Goodwill and Intangible Assets

6 Months Ended

Jun. 28, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The changes in the carrying value by reportable segment for the six months ended June 28, 2025 were as follows:


	Six Months Ended
	December 28, 2024		2025 Acquisitions		Adjustments		Foreign Currency Translation of non-USD functional currency goodwill		June 28, 2025
INF	$	107,821	$	2,005	$	—	$	—	$	109,826
BTS	126,344		3,259		588		143		130,334
GEO	345,172		—		—		647		345,819
Total	$	579,337	$	5,264	$	588	$	790	$	585,979

Goodwill of $122 from acquisitions completed during the six months ended June 28, 2025 is expected to be deductible for income tax purposes. During the six months ended June 28, 2025, the Company recorded purchase price adjustments of $588 that increased goodwill related to 2024 acquisitions.

Intangible Assets

Intangible assets, net, as of June 28, 2025 and December 28, 2024 consist of the following:


	June 28, 2025						December 28, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Amount		Gross Carrying Amount		Accumulated Amortization		Net Amount
Finite-lived intangible assets:
Customer relationships(1)	$	335,696	$	(167,640)	$	168,056	$	332,631	$	(149,368)	$	183,263
Trade name(2)	23,802		(21,603)		2,199		23,656		(20,719)		2,937
Customer backlog(3)	41,312		(39,077)		2,235		39,743		(36,922)		2,821
Non-compete(4)	19,103		(15,506)		3,597		18,515		(14,525)		3,990
Developed technology(5)	39,153		(28,404)		10,749		39,153		(25,572)		13,581
Total finite-lived intangible assets	$	459,066	$	(272,230)	$	186,836	$	453,698	$	(247,106)	$	206,592

(1) Amortized on a straight-line or sum-of-the-years' digits basis over estimated lives (2 to 17 years)

(2) Amortized on a straight-line basis over their estimated lives (1 to 5 years)

(3) Amortized on a straight-line basis over their estimated lives (1 to 10 years)

(4) Amortized on a straight-line basis over their contractual lives (1 to 5 years)

(5) Amortized on a straight-line basis over their estimated lives (5 to 10 years)

The identifiable intangible assets acquired during the six months ended June 28, 2025 consist of customer relationships, trade name, customer backlog, and non-competes with weighted average lives of 2.5 years, 1.3 years, 1.0 year, and 3.7 years, respectively. Amortization expense was $12,299 and $25,123 during the three and six months ended June 28, 2025, respectively, and $13,140 and $24,580 during the three and six months ended June 29, 2024, respectively.