Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Apr. 01, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in the carrying value of goodwill by segment for the three months ended April 1, 2023 are as follows:

(in thousands)	Electronics		Transportation		Industrial		Total
Net book value of goodwill as of December 31, 2022
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)
Total	909,167		201,392		76,363		1,186,922
Changes during 2023:
Additions (a)	—		—		94,823		94,823
Currency translation	5,846		1,551		87		7,484
Net book value of goodwill as of April 1, 2023
Gross goodwill as of April 1, 2023	915,013		236,945		179,820		1,331,778
Accumulated impairment losses as of April 1, 2023	—		(34,002)		$	(8,547)	(42,549)
Total	$	915,013	$	202,943	$	171,273	$	1,289,229

(a) The additions resulted from the acquisitions of Western Automation.

Schedule of Finite-Lived Intangible Assets

The components of other intangible assets as of April 1, 2023 and December 31, 2022 are as follows:

	As of April 1, 2023
(in thousands)	Gross Carrying Value		Accumulated Amortization		Net Book Value
Land use rights	$	18,169	$	2,464	$	15,705
Patents, licenses and software	271,890		146,126		125,764
Distribution network	43,089		42,793		296
Customer relationships, trademarks, and tradenames	682,364		177,166		505,198
Total	$	1,015,512	$	368,549	$	646,963

	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

Schedule of Finite-Lived Intangible Assets Acquired

During the three months ended April 1, 2023, the Company recorded additions to intangible assets of $68.0 million, related to the Western Automation acquisition, the components of which were as follows:

(in thousands)	Weighted Average Useful Life	Amount
Patents, licenses and software	6.7	$	11,500
Customer relationships, trademarks, and tradenames	14.7	56,500
Total		$	68,000

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Estimated annual amortization expense related to intangible assets with definite lives as of April 1, 2023 is as follows:

(in thousands)	Amount
2023	$	65,821
2024	63,021
2025	62,654
2026	51,772
2027	49,673
2028 and thereafter	370,888
Total	$	663,829