Quarterly report pursuant to Section 13 or 15(d)

Acquired Intangible Assets and Goodwill

v3.22.2.2
Acquired Intangible Assets and Goodwill
 6 Months Ended
Jul. 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 July 2, 2022 and January 1, 2022, are as follows:
July 2, January 1,
2022 2022
Gross Carrying Amount Accumulated Amortization Average Remaining Life in Years Gross Carrying Amount Accumulated Amortization
Intangible Assets
Customer relationships
 $ 408,328  $ 111,549  11 $ 410,094  $ 97,895 
Noncompete agreements
 395  235  5 412  231 
Tradenames and trademarks
 107,403  —  Indefinite 107,980  — 
Other intangibles
 61,716  46,758  11 61,836  46,156 
$ 577,842  $ 158,542  $ 580,322  $ 144,282 
Changes to gross carrying amount of recognized intangible assets due to translation adjustments include an approximate $1,870 and $270 loss for the period ended July 2, 2022 and January 1, 2022, respectively. Amortization expense was approximately $7,646 and $6,791 for the three
month periods ended July 2, 2022 and June 26, 2021, and $14,871 and $13,623 for the six months periods ended July 2, 2022 and June 26, 2021, respectively.
The changes in the carrying amounts of goodwill for the period ended July 2, 2022 were as follows:
Balance as of January 1, 2022 $ 369,286 
Changes due to foreign currency fluctuations (1,253)
Goodwill adjusted during the period 52 
Balance as of July 2, 2022 $ 368,085