Goodwill and Intangible Assets

9 Months Ended

Oct. 01, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The Company’s goodwill balance and changes in the carrying amount of goodwill by reportable segment are as follows (in thousands):


	Aperture Solutions		Surface Solutions		Shelter Solutions		Total






Balance, December 31, 2021 (Predecessor)	$	541,196	$	655,098	$	161,762	$	1,358,056


Currency translation	(750)		(561)		—		(1,311)
Acquisition-related adjustments(1)	(366)		(10)		(97,474)		(97,850)
Balance, July 24, 2022 (Predecessor)	$	540,080	$	654,527	$	64,288	$	1,258,895


Balance, July 25, 2022 (Successor)(2)	$	612,368	$	763,324	$	284,796	$	1,660,488
Currency translation	(3,429)		(2,566)		—		(5,995)
Balance, October 1, 2022 (Successor)	$	608,939	$	760,758	$	284,796	$	1,654,493

(1) Primarily reflects the fair value of acquired intangibles totaling $97.6 million in connection with the UCC acquisition, which is reported in the Shelter Solutions reportable segment.

(2) In connection with the merger, recorded provisional goodwill allocated to reporting units expected to benefit from the business combination. The allocation is based on preliminary information and subject to revision during the measurement period.

Intangible Assets, Net

Major components of intangible assets are as follows (in thousands):


	Range of Life (Years)			Weighted Average Amortization Period (Years)	Cost		Accumulated Amortization		Net Carrying Value
As of October 1, 2022 (Successor)(1)
Amortized intangible assets:
Trademarks/Trade names/Other		13		13	$	522,137	$	(6,694)	$	515,443
Customer lists and relationships		13		13	2,088,548		(37,958)		2,050,590
Total intangible assets					$	2,610,685	$	(44,652)	$	2,566,033


As of December 31, 2021 (Predecessor)
Amortized intangible assets:
Trademarks/Trade names/Other	3	–	15	7	$	241,727	$	(76,574)	$	165,153
Customer lists and relationships	7	–	20	9	1,845,511		(486,029)		1,359,482
Total intangible assets					$	2,087,238	$	(562,603)	$	1,524,635

(1) In connection with the merger, we recorded a provisional intangible asset fair value. The fair value is based on preliminary information and subject to revision during the measurement period.

Amortization expense related to intangible assets was $37.0 million for the period from July 25, 2022 through October 1, 2022, $12.4 million for the period from July 3, 2022 through July 24, 2022, $45.7 million for the period from July 4, 2021 through October 2, 2021, $109.5 million for the period from January 1, 2022 through July 24, 2022, and $138.7 million for the period from January 1, 2021 through October 2, 2021. The Company expects amortization expense for intangible assets to be approximately $50 million for the remaining three months of 2022.