Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Oct. 01, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in the carrying value of goodwill by segment for the nine months ended October 1, 2022 are as follows:

(in thousands)	Electronics		Transportation		Industrial		Total
Net book value of goodwill as of January 1, 2022
Gross goodwill as of January 1, 2022	$	660,245	$	228,555	$	86,232	$	975,032
Accumulated impairment losses as of January 1, 2022	—		(36,177)		(9,065)		(45,242)
Total	660,245		192,378		77,167		929,790
Changes during 2022
Additions(a)	278,016		15,174		—		293,190
Currency translation	(42,086)		(11,440)		(996)		(54,522)
Net book value of goodwill as of October 1, 2022
Gross goodwill as of October 1, 2022	896,175		227,927		84,616		1,208,718
Accumulated impairment losses as of October 1, 2022	—		(31,815)		$	(8,445)	(40,260)
Total	$	896,175	$	196,112	$	76,171	$	1,168,458

(a) The additions resulted from the acquisitions of C&K, Embed and Carling.

Schedule of Finite-Lived Intangible Assets

The components of other intangible assets as of October 1, 2022 and January 1, 2022 are as follows:

	As of October 1, 2022
(in thousands)	Gross Carrying Value		Accumulated Amortization		Net Book Value
Land use rights	$	17,459	$	2,081	$	15,378
Patents, licenses and software	260,478		134,234		126,244
Distribution network	41,250		39,989		1,261
Customer relationships, trademarks, and tradenames	614,571		152,144		462,427
Total	$	933,758	$	328,448	$	605,310

	As of January 1, 2022
(in thousands)	Gross Carrying Value		Accumulated Amortization		Net Book Value
Land use rights	$	19,542	$	1,906	$	17,636
Patents, licenses and software	164,556		101,307		63,249
Distribution network	43,361		40,591		2,770
Customer relationships, trademarks, and tradenames	487,710		164,239		323,471
Total	$	715,169	$	308,043	$	407,126

Schedule of Finite-Lived Intangible Assets Acquired as Part of C&K Acquisitions

During the three months ended October 1, 2022, the Company recorded additions to intangible assets of $254.7 million, related to the C&K acquisition, the components of which were as follows:

(in thousands)	Weighted Average Useful Life	Amount
Patents, licenses and software	12	$	55,700
Customer relationships, trademarks, and tradenames	17	199,000
Total		$	254,700

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Estimated annual amortization expense related to intangible assets with definite lives as of October 1, 2022 is as follows:

(in thousands)	Amount
2022	$	55,735
2023	59,823
2024	56,539
2025	56,201
2026	49,944
2027 and thereafter	366,951
Total	$	645,193