Goodwill and Other Intangible Assets

6 Months Ended

Jun. 28, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

The amounts for goodwill and changes in the carrying value of goodwill by segment for the six months ended June 28, 2025 were as follows:

(in thousands)	Electronics		Transportation		Industrial		Total
Net goodwill as of December 28, 2024
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)
Total	906,871		191,641		129,990		1,228,502
Changes during 2025:
Additions (a)	57,534		—		—		57,534
Foreign currency translation adjustments	60,344		6,206		6,836		73,386
Net goodwill as of June 28, 2025
Gross goodwill as of June 28, 2025	1,024,749		242,438		185,578		1,452,765
Accumulated impairment losses as of June 28, 2025	—		(44,591)		(48,752)		(93,343)
Total	$	1,024,749	$	197,847	$	136,826	$	1,359,422

(a) The additions resulted from the acquisition of Dortmund Fab.

The components of intangible assets as of June 28, 2025 and December 28, 2024 were as follows:

	As of June 28, 2025
(in thousands)	Gross Carrying Value		Accumulated Amortization		Net Book Value
Land use rights	$	16,378	$	3,298	$	13,080
Patents, licenses, and software	275,154		200,842		74,312
Distribution network	42,342		42,342		—
Customer relationships, trademarks, and tradenames	658,608		271,823		386,785
Total	$	992,482	$	518,305	$	474,177

	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

During the three months ended June 28, 2025 and June 29, 2024, the Company recorded amortization expense of $14.9 million and $15.7 million, respectively. During the six months ended June 28, 2025 and June 29, 2024, the Company recorded amortization expense of $29.2 million and $31.6 million, respectively.

During the six months ended June 28, 2025, the Company recorded additions to intangible assets of $1.8 million related to the Dortmund Fab acquisition, the components of which were as follows:

(in thousands)	Weighted Average Useful Life	Amount
Customer relationships, trademarks, and tradenames	5	$	1,800
Total		$	1,800

Estimated annual amortization expense related to intangible assets with definite lives as of June 28, 2025 was as follows:

(in thousands)	Amount
Remainder of 2025	$	30,022
2026	48,788
2027	46,611
2028	46,208
2029	45,798
2030 and thereafter	256,750
Total	$	474,177