Quarterly report pursuant to Section 13 or 15(d)

Acquired Intangible Assets and Goodwill

v3.23.1
Acquired Intangible Assets and Goodwill
 3 Months Ended
Apr. 01, 2023
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 1, 2023 and December 31, 2022, are as follows:

April 1, December 31,
2023 2022
Gross Carrying Amount Accumulated Amortization Net Amount Gross Carrying Amount Accumulated Amortization Net Amount
Intangible Assets
 Useful Life
Customer relationships
10-15 years
 $ 408,536  $ 132,753  $ 275,783  $ 408,246  $ 125,613  $ 282,633 
Tradenames and trademarks
 Indefinite 107,491  —  107,491  107,378  —  107,378 
Software development
10-15 years
 20,320  6,447  13,873  20,320  6,085  14,235 
Noncompete agreements
3-8 years
 395  266  129  394  255  139 
Backlog
< 1 year
 —  —  —  41,390  41,390  — 
$ 536,742  $ 139,466  $ 397,276  $ 577,728  $ 173,343  $ 404,385 
Changes to gross carrying amount of recognized intangible assets due to translation adjustments include an approximate $307 for the period ended April 1, 2023. Amortization expense was approximately $7,416 and $7,225 for the three month periods ended April 1, 2023 and April 2, 2022, respectively.
The changes in the carrying amounts of goodwill for the period ended April 1, 2023 were as follows:
Balance as of December 31, 2022 $ 368,204 
Foreign Currency Translation Adjustment 159 
Balance as of April 1, 2023 $ 368,363