| Goodwill and Other Intangibles, Net |
Note 4 —Goodwill and Other Intangibles, Net
Goodwill
The following table details the changes in goodwill (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022 |
|
|
October 1, 2022 |
|
|
January 1, 2022 |
|
Balance at beginning of the period |
|
$ |
173,513 |
|
|
$ |
101,114 |
|
|
$ |
101,114 |
|
Acquisitions, net of measurement period adjustments |
|
|
2,650 |
|
|
|
72,399 |
|
|
|
4,675 |
|
Balance at the end of the period |
|
$ |
176,163 |
|
|
$ |
173,513 |
|
|
$ |
105,789 |
|
Other Intangible Assets
Other intangible assets consisted of the following as of December 31, 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) |
|
|
10.5 |
|
|
$ |
27,140 |
|
|
$ |
(6,224 |
) |
|
$ |
20,916 |
|
Trade name and trademarks (indefinite life) |
|
Indefinite |
|
|
|
9,350 |
|
|
|
— |
|
|
|
9,350 |
|
Non-compete agreements |
|
|
6.1 |
|
|
|
8,683 |
|
|
|
(7,431 |
) |
|
|
1,252 |
|
Consumer relationships |
|
|
7.7 |
|
|
|
24,100 |
|
|
|
(13,879 |
) |
|
|
10,221 |
|
Other intangibles |
|
|
5.8 |
|
|
|
6,620 |
|
|
|
(6,403 |
) |
|
|
217 |
|
Total |
|
|
|
|
$ |
75,893 |
|
|
$ |
(33,937 |
) |
|
$ |
41,956 |
|
Other intangible assets consisted of the following as of October 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) |
|
|
11.0 |
|
|
$ |
24,440 |
|
|
$ |
(5,907 |
) |
|
$ |
18,533 |
|
Trade name and trademarks (indefinite life) |
|
Indefinite |
|
|
|
9,350 |
|
|
|
— |
|
|
|
9,350 |
|
Non-compete agreements |
|
|
6.5 |
|
|
|
8,683 |
|
|
|
(7,379 |
) |
|
|
1,304 |
|
Consumer relationships |
|
|
7.9 |
|
|
|
24,100 |
|
|
|
(13,339 |
) |
|
|
10,761 |
|
Other intangibles |
|
|
6.2 |
|
|
|
6,620 |
|
|
|
(6,380 |
) |
|
|
240 |
|
Total |
|
|
|
|
$ |
73,193 |
|
|
$ |
(33,005 |
) |
|
$ |
40,188 |
|
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 |
|
Amortization expense was $0.9 million and $1.3 million for the three months ended December 31, 2022 and January 1, 2022, respectively. No impairment of goodwill or other intangible assets was recorded during the three months ended December 31, 2022 and January 1, 2022.
The following table summarizes the estimated future amortization expense related to finite-lived intangible assets on our condensed consolidated balance sheet as of December 31, 2022 (in thousands):
|
|
|
|
|
|
|
Amount |
|
Remainder of fiscal 2023 |
|
$ |
3,580 |
|
2024 |
|
|
3,873 |
|
2025 |
|
|
3,777 |
|
2026 |
|
|
3,530 |
|
2027 |
|
|
3,407 |
|
Thereafter |
|
|
14,439 |
|
Total |
|
$ |
32,606 |
|
|