Goodwill and Other Intangible Assets

6 Months Ended

Jun. 29, 2019

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 by segment for the six months ended June 29, 2019 are as follows:

(in thousands)	Electronics			Automotive		Industrial		Total
As of December 29, 2018	$	656,039		$	132,332	$	38,344	$	826,715
Currency translation	(529		)	89		133		(307		)
As of June 29, 2019	$	655,510		$	132,421	$	38,477	$	826,408

The components of other intangible assets at June 29, 2019 are as follows:

 

(in thousands)	Gross Carrying Value		Accumulated Amortization		Net Book Value
Patents, licenses and software	$	139,415	$	75,175	$	64,240
Distribution network	43,900		35,702		8,198
Customer relationships, trademarks, and tradenames	374,658		105,922		268,736
Total	$	557,973	$	216,799	$	341,174

During the three months ended June 29, 2019 and June 30, 2018, the Company recorded amortization expense of $10.1 million and $13.4 million, respectively. During the six months ended June 29, 2019 and June 30, 2018, the Company recorded amortization expense of $20.2 million and $25.4 million, respectively.

Estimated annual amortization expense related to intangible assets with definite lives as of June 29, 2019 is as follows:

(in thousands)	Amount
2019	$	40,119
2020	39,458
2021	36,833
2022	36,743
2023	31,524
2024 and thereafter	176,738
Total	$	361,415