Goodwill and Other Intangible Assets

9 Months Ended

Sep. 28, 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 nine months ended September 28, 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	(10,627		)	(2,530		)	95		(13,062		)
As of September 28, 2019	$	645,412		$	129,802		$	38,439	$	813,653

The components of other intangible assets at September 28, 2019 are as follows:

 

(in thousands)	Gross Carrying Value		Accumulated Amortization		Net Book Value
Patents, licenses and software	$	136,565	$	76,797	$	59,768
Distribution network	43,638		36,014		7,624
Customer relationships, trademarks, and tradenames	372,627		113,602		259,025
Total	$	552,830	$	226,413	$	326,417

During the three months ended September 28, 2019 and September 29, 2018, the Company recorded amortization expense of $9.8 million and $13.1 million, respectively. During the nine months ended September 28, 2019 and September 29, 2018, the Company recorded amortization expense of $30.1 million and $38.5 million, respectively.

Estimated annual amortization expense related to intangible assets with definite lives as of September 28, 2019 is as follows:

(in thousands)	Amount
2019	$	41,376
2020	39,206
2021	37,606
2022	36,532
2023	32,150
2024 and thereafter	169,616
Total	$	356,486