Goodwill and Other Intangible Assets

6 Months Ended

Jun. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Changes in the carrying value of goodwill by segment for the six months ended June 29, 2024 are as follows:

(in thousands)	Electronics		Transportation		Industrial		Total
Net goodwill as of December 30, 2023
Gross goodwill as of December 30, 2023	$	936,505	$	237,115	$	179,117	$	1,352,737
Accumulated impairment losses as of December 30, 2023	—		(34,004)		(8,735)		(42,739)
Total	936,505		203,111		170,382		1,309,998
Changes during 2024:
Foreign currency translation adjustments	(17,205)		(3,142)		(1,889)		(22,236)
Net goodwill as of June 29, 2024
Gross goodwill as of June 29, 2024	919,300		233,364		176,914		1,329,578
Accumulated impairment losses as of June 29, 2024	—		(33,395)		(8,421)		(41,816)
Total	$	919,300	$	199,969	$	168,493	$	1,287,762

The components of other intangible assets as of June 29, 2024 and December 30, 2023 are as follows:

	As of June 29, 2024
(in thousands)	Gross Carrying Value		Accumulated Amortization		Net Book Value
Land use rights	$	17,146	$	2,971	$	14,175
Patents, licenses, and software	270,630		171,946		98,684
Distribution network	41,860		41,860		—
Customer relationships, trademarks, and tradenames	678,721		225,550		453,171
Total	$	1,008,357	$	442,327	$	566,030

	December 30, 2023
(in thousands)	Gross Carrying Value		Accumulated Amortization		Net Book Value
Land use rights	$	17,621	$	2,786	$	14,835
Patents, licenses, and software	275,337		163,799		111,538
Distribution network	43,210		43,210		—
Customer relationships, trademarks, and tradenames	689,244		209,481		479,763
Total	$	1,025,412	$	419,276	$	606,136

During the three months ended June 29, 2024 and July 1, 2023, the Company recorded amortization expense of $15.7 million and $16.9 million, respectively. During the six months ended June 29, 2024 and July 1, 2023, the Company recorded amortization expense of $31.6 million and $33.8 million, respectively.

Estimated annual amortization expense related to intangible assets with definite lives as of June 29, 2024 is as follows:

(in thousands)	Amount
Remainder of 2024	$	31,341
2025	62,476
2026	51,666
2027	49,629
2028	48,770
2029 and thereafter	322,148
Total	$	566,030