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Goodwill and Other Intangible Assets | 3 Months Ended
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Mar. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets As a result of merger and acquisition activities, the Company’s consolidated balance sheet reflects goodwill along with other intangible assets for customer relationships, noncompete agreements, and trade names. As of March 30, 2024, the only changes since December 30, 2023 were for amortization of intangible assets. Goodwill The Company does not amortize its goodwill but must assess its goodwill for impairment at least annually, either quantitatively or qualitatively. Under GAAP, goodwill is assessed at the reporting unit level. Since the Company is composed of one reporting unit, the Company’s goodwill is assessed at the enterprise level. The most recent scheduled annual impairment assessment for goodwill was conducted quantitatively as of October 1, 2023. Based on that assessment, the Company’s management, with the assistance of an independent expert, concluded that goodwill was not impaired, meaning the fair value of the enterprise exceeded the carrying value of the enterprise, including goodwill. In addition to the annual impairment assessments described above, the Company will assess for impairment between the annual impairment assessments if events occur, or circumstances materially change, that indicate a potential goodwill impairment may exists. During the three months ended March 30, 2024, the Company did not note any indicators of potential impairment for its goodwill. As of March 30, 2024 and December 30, 2023, the carrying value of the Company’s goodwill was $55.4 million. Definite-Lived Intangible Assets The gross carrying amounts, accumulated amortization, and net carrying amounts of the Company definite-lived intangible assets at March 30, 2024 were as follows:
Intangible Asset | Weighted Average Remaining Useful Lives (Years) |  | Gross Carrying Amounts |  | Accumulated Amortization(1) |  | Net Carrying Amounts |
|  |  | ($ in thousands) |
Customer relationships | 9 |  | $ | 48,500 |  |  | $ | (19,722) |  |  | $ | 28,778 |  |
Noncompete agreements | 4 |  | 8,954 |  |  | (8,464) |  |  | 490 |  |
Trade names | 2 |  | 7,826 |  |  | (7,326) |  |  | 500 |  |
Total |  |  | $ | 65,280 |  |  | $ | (35,512) |  |  | $ | 29,768 |  |
(1) Intangible assets except customer relationships are amortized on straight line basis. Certain of our customer relationships are amortized on a double declining balance method and certain others are amortized on a straight line basis. Amortization Expense Amortization expense for definite-lived intangible assets was approximately $1.0 million and $1.1 million for the three-months ended March 30, 2024 and April 1, 2023, respectively. Estimated amortization expense for definite-lived intangible assets for the remaining portion of 2024 and the next five fiscal years is as follows:
Fiscal Year |  | Estimated Amortization
|  | (In thousands)
2024 |  | $ | 2,897 |
2025 |  | 3,765 |
2026 |  | 3,471 |
2027 |  | 3,340 |
2028 |  | 3,340 |
2029 |  | 3,340 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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