Quarterly report pursuant to Section 13 or 15(d)

Acquired Intangible Assets and Goodwill

v3.22.2.2
Acquired Intangible Assets and Goodwill
 9 Months Ended
Oct. 01, 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 October 1, 2022 and January 1, 2022, are as follows:
October 1, January 1,
2022 2022
Gross Carrying Amount Accumulated Amortization Average Remaining Life in Years Gross Carrying Amount Accumulated Amortization
Intangible Assets
Customer relationships
 $ 406,970  $ (118,200) 10 $ 410,094  $ (97,895)
Noncompete agreements
 380  (233) 5 412  (231)
Tradenames and trademarks
 106,971  —  Indefinite 107,980  — 
Other intangibles
 61,626  (47,030) 10 61,836  (46,156)
$ 575,947  $ (165,463) $ 580,322  $ (144,282)
Changes to gross carrying amount of recognized intangible assets due to translation adjustments include an approximate $3,278 and $270 loss for the period ended October 1, 2022 and January 1, 2022, respectively. Amortization expense was approximately $7,408 and $8,229 for the
three month periods ended October 1, 2022 and September 25, 2021, and $22,278 and $21,852 for the nine months periods ended October 1, 2022 and September 25, 2021, respectively.
The changes in the carrying amounts of goodwill for the period ended October 1, 2022 were as follows:
Balance as of January 1, 2022 $ 369,286 
Changes due to foreign currency fluctuations (2,076)
Goodwill adjusted during the period 52 
Balance as of October 1, 2022 $ 367,262