Intangible Assets (Tables)
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12 Months Ended |
Dec. 30, 2021 |
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| Goodwill and Intangible Assets Disclosure [Abstract] |
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| Schedule of Carrying Amount of Goodwill |
Goodwill and changes in the carrying amount of goodwill are as follows for the periods presented:
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| in thousands |
December 30, 2021 |
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December 31, 2020 |
| Goodwill, balance at beginning of year |
$ |
227,447 |
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$ |
227,447 |
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Acquisitions (1) |
28,026 |
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— |
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| Goodwill, balance at end of year |
$ |
255,473 |
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$ |
227,447 |
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(1) Reflects goodwill related to the Spartan acquisition. See Note 14, “Acquisition” for additional details.
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| Schedule of Finite-Lived Intangible Assets |
In accordance with ASC 350, Intangibles—Goodwill and Other, identifiable intangible assets with finite lives are amortized over their estimated useful lives. The estimated lives of the Company’s finite-lived intangible assets are as follows:
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Useful Life |
| Customer relationships |
12 years |
| Non-compete agreement |
5 years |
The gross carrying amount and accumulated amortization of other intangible assets as of December 30, 2021 and December 31, 2020 are as follows:
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December 30, 2021 |
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December 31, 2020 |
| in thousands |
Gross carrying amount |
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Accumulated amortization |
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Net carrying value |
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Gross carrying amount |
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Accumulated amortization |
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Net carrying value |
| Amortizable intangible assets: |
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| Customer relationships |
$ |
34,900 |
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$ |
(1,697) |
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$ |
33,203 |
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$ |
— |
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$ |
— |
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$ |
— |
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Non-compete agreement |
300 |
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(37) |
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263 |
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— |
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— |
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— |
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| Total amortizable intangible assets |
35,200 |
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(1,734) |
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33,466 |
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— |
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— |
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— |
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| Indefinite-lived intangible assets: |
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| Trade names |
118,469 |
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— |
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118,469 |
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109,269 |
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— |
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109,269 |
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| Total intangible assets: |
$ |
153,669 |
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$ |
(1,734) |
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$ |
151,935 |
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$ |
109,269 |
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$ |
— |
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$ |
109,269 |
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| Schedule of Indefinite-Lived Intangible Assets |
The gross carrying amount and accumulated amortization of other intangible assets as of December 30, 2021 and December 31, 2020 are as follows:
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December 30, 2021 |
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December 31, 2020 |
| in thousands |
Gross carrying amount |
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Accumulated amortization |
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Net carrying value |
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Gross carrying amount |
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Accumulated amortization |
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Net carrying value |
| Amortizable intangible assets: |
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| Customer relationships |
$ |
34,900 |
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$ |
(1,697) |
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$ |
33,203 |
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$ |
— |
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$ |
— |
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$ |
— |
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Non-compete agreement |
300 |
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(37) |
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263 |
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— |
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— |
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— |
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| Total amortizable intangible assets |
35,200 |
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(1,734) |
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33,466 |
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— |
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— |
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— |
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| Indefinite-lived intangible assets: |
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| Trade names |
118,469 |
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— |
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118,469 |
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109,269 |
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— |
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109,269 |
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| Total intangible assets: |
$ |
153,669 |
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$ |
(1,734) |
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$ |
151,935 |
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$ |
109,269 |
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$ |
— |
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$ |
109,269 |
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| Schedule of Future Amortizable Expense Related to Other Intangible Assets |
As of December 30, 2021, the estimated aggregate future amortizable expense related to other intangible assets is as follows:
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| in thousands |
Amount |
| 2022 |
$ |
2,974 |
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| 2023 |
2,974 |
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| 2024 |
2,974 |
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| 2025 |
2,974 |
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| 2026 |
2,908 |
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| Thereafter |
18,662 |
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| Total |
$ |
33,466 |
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