Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

Goodwill

Goodwill included the following:

(in thousands)	Light Duty		Heavy Duty		Specialty Vehicle		Consolidated
Balance at December 25, 2021	$	—	$	—	$	—	$	197,332
Goodwill acquired	—		—		—		247,247
Foreign currency translation	—		—		—		(1,544)
Balance at December 31, 2022	—		—		—		443,035
Measurement period adjustments	—		—		—		233
Reporting structure reorganization (see Note 8)	313,704		56,637		72,309		—
Foreign currency translation	—		—		—		621
Balance at December 31, 2023	$	313,704	$	56,637	$	72,309	$	443,889

Intangible Assets

Intangible assets, subject to amortization, included the following:

		December 31, 2023						December 31, 2022
Intangible assets subject to amortization	Weighted Average Amortization Period (years)	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Gross Carrying Value		Accumulated Amortization		Net Carrying Value
(dollars in thousands)
Customer relationships	16.2	$	175,430	$	31,678	$	143,752	$	175,430	$	21,643	$	153,787
Trade names	14.9	67,690		10,676		57,014		67,690		6,370		61,320
Product Portfolio	14.6	107,800		9,720		98,080		107,800		2,953		104,847
Technology	4.7	2,167		1,069		1,098		2,167		820		1,347
Patents and Other	6.6	2,230		618		1,612		1,430		322		1,108
Total		$	355,317	$	53,761	$	301,556	$	354,517	$	32,108	$	322,409

Amortization expense associated with intangible assets was $22.1 million, $14.2 million and $6.5 million in fiscal 2023, fiscal 2022 and fiscal 2021, respectively. The estimated future amortization expense for intangible assets as of December 31, 2023, is summarized as follows:

(in thousands)
2024	$	22,131
2025	21,998
2026	20,867
2027	20,178
2028	20,004
Thereafter	196,378
Total	$	301,556