XML 37 R17.htm IDEA: XBRL DOCUMENT
v3.24.0.1

GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended
--- | ---
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS The activity in goodwill by reportable segment for the years ended December 31, 2023 and December 25, 2022 were as follows:
| December 25, 2022 |  | Additions |  | Currency Translation |  | December 31, 2023
| (In thousands)
U.S. | $ | 41,936 |  |  | $ | — |  |  | $ | — |  |  | $ | 41,936 |
U.K. and Europe | 1,058,204 |  |  | — |  |  | 58,317 |  |  | 1,116,521 |
Mexico | 127,804 |  |  | — |  |  | — |  |  | 127,804 |
Total | $ | 1,227,944 |  |  | $ | — |  |  | $ | 58,317 |  |  | $ | 1,286,261 |
| December 26, 2021 |  | Additions |  | Currency Translation |  | December 25, 2022
| (In thousands)
U.S. | $ | 41,936 |  |  | $ | — |  |  | $ | — |  |  | $ | 41,936 |
U.K. and Europe | 1,167,512 |  |  | 5,401 |  |  | (114,709) |  |  | 1,058,204 |
Mexico | 127,804 |  |  | — |  |  | — |  |  | 127,804 |
Total | $ | 1,337,252 |  |  | $ | 5,401 |  |  | $ | (114,709) |  |  | $ | 1,227,944 |
Intangible assets consisted of the following:
| December 25, 2022 |  |  |  | Amortization |  | Disposals |  | Currency Translation |  |  | December 31, 2023
| (In thousands)
Carrying amount: |  |  |  |  |  |  |  |  |  |  |  |
Trade names not subject to amortization | $ | 549,024 |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 31,449 |  |  |  | $ | 580,473 |
Trade names subject to amortization | 112,057 |  |  |  |  | — |  |  | — |  |  | 624 |  |  |  | 112,681 |
Customer relationships | 427,662 |  |  |  |  | — |  |  | — |  |  | 14,057 |  |  |  | 441,719 |
Accumulated amortization: |  |  |  |  |  |  |  |  |  |  |  |
Trade names | (53,708) |  |  |  |  | (3,886) |  |  | — |  |  | (168) |  |  |  | (57,762) |
Customer relationships | (189,015) |  |  |  |  | (29,210) |  |  | — |  |  | (4,903) |  |  |  | (223,128) |
Total | $ | 846,020 |  |  |  |  | $ | (33,096) |  |  | $ | — |  |  | $ | 41,059 |  |  |  | $ | 853,983 |
| December 26, 2021 |  | Amortization |  | Disposals |  | Currency Translation |  | December 25, 2022
| (In thousands)
Carrying amount: |  |  |  |  |  |  |  |  |
Trade names not subject to amortization | $ | 609,713 |  |  | $ | — |  |  | $ | — |  |  | $ | (60,689) |  |  | $ | 549,024 |
Trade names subject to amortization | 114,268 |  |  | — |  |  | — |  |  | (2,211) |  |  | 112,057 |
Customer relationships | 455,459 |  |  | — |  |  | — |  |  | (27,797) |  |  | 427,662 |
Non-compete agreements | 320 |  |  | — |  |  | (320) |  |  | — |  |  | — |
Accumulated amortization: |  |  |  |  |  |  |  |  |
Trade names | (49,901) |  |  | (3,894) |  |  | — |  |  | 87 |  |  | (53,708) |
Customer relationships | (166,296) |  |  | (29,844) |  |  | — |  |  | 7,125 |  |  | (189,015) |
Non-compete agreements | (320) |  |  | — |  |  | 320 |  |  | — |  |  | — |
Total | $ | 963,243 |  |  | $ | (33,738) |  |  | $ | — |  |  | $ | (83,485) |  |  | $ | 846,020 |
Intangible assets are amortized over the estimated useful lives of the assets as follows:
Trade names subject to amortization | 15-20 years
Customer relationships | 3-18 years
Non-compete agreements | 3 years
The Company expects to recognize amortization expense associated with intangible assets of $30.3 million in 2024, $30.3 million in 2025, $28.3 million in 2026, $24.4 million in 2027 and $24.4 million in 2028. The Company elected to bypass a qualitative assessment to determine whether it was more likely than not that reporting unit fair value was less than reporting unit carrying amount (including goodwill) for each of its reporting units with a material amount of goodwill reported as of December 31, 2023. Instead, the Company performed a quantitative impairment test for each reporting unit with a material amount of goodwill reported as of December 31, 2023. Based on the results of the quantitative impairment tests, there was no goodwill impairment in any of the Company’s reporting units as of December 31, 2023. The Company elected to bypass a qualitative assessment to determine whether it was more likely than not that indefinite-lived intangible asset fair value was less than indefinite-lived intangible asset carrying amount for each of its intangible assets not subject to amortization as of December 31, 2023. Instead, the Company performed a quantitative impairment test for each intangible asset not subject to amortization as of December 31, 2023. Based on the results of the quantitative impairment tests, there was no impairment of any of the Company’s intangible assets not subject to amortization as of December 31, 2023. As of December 31, 2023, the Company assessed if events or changes in circumstances indicated that the aggregate carrying amount of its intangible assets subject to amortization might not be recoverable. There were no indicators present that required the Company to test the recoverability of the aggregate carrying amount of its intangible assets subject to amortization at that date.

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for all or part of the information related to intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350-30/tableOfContent + Details
Name: | us-gaap_IntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration