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Goodwill And Other Intangible Assets | 9 Months Ended
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Sep. 26, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill And Other Intangible Assets |
5. | GOODWILL AND OTHER INTANGIBLE ASSETS
The following presents changes to goodwill for the period indicated:
|  | For the thirty- nine weeks ended September 26, 2021 |
Balance at December 31, 2020 |  | $ | 359,099 |
Advance Engine Management acquisition |  |  | 17,426 |
Classic Instruments acquisition |  |  | 4,912 |
Measurement period adjustments* |  |  | 423 |
Balance at September 26, 2021 |  | $ | 381,860 |
| * | See Note 2, “ Business Combination and Acquisitions - Simpson Performance Products, Inc. and Advance Engine Management Inc. ”
Goodwill represents the premium paid over the fair value of the net tangible and identifiable intangible assets acquired in the Company’s business combinations. The measurement period for the valuation of assets acquired and liabilities assumed ends as soon as information on the facts and circumstances that existed as of the acquisition date becomes available, not to exceed 12 months. Adjustments in purchase price allocations may require a change in the amounts allocated to goodwill during the periods in which the adjustments are determined. Intangible assets consisted of the following:​​​​​​​
|  | September 26, 2021 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Value |
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 259,907 |  |  | $ | (29,878 | ) |  | $ | 230,029 |
Tradenames |  |  | 13,775 |  |  |  | (3,906 | ) |  |  | 9,869 |
Technology |  |  | 26,673 |  |  |  | (8,469 | ) |  |  | 18,204 |
Total finite-lived intangible assets |  | $ | 300,355 |  |  | $ | (42,253 | ) |  | $ | 258,102 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Tradenames |  | $ | 163,768 |  |  |  | — |  |  | $ | 163,768 |
|  | December 31, 2020 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Value |
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 245,274 |  |  | $ | (21,819 | ) |  | $ | 223,455 |
Tradenames |  |  | 13,775 |  |  |  | (3,369 | ) |  |  | 10,406 |
Technology |  |  | 24,595 |  |  |  | (6,674 | ) |  |  | 17,921 |
Total finite-lived intangible assets |  | $ | 283,644 |  |  | $ | (31,862 | ) |  | $ | 251,782 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Tradenames |  | $ | 152,740 |  |  |  | — |  |  | $ | 152,740 |
The following outlines the estimated future amortization expense related to intangible assets held as of September 26, 2021:
2021 (excluding the thirty-nine weeks ended September 26, 2021) |  | $ | 3,573 |
2022 |  |  | 14,202 |
2023 |  |  | 14,039 |
2024 |  |  | 13,226 |
2025 |  |  | 13,189 |
Thereafter |  |  | 199,873 |
Total |  | $ | 258,102 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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