GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 28, 2026

Intangible Asset, Goodwill and Other [Abstract]

The activity in goodwill by segment for the six months ended June 28, 2026 was as follows:


	December 28, 2025		Additions		Currency Translation		June 28, 2026
	(In thousands)
U.S.	$	41,936	$	—	$	—	$	41,936
Europe	1,183,920		1,122		(27,442)		1,157,600
Mexico	113,028		—		2,539		115,567
Total	$	1,338,884	$	1,122	$	(24,903)	$	1,315,103

On January 13, 2026, the Company acquired 100% of the equity of Hermitage AI Ltd. from Hermitage Group for £2.3 million, or about $3.1 million. The acquisition was funded with cash on hand. Transaction costs were immaterial and expensed as incurred. The fair value of the net assets acquired was £1.4 million, resulting in goodwill which is reflected in additions in the table above.

Intangible assets consisted of the following:


	December 28, 2025		Amortization		Currency Translation		June 28, 2026
	(In thousands)
Cost:
Trade names not subject to amortization	$	613,536	$	—	$	(13,583)	$	599,953
Trade names subject to amortization	114,762		—		(863)		113,898
Customer relationships	456,415		—		(6,362)		450,053
Accumulated amortization:
Trade names	(66,052)		(488)		(1,257)		(67,797)
Customer relationships	(286,595)		(7,377)		(3,895)		(297,867)
Intangible assets, net	$	832,066	$	(7,865)	$	(25,960)	$	798,240

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 June 28, 2026, the Company assessed if events or changes in circumstances indicated that any asset group-level carrying amounts of its 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 2026, which if there were to be an impairment, could be material.