Quarterly report pursuant to Section 13 or 15(d)

Acquired Intangible Assets and Goodwill

v3.23.2
Acquired Intangible Assets and Goodwill
 6 Months Ended
Jul. 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 July 1, 2023 and December 31, 2022, are as follows:

July 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
 $ 408,853  $ 139,910  $ 268,943  $ 408,246  $ 125,613  $ 282,633 
Tradenames and trademarks
 Indefinite 107,613  —  107,613  107,378  —  107,378 
Software development
10-15 years
 20,320  6,808  13,512  20,320  6,085  14,235 
Noncompete agreements
3-8 years
 396  278  118  394  255  139 
Backlog
< 1 year
 —  —  —  41,390  41,390  — 
$ 537,182  $ 146,996  $ 390,186  $ 577,728  $ 173,343  $ 404,385 
Changes to gross carrying amount of recognized intangible assets due to translation adjustments include an approximate $638 gain and $1,972 gain for the periods ended July 1, 2023 and December 31, 2022, respectively. The amortization of intangible assets is included in the general and administrative expense on the Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income.
Amortization expense was approximately $7,421 and $7,646 for the three month periods ended July 1, 2023 and July 2, 2022, respectively, and $14,837 and $14,871 for the six months ended July 1, 2023 and July 2, 2022, respectively.
The changes in the carrying amounts of goodwill for the period ended July 1, 2023 were as follows:
Balance as of December 31, 2022 $ 368,204 
Foreign Currency Translation Adjustment 319 
Balance as of July 1, 2023 $ 368,523