Goodwill and Intangible Assets

3 Months Ended

Mar. 28, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill

Goodwill is recorded when the purchase price of an acquisition exceeds the fair value of the net tangible and identified intangible assets acquired.

The following table presents details of the Company’s goodwill during the three months ended March 28, 2020 (in thousands):

Balance as of December 28, 2019	$	249,848
Foreign currency translation adjustments	(10,436		)
Balance as of March 28, 2020	$	239,412

The gross carrying amount of goodwill may change due to the effects of foreign currency fluctuations as a portion of these assets are denominated in foreign currency. To date, the Company has not recognized any impairment losses on goodwill.

Intangible Assets

The following tables present details of the Company’s intangible assets as of March 28, 2020 and December 28, 2019 (in thousands, except for weighted average data):

	March 28, 2020
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted Average Remaining Useful Life (In Years)
Intangible assets with finite lives:
Trade names	$	1,000	$	(1,000	)	$	—	NMF*
Customer relationships and backlog	153,216		(71,159		)	82,057		5.6
Developed technology	174,068		(100,769		)	73,299		3.5
Total intangible assets with finite lives	$	328,284	$	(172,928	)	$	155,356

*NMF = Not meaningful

	December 28, 2019
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Weighted Average Remaining Useful Life (In Years)
Intangible assets with finite lives:
Trade names	$	1,000	$	(1,000	)	$	—	NMF*
Customer relationships and backlog	155,942		(68,119		)	87,823		5.8
Developed technology	179,593		(97,070		)	82,523		3.5
Total intangible assets with finite lives	$	336,535	$	(166,189	)	$	170,346

*NMF = Not meaningful

The gross carrying amount of intangible assets and the related amortization expense of intangible assets may change due to the effects of foreign currency fluctuations as a portion of these assets are denominated in foreign currency. Amortization expense was $13.1 million for the three months ended March 28, 2020 and was $15.3 million for the three months ended March 30, 2019.

Intangible assets are carried at cost less accumulated amortization. Amortization expenses are recorded to the appropriate cost and expense categories.

The following table summarizes the Company’s estimated future amortization expense of intangible assets with finite lives as of March 28, 2020 (in thousands):

			Fiscal Years
	Total		Remainder of 2020		2021		2022		2023		2024		2025 and Thereafter
Total future amortization expense	$	155,356	$	33,596	$	34,904	$	32,417	$	26,662	$	11,983	$	15,794