Quarterly report pursuant to Section 13 or 15(d)

Acquired Intangible Assets and Goodwill

v3.22.1
Acquired Intangible Assets and Goodwill
 3 Months Ended
Apr. 02, 2022
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 April 2, 2022 and January 1, 2022, are as follows:
April 2, January 1,
2022 2022
Gross Carrying Amount Accumulated Amortization Average Remaining Life in Years Gross Carrying Amount Accumulated Amortization
Intangible Assets
Customer relationships
 $ 409,715  $ 104,635  11 $ 410,094  $ 97,895 
Noncompete agreements
 411  236  5 412  231 
Tradenames and trademarks
 107,826  —  Indefinite 107,980  — 
Other intangibles
 61,804  46,484  6 61,836  46,156 
$ 579,756  $ 151,355  $ 580,322  $ 144,282 
Changes to gross carrying amount of recognized intangible assets due to translation adjustments include an approximate $566 and $270 loss for the period ended April 2, 2022 and January 1, 2022, respectively. Amortization expense was approximately $7,225 and $6,832 for the three months ended April 2, 2022 and March 27, 2021, respectively.
The changes in the carrying amounts of goodwill for the period ended April 2, 2022 were as follows:
Balance as of January 1, 2022 $ 369,286 
Changes due to foreign currency fluctuations (7)
Balance as of April 2, 2022 $ 369,279