XML 23 R11.htm IDEA: XBRL DOCUMENT
v3.23.2

Note 5 - Goodwill and Other Intangible Assets | 6 Months Ended
--- | ---
Jul. 02, 2023
Notes to Financial Statements |
Goodwill and Intangible Assets Disclosure [Text Block] |
5. | GOODWILL AND OTHER INTANGIBLE ASSETS
The following presents changes to goodwill for the period indicated:
|  | For the twenty-six weeks ended |
|  | July 2, 2023 |
Balance on December 31, 2022 |  |  | 418,121 |
Measurement period adjustments |  |  | 935 |
Balance on July 2, 2023 |  | $ | 419,056 |
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. No impairment charges were incurred during the 13-week and 26-week periods ended July 2, 2023 and July 3, 2022. Potential changes in our costs and operating structure, the implementation of synergies, and overall performance in the automotive aftermarket industry, could negatively impact our near-term cash-flow projections and could trigger a potential impairment of the Company's goodwill and / or indefinite-lived intangible assets. In addition, failure to execute the Company's strategic plans as well as increases in weighted average costs of capital could negatively impact the fair value of the reporting unit and increase the risk of future impairment charges. Intangible assets consisted of the following:
|  | July 2, 2023 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Value |
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 269,950 |  |  | $ | (49,949 | ) |  | $ | 220,001 |
Tradenames |  |  | 13,775 |  |  |  | (5,206 | ) |  |  | 8,569 |
Technology |  |  | 26,676 |  |  |  | (12,742 | ) |  |  | 13,934 |
Total finite-lived intangible assets |  | $ | 310,401 |  |  | $ | (67,897 | ) |  | $ | 242,504 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Tradenames |  | $ | 175,109 |  |  |  | — |  |  | $ | 175,109 |
|  | December 31, 2022 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Value |
Finite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 269,950 |  |  | $ | (44,178 | ) |  | $ | 225,772 |
Tradenames |  |  | 13,775 |  |  |  | (4,843 | ) |  |  | 8,932 |
Technology |  |  | 26,676 |  |  |  | (11,523 | ) |  |  | 15,153 |
Total finite-lived intangible assets |  | $ | 310,401 |  |  | $ | (60,544 | ) |  | $ | 249,857 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |
Tradenames |  | $ | 174,998 |  |  |  | — |  |  | $ | 174,998 |
The following outlines the estimated future amortization expense related to intangible assets held as of July 2, 2023:
2023 (excluding the twenty-six weeks ended July 2, 2023) |  | $ | 7,204 |
2024 |  |  | 13,744 |
2025 |  |  | 13,714 |
2026 |  |  | 13,608 |
2027 |  |  | 13,493 |
Thereafter |  |  | 180,741 |
Total |  | $ | 242,504 |

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

X
- 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
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration