Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill

The amounts for goodwill and changes in the carrying value by segment are as follows:

 

(in thousands)	Electronics		Transportation		Industrial		Total
Gross goodwill as of December 26, 2020	$	676,325	$	138,354	$	47,551	$	862,230
Accumulated impairment losses as of December 26, 2020	—		(36,423)		(8,995)		(45,418)
Net goodwill as of December 26, 2020	$	676,325	$	101,931	$	38,556	$	816,812
Changes during 2021:
Additions (a)	—		96,307		38,502		$	134,809
Foreign currency translation adjustments	(16,080)		(6,106)		179		(22,007)
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)
Net goodwill as of January 1, 2022	$	660,245	$	192,378	$	77,167	$	929,790
Changes during 2022:
Additions (b)	270,245		14,886		—		285,131
Foreign currency translation adjustments	(21,323)		(8,648)		(1,343)		(31,314)
Gross goodwill as of December 31, 2022	909,167		234,793		84,889		1,228,849
Accumulated impairment losses as of December 31, 2022			(33,401)		(8,526)		(41,927)
Net goodwill as of December 31, 2022	$	909,167	$	201,392	$	76,363	$	1,186,922

(a) The additions resulted from the acquisitions of Carling and Hartland.

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

Schedule of finite-lived intangible assets

The components of intangible assets at December 31, 2022 and January 1, 2022 are as follows:

 

	As of December 31, 2022
(in thousands)	Gross Carrying Value		Accumulated Amortization		Net Book Value
Land use rights	$	17,938	$	2,299	$	15,639
Patents, licenses and software	259,603		140,208		119,395
Distribution network	41,733		40,955		778
Customer relationships, trademarks, and tradenames	623,721		165,563		458,158
Total	$	942,995	$	349,025	$	593,970

The Company reclassified $50.3 million and $31.1 million of gross carrying value and accumulated amortization, respectively, from customer relationships, trademarks and tradenames to patents, licenses and software as of December 31, 2022. This reclassification had no consolidated financial impact on net book value of intangible assets.

 

	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

During the year ended December 31, 2022, the Company recorded additions to other intangible assets of $254.7 million related to the C&K acquisition, the components of which were as follows:

 

	2022
(in thousands, except weighted average useful life)	Weighted Average Useful Life (Years)	Amount
Patents, developed technology	12.0	$	55,700
Customer relationships, trademarks, and tradenames	17.4	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 at December 31, 2022 is as follows:

 

(in thousands)	Amount
2023	$	60,274
2024	56,965
2025	56,602
2026	46,115
2027	44,209
2028 and thereafter	329,805
Total	$	593,970