Goodwill and Other Intangibles

9 Months Ended

Oct. 01, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

5 Goodwill and Other Intangibles

The carrying amount of goodwill was $420 million and $438 million at October 1, 2022 and December 31, 2021, respectively. The effect of foreign currency translation decreased goodwill by $18 million.

The Company’s intangible assets included in the consolidated balance sheets are detailed as follows (dollars in thousands):


	October 1, 2022						December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Weighted- Average Amortization Period		Gross Carrying Amount		Accumulated Amortization		Weighted- Average Amortization Period
Capitalized software	$	525,196	$	391,250		5 years	$	575,658	$	420,862		5 years
Purchased intangibles		193,056		160,972		11 years		201,302		163,752		11 years
Trademarks		9,680		—		—		9,680		—		—
Licenses		12,739		5,848		6 years		12,635		6,199		7 years
Patents and other intangibles		100,255		69,427		8 years		102,353		68,414		8 years

Total	$	840,926	$	627,497		7 years	$	901,628	$	659,227		7 years

The Company capitalized intangible assets in the amounts of $14 million and $18 million in the three months ended October 1, 2022 and October 2, 2021, respectively, and $38 million and $45 million in the nine months ended October 1, 2022 and October 2, 2021, respectively. The gross carrying value of intangible assets and accumulated amortization for intangible assets decreased by $98 million and $76 million, respectively, in the nine months ended October 1, 2022 due to the effects of foreign currency translation. Amortization expense for intangible assets was $15 million for

both

the three months ended October 1, 2022 and October 2, 2021. Amortization expense for intangible assets was $45 million for both the nine months ended October 1, 2022 and October 2, 2021. Amortization expense for intangible assets is estimated to be $62 million per year for each of the next five years.