| Goodwill and Other Intangibles, Net |
Note 4 —Goodwill and Other Intangibles, Net
Goodwill
The carrying amounts of goodwill are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 1, 2022 |
|
|
October 2, 2021 |
|
|
January 2, 2021 |
|
Balance at beginning of the period |
|
$ |
101,114 |
|
|
$ |
93,295 |
|
|
$ |
93,295 |
|
Acquisitions |
|
|
3,200 |
|
|
|
7,819 |
|
|
|
— |
|
Measurement period adjustments |
|
|
1,475 |
|
|
|
— |
|
|
|
— |
|
Balance at the end of the period |
|
$ |
105,789 |
|
|
$ |
101,114 |
|
|
$ |
93,295 |
|
Other Intangible Assets
Other intangible assets consisted of the following as of January 1, 2022 (in thousands, except weighted average remaining useful life):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
Average
Remaining
Useful Life
(in Years) |
|
|
Gross
Carrying
Value |
|
|
Accumulated
Amortization |
|
|
Net
Carrying
Amount |
|
Trade name and trademarks (finite life) |
|
|
6.5 |
|
|
$ |
5,940 |
|
|
$ |
(5,311 |
) |
|
$ |
629 |
|
Trade name and trademarks (indefinite life) |
|
Indefinite |
|
|
|
17,750 |
|
|
|
— |
|
|
|
17,750 |
|
Non-compete agreements |
|
|
7.2 |
|
|
|
8,633 |
|
|
|
(7,174 |
) |
|
|
1,459 |
|
Consumer relationships |
|
|
6.3 |
|
|
|
19,000 |
|
|
|
(12,545 |
) |
|
|
6,455 |
|
Other intangibles |
|
|
6.9 |
|
|
|
6,620 |
|
|
|
(6,274 |
) |
|
|
346 |
|
Total |
|
|
|
|
$ |
57,943 |
|
|
$ |
(31,304 |
) |
|
$ |
26,639 |
|
Other intangible assets consisted of the following as of October 2, 2021 (in thousands, except weighted average remaining useful life):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
Average
Remaining
Useful Life
(in Years) |
|
|
Gross
Carrying
Value |
|
|
Accumulated
Amortization |
|
|
Net
Carrying
Amount |
|
Trade name and trademarks (finite life) |
|
|
6.6 |
|
|
$ |
5,940 |
|
|
$ |
(5,274 |
) |
|
$ |
666 |
|
Trade name and trademarks (indefinite life) |
|
Indefinite |
|
|
|
17,750 |
|
|
|
— |
|
|
|
17,750 |
|
Non-compete agreements |
|
|
7.5 |
|
|
|
8,633 |
|
|
|
(7,123 |
) |
|
|
1,510 |
|
Consumer relationships |
|
|
6.4 |
|
|
|
19,000 |
|
|
|
(11,688 |
) |
|
|
7,312 |
|
Other intangibles |
|
|
7.0 |
|
|
|
6,620 |
|
|
|
(5,952 |
) |
|
|
668 |
|
Total |
|
|
|
|
$ |
57,943 |
|
|
$ |
(30,037 |
) |
|
$ |
27,906 |
|
Other intangible assets consisted of the following as of January 2, 2021 (in thousands, except weighted average remaining useful life):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
Average
Remaining
Useful Life
(in Years) |
|
|
Gross
Carrying
Value |
|
|
Accumulated
Amortization |
|
|
Net
Carrying
Amount |
|
Trade name and trademarks (finite life) |
|
|
3.4 |
|
|
$ |
5,540 |
|
|
$ |
(5,167 |
) |
|
$ |
373 |
|
Trade name and trademarks (indefinite life) |
|
Indefinite |
|
|
|
17,750 |
|
|
|
— |
|
|
|
17,750 |
|
Non-compete agreements |
|
|
8.2 |
|
|
|
8,633 |
|
|
|
(6,958 |
) |
|
|
1,675 |
|
Consumer relationships |
|
|
5.9 |
|
|
|
17,200 |
|
|
|
(10,485 |
) |
|
|
6,715 |
|
Other intangibles |
|
|
7.1 |
|
|
|
6,620 |
|
|
|
(5,769 |
) |
|
|
851 |
|
Total |
|
|
|
|
$ |
55,743 |
|
|
$ |
(28,379 |
) |
|
$ |
27,364 |
|
Amortization expense was $1.3 million and $0.5 million for the three months ended January 1, 2022 and January 2, 2021, respectively. No impairment of goodwill or other intangible assets was recorded during the three months ended January 1, 2022 or January 2, 2021.
The following table summarizes the estimated future amortization expense related to finite-lived intangible assets on our condensed consolidated balance sheet as of January 1, 2022 (in thousands):
|
|
|
|
|
|
|
Amount |
|
Remainder of fiscal 2022 |
|
$ |
1,167 |
|
2023 |
|
|
1,923 |
|
2024 |
|
|
1,285 |
|
2025 |
|
|
1,188 |
|
2026 |
|
|
942 |
|
Thereafter |
|
|
2,384 |
|
Total |
|
$ |
8,889 |
|
|