Annual report pursuant to Section 13 and 15(d)

Acquired Intangible Assets and Goodwill

v3.23.1
Acquired Intangible Assets and Goodwill
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Acquired Intangible Assets and Goodwill Acquired Intangible Assets and Goodwill
Intangible assets acquired in a business combination (See Note 10 Business Combinations) are recognized at fair value and amortized over their estimated useful lives. The carrying amount and accumulated amortization of recognized intangible assets at December 31, 2022 and January 1, 2022, are as follows:
December 31, January 1,
2022 2022
Gross Carrying Amount Accumulated Amortization Net Amount Gross Carrying Amount Accumulated Amortization Net Amount
Intangible Assets
 Useful Life
Customer relationships
10-15 years
 $ 408,246  $ 125,613  $ 282,633  $ 410,094  $ 97,895  $ 312,199 
Noncompete agreements
3-8 years
 394  255  139  412  231  $ 180 
Tradenames and trademarks
 Indefinite 107,378  —  107,378  107,980  —  $ 107,980 
Other intangibles
0-10 years
 61,710  47,475  14,235  61,836  46,156  $ 15,680 
$ 577,728  $ 173,343  $ 404,385  $ 580,322  $ 144,282  $ 436,040 
Changes to gross carrying amount of recognized intangible assets due to translation adjustments include an approximate $1,972 and $270 loss for the years ended December 31, 2022 and January 1, 2022, respectively. Amortization expense was approximately $29,683, $31,588 and $27,046 for the years ended December 31, 2022, January 1, 2022, and December 26, 2020, respectively.

The following table summarizes the aggregate expected amortization expense of definite-lived intangible assets as of December 31, 2022 (in thousands):

2023 $ 29,527 
2024 29,527 
2025 29,504 
2026 29,503 
2027 29,503 
Thereafter 149,443 
Total $ 297,007 
The changes in the carrying amounts of goodwill for the years ended January 1, 2022 and December 31, 2022 were as follows:
Balance as of December 26, 2020 $ 259,423 
G & M Stor-More Pty Ltd Acquisition 929 
DBCI, LLC Acquisition 102,727 
Access Control Technologies, LLC Acquisition 6,585 
Foreign Currency Translation Adjustment (378)
Balance as of January 1, 2022 $ 369,286 
Foreign Currency Translation Adjustment (1,135)
Access Control Technologies, LLC Acquisition Adjustment 53 
Balance as of December 31, 2022 $ 368,204