Intangible Assets (Tables)
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12 Months Ended |
Dec. 28, 2023 |
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 28, 2023 |
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December 29, 2022 |
Goodwill, balance at beginning of year |
$ |
255,473 |
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$ |
255,473 |
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Acquisition (1)
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2,467 |
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— |
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Goodwill, balance at end of year |
$ |
257,940 |
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$ |
255,473 |
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(1) Reflects goodwill related to the Salesmaster acquisition completed in fiscal 2023. See Note 15, “Acquisitions” for additional details.
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Schedule of Finite-Lived Intangible Assets |
The estimated lives of the Company’s finite-lived intangible assets are as follows:
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Useful Life |
Non-compete agreement |
5 years |
Customer relationships |
12 years |
The gross carrying amount and accumulated amortization of other intangible assets as of December 28, 2023 and December 29, 2022 are as follows:
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December 28, 2023 |
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December 29, 2022 |
in thousands |
Gross carrying amount (1) |
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Accumulated amortization |
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Net carrying value |
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Gross carrying amount (1) |
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Accumulated amortization |
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Net carrying value |
Amortizable intangible assets: |
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Customer relationships |
$ |
43,216 |
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$ |
(8,147) |
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$ |
35,069 |
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$ |
38,216 |
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$ |
(4,728) |
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$ |
33,488 |
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Non-compete agreement |
300 |
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(169) |
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|
131 |
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|
300 |
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(104) |
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|
196 |
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Total amortizable intangible assets |
43,516 |
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(8,316) |
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|
35,200 |
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38,516 |
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(4,832) |
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33,684 |
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Indefinite-lived intangible assets: |
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Trade names |
118,669 |
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— |
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|
118,669 |
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|
118,669 |
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— |
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|
118,669 |
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Total intangible assets |
$ |
162,185 |
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$ |
(8,316) |
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$ |
153,869 |
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$ |
157,185 |
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$ |
(4,832) |
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$ |
152,353 |
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(1) Refer to Note 15, “Acquisitions” for details related to intangible assets acquired during fiscal 2023 and fiscal 2022.
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Schedule of Indefinite-Lived Intangible Assets |
The gross carrying amount and accumulated amortization of other intangible assets as of December 28, 2023 and December 29, 2022 are as follows:
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December 28, 2023 |
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December 29, 2022 |
in thousands |
Gross carrying amount (1) |
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Accumulated amortization |
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Net carrying value |
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Gross carrying amount (1) |
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Accumulated amortization |
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Net carrying value |
Amortizable intangible assets: |
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Customer relationships |
$ |
43,216 |
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|
$ |
(8,147) |
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$ |
35,069 |
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$ |
38,216 |
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|
$ |
(4,728) |
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$ |
33,488 |
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Non-compete agreement |
300 |
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(169) |
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|
131 |
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|
300 |
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(104) |
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|
196 |
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Total amortizable intangible assets |
43,516 |
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(8,316) |
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|
35,200 |
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38,516 |
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(4,832) |
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|
33,684 |
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Indefinite-lived intangible assets: |
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Trade names |
118,669 |
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— |
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118,669 |
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|
118,669 |
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— |
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|
118,669 |
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Total intangible assets |
$ |
162,185 |
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$ |
(8,316) |
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$ |
153,869 |
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$ |
157,185 |
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$ |
(4,832) |
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$ |
152,353 |
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(1) Refer to Note 15, “Acquisitions” for details related to intangible assets acquired during fiscal 2023 and fiscal 2022.
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Schedule of Future Amortizable Expense Related to Other Intangible Assets |
As of December 28, 2023, the estimated aggregate future amortizable expense related to other intangible assets is as follows:
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in thousands |
Amount |
2024 |
$ |
3,667 |
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2025 |
3,667 |
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2026 |
3,601 |
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2027 |
3,601 |
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2028 |
3,601 |
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Thereafter |
17,063 |
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Total |
$ |
35,200 |
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