Quarterly report pursuant to Section 13 or 15(d)

Acquired Intangible Assets and Goodwill

v3.22.1
Acquired Intangible Assets and Goodwill
 9 Months Ended
Sep. 25, 2021
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 9 -- “Business Combinations”) are recognized at fair value and amortized over their estimated useful lives. The carrying basis and accumulated amortization of recognized intangible assets at September 25, 2021 and December 26, 2020, are as follows:
September 25, December 26,
2021 2020
Gross Carrying Amount Accumulated Amortization Average Remaining Life in Years Gross Carrying Amount Accumulated Amortization
Intangible Assets
Customer relationships
 $ 410,021,868  $ 90,682,225  12 $ 380,862,639  $ 71,390,241 
Noncompete agreements
 411,010  238,732  6 412,949  151,028 
Tradenames and trademarks
 107,958,402  —  Indefinite 85,597,528  — 
Other intangibles
 61,831,402  43,622,904  6 58,404,905  41,279,081 
$ 580,222,682  $ 134,543,861  $ 525,278,021  $ 112,820,350 
Changes to gross carrying amount of recognized intangible assets due to translation adjustments include an approximate $369,000 and $997,000 loss for the period ended September 25, 2021 and December 26, 2020, respectively. Amortization expense was approximately $8,229,000 and $6,892,000 and $21,852,000 and $20,287,000 for the three and nine months ended September 25, 2021 and September 26, 2020, respectively.
The changes in the carrying amounts of goodwill for the period ended September 25, 2021 were as follows:
Balance as of December 26, 2020 $ 259,422,822 
Goodwill acquired during the period 110,641,756 
Changes due to foreign currency fluctuations (457,380)
Balance as of September 25, 2021 $ 369,607,198