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Goodwill and Intangible Assets

6 Months Ended

Jun. 28, 2025

Note C – Goodwill and Intangible Assets

Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. The company tests goodwill and other indefinite-lived intangible assets for impairment annually as of the first day of the fourth quarter, or more frequently if indicators of potential impairment exist.

Goodwill of companies acquired, allocated to the company’s reportable segments, is as follows:


	Global
(thousands)	Components		Global ECS		Total
Balance as of December 31, 2024 (a)	$	902,445	$	1,152,850	$	2,055,295
Foreign currency translation adjustment		17,189		51,510		68,699
Balance as of June 28, 2025 (a)	$	919,634	$	1,204,360	$	2,123,994

(a)

The total carrying value of goodwill as of June 28, 2025 and December 31, 2024, in the table above is reflected net of $1.6 billion of accumulated impairment charges, of which $1.3 billion was recorded in the global components reportable segment and $301.9 million was recorded in the global ECS reportable segment.

Intangible assets, net, are comprised of the following as of June 28, 2025:


	Gross
	Carrying		Accumulated
(thousands)	Amount		Amortization		Net
Customer relationships	$	192,715	$	(118,891)	$	73,824
Amortizable trade name		74,001		(61,273)		12,728
	$	266,716	$	(180,164)	$	86,552

Intangible assets, net, are comprised of the following as of December 31, 2024:


	Gross
	Carrying		Accumulated
(thousands)	Amount		Amortization		Net
Customer relationships	$	215,366	$	(133,927)	$	81,439
Amortizable trade name		74,001		(58,734)		15,267
	$	289,367	$	(192,661)	$	96,706

During the second quarter of 2025 and 2024, the company recorded amortization expense related to identifiable intangible assets of $4.9 million and $7.5 million, respectively. During the first six months of 2025 and 2024, amortization expense related to identifiable intangible assets was $10.2 million and $15.0 million, respectively.