Goodwill and Intangible Assets

9 Months Ended

Sep. 28, 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	—		(549)		—		(549)
Balance at September 28, 2024	$	313,704	$	57,327	$	72,309	$	443,340

Intangible Assets

Intangible assets included the following:

	September 28, 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	$	173,430	$	38,461	$	134,969	$	175,430	$	31,678	$	143,752
Trade names	67,690		13,848		53,842		67,690		10,676		57,014
Product portfolio	107,800		14,702		93,098		107,800		9,720		98,080
Technology	2,167		1,254		913		2,167		1,069		1,098
Patents and other	2,230		914		1,316		2,230		618		1,612
Total	$	353,317	$	69,179	$	284,138	$	355,317	$	53,761	$	301,556

Amortization expense was $6.3 million and $5.5 million during the three months ended September 28, 2024 and September 30, 2023, and $17.4 million and $16.5 million during the nine months ended September 28, 2024 and September 30, 2023, respectively.