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GOODWILL AND INTANGIBLE ASSETS | 3 Months Ended
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Mar. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS The activity in goodwill by segment for the three months ended March 30, 2025 was as follows:
|  | December 29, 2024 |  |  |  | Currency Translation |  | March 30, 2025
|  | (In thousands)
U.S. |  | $ | 41,936 |  |  |  |  | $ | — |  |  | $ | 41,936 |
Europe |  | 1,097,643 |  |  |  |  | 32,822 |  |  | 1,130,465 |
Mexico |  | 99,494 |  |  |  |  | (205) |  |  | 99,289 |
Total |  | $ | 1,239,073 |  |  |  |  | $ | 32,617 |  |  | $ | 1,271,690 |
Intangible assets consisted of the following:
|  | December 29, 2024 |  |  |  | Amortization |  | Currency Translation |  | March 30, 2025
|  | (In thousands)
Cost: |  |  |  |  |  |  |  |  |  |
Trade names not subject to amortization |  | $ | 569,357 |  |  |  |  | $ | — |  |  | $ | 16,610 |  |  | $ | 585,967 |
Trade names subject to amortization |  | 112,016 |  |  |  |  | — |  |  | 1,023 |  |  | 113,039 |
Customer relationships |  | 431,861 |  |  |  |  | — |  |  | 8,408 |  |  | 440,269 |
Accumulated amortization: |  |  |  |  |  |  |  |  |  |
Trade names |  | (61,527) |  |  |  |  | (965) |  |  | (203) |  |  | (62,695) |
Customer relationships |  | (245,473) |  |  |  |  | (7,025) |  |  | (3,807) |  |  | (256,305) |
Intangible assets, net |  | $ | 806,234 |  |  |  |  | $ | (7,990) |  |  | $ | 22,031 |  |  | $ | 820,275 |
Intangible assets are amortized over the estimated useful lives of the assets as follows:
Customer relationships | 3-18 years
Trade names subject to amortization | 15-20 years
At March 30, 2025, the Company assessed if events or changes in circumstances indicated that any asset group-level carrying amounts of its U.S. and Mexico intangible assets might not be recoverable. The Company will perform its annual tests of recoverability of all goodwill and trade names not subject to amortization in the fourth quarter of 2024, which if there were to be an impairment could be material.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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