Quarterly report pursuant to Section 13 or 15(d)

Acquired Intangible Assets and Goodwill

v3.22.1
Acquired Intangible Assets and Goodwill
 6 Months Ended
Jun. 26, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Acquired Intangible Assets and Goodwill Acquired Intangible Assets and Goodwill
Intangible assets acquired in a business combination are recognized at fair value and amortized over their estimated useful lives. The carrying basis and accumulated amortization of recognized intangible assets at June 26, 2021 and December 26, 2020, are as follows:
June 26, December 26,
2021 2020
Gross Carrying Amount Accumulated Amortization Average Remaining Life in Years Gross Carrying Amount Accumulated Amortization
Intangible Assets
Customer relationships
 $ 381,758,525  $ 84,195,383  12 $ 380,862,639  $ 71,390,241 
Noncompete agreements
 417,471  192,736  6 412,949  151,028 
Tradenames and trademarks
 85,819,442  —  Indefinite 85,597,528  — 
Other intangibles
 58,455,001  42,051,844  7 58,404,905  41,279,081 
$ 526,450,439  $ 126,439,963  $ 525,278,021  $ 112,820,350 
Changes to gross carrying amount of recognized intangible assets due to translation adjustments include an approximate $361,000 gain and $997,000 loss for the period ended June 26, 2021 and December 26, 2020, respectively. Amortization expense was approximately $6,791,000 and $6,686,000 and $13,623,000 and $13,396,000 for the three and six months ended June 26, 2021 and June 27, 2020, respectively.
The changes in the carrying amounts of goodwill for the period ended June 26, 2021 were as follows:
Balance as of December 26, 2020 $ 259,422,822 
Goodwill acquired during the period 929,276 
Changes due to foreign currency fluctuations (76,905)
Balance as of June 26, 2021 $ 260,275,193