.