Goodwill and Other Intangible Assets

9 Months Ended

Sep. 28, 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 nine months ended September 28, 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	3,581		1,881		2,288		7,750
Net goodwill as of September 28, 2024
Gross goodwill as of September 28, 2024	940,086		239,777		181,237		1,361,100
Accumulated impairment losses as of September 28, 2024	—		(34,785)		(8,567)		(43,352)
Total	$	940,086	$	204,992	$	172,670	$	1,317,748

The components of other intangible assets as of September 28, 2024 and December 30, 2023 are as follows:

	As of September 28, 2024
(in thousands)	Gross Carrying Value		Accumulated Amortization		Net Book Value
Land use rights	$	16,731	$	2,989	$	13,742
Patents, licenses, and software	277,011		181,471		95,540
Distribution network	42,106		42,106		—
Customer relationships, trademarks, and tradenames	691,519		239,807		451,712
Total	$	1,027,367	$	466,373	$	560,994

	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 September 28, 2024 and September 30, 2023, the Company recorded amortization expense of $15.9 million and $16.0 million, respectively. During the nine months ended September 28, 2024 and September 30, 2023, the Company recorded amortization expense of $47.4 million and $49.8 million, respectively.

Estimated annual amortization expense related to intangible assets with definite lives as of September 28, 2024 is as follows:

(in thousands)	Amount
Remainder of 2024	$	16,000
2025	63,795
2026	52,706
2027	50,597
2028	49,970
2029 and thereafter	327,926
Total	$	560,994