Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 28, 2024

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 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
Changes during 2023:
Additions (a)	3,879				93,937		97,816
Foreign currency translation adjustments	23,459		2,322		291		26,072
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)
Net goodwill as of December 30, 2023	$	936,505	$	203,111	$	170,382	$	1,309,998
Changes during 2024:
Impairments	—		(8,616)		(36,147)		(44,763)
Foreign currency translation adjustments	(29,634)		(2,854)		(4,245)		(36,733)
Gross goodwill as of December 28, 2024	906,871		233,286		173,882		1,314,039
Accumulated impairment losses as of December 28, 2024	—		(41,645)		(43,892)		(85,537)
Net goodwill as of December 28, 2024	$	906,871	$	191,641	$	129,990	$	1,228,502

(a) The additions resulted from the acquisitions of Western Automation and C&K Switches.

Schedule of finite-lived intangible assets

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

	As of December 28, 2024
(in thousands)	Gross Carrying Value		Accumulated Amortization		Net Book Value
Land use rights	$	16,079	$	2,994	$	13,085
Patents, licenses, and software	260,096		180,674		79,422
Distribution network	41,667		41,667		—
Customer relationships, trademarks, and tradenames	632,572		242,961		389,611
Total	$	950,414	$	468,296	$	482,118

	As of 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

Schedule of finite-lived intangible assets, future amortization expense

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

 

(in thousands)	Amount
2025	$	57,135
2026	46,492
2027	44,467
2028	44,081
2029	43,616
2030 and thereafter	246,327
Total	$	482,118