Goodwill and Other Intangible Assets, Net

3 Months Ended

Apr. 01, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets, Net

Goodwill as of April 1, 2022, and December 31, 2021, was $590,166 and $580,761, respectively. Goodwill increased by $9,406 in 2022 due to the acquisition of Staub. During the year ended December 31, 2021, Goodwill increased by $21,026 due to the acquisition of Access Networks. See Note 3 of the Notes to the Condensed Consolidated Financial Statements for more information regarding Staub.

As of April 1, 2022, and December 31, 2021, other intangible assets, net, consisted of the following:


		April 1, 2022
	Estimated Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	5 – 25 years	$	521,846	$	(103,143)	$	418,703
Technology	5 – 15 years	95,078		(42,175)		52,903
Trade names – definite	2 – 10 years	59,185		(18,615)		40,570
Trade names – indefinite	indefinite	76,564		—		76,564
Total intangible assets		$	752,673	$	(163,933)	$	588,740


		December 31, 2021
	Estimated Useful Life	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Customer relationships	5 – 25 years	$	509,162	$	(96,149)	$	413,013
Technology	5 – 15 years	95,078		(38,221)		56,857
Trade names – definite	2 – 10 years	57,660		(16,902)		40,758
Trade names – indefinite	indefinite	76,564		—		76,564
Total intangible assets		$	738,464	$	(151,272)	$	587,192

Total amortization expense for intangible assets for the three months ended April 1, 2022, and March 26, 2021, was $12,661 and $11,888, respectively. The weighted-average useful life remaining for amortizing definite lived intangible assets was approximately 14.9 years as of April 1, 2022.

As of April 1, 2022, the estimated amortization expense for intangible assets for the next five fiscal years and thereafter are as follows:


Remainder of 2022	$	37,220
2023	48,756
2024	42,255
2025	34,638
2026	34,638
2027 and thereafter	314,669
Total	$	512,176