Goodwill and Intangible Assets

6 Months Ended

Jun. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill

Goodwill included the following:

(in thousands)	Light Duty		Heavy Duty		Specialty Vehicle		Consolidated
Balance at December 31, 2023	$	313,704	$	57,876	$	72,309	$	443,889
Foreign currency translation	—		(869)		—		(869)
Balance at June 29, 2024	$	313,704	$	57,007	$	72,309	$	443,020

Intangible Assets

Intangible assets included the following:

	June 29, 2024						December 31, 2023
Intangible assets subject to amortization	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
(in thousands)
Customer relationships	$	175,430	$	37,186	$	138,244	$	175,430	$	31,678	$	143,752
Trade names	67,690		12,797		54,893		67,690		10,676		57,014
Product portfolio	107,800		13,051		94,749		107,800		9,720		98,080
Technology	2,167		1,191		976		2,167		1,069		1,098
Patents and other	2,230		815		1,415		2,230		618		1,612
Total	$	355,317	$	65,040	$	290,277	$	355,317	$	53,761	$	301,556

Amortization expense was $5.5 million during both the three months ended June 29, 2024 and July 1, 2023, and $11.1 million and $11.0 million during the six months ended June 29, 2024 and July 1, 2023, respectively.