Goodwill and Other Intangible Assets

3 Months Ended

Mar. 27, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

The amounts for goodwill and changes in the carrying value by segment for the three months ended March 27, 2021 are as follows:


(in thousands)	Electronics		Automotive		Industrial		Total
Net book value of goodwill as of December 26, 2020
Gross goodwill as of December 26, 2020	$	676,325	$	138,354	$	47,551	$	862,230
Accumulated impairment losses as of December 26, 2020	—		(36,423)		(8,995)		(45,418)
Total	676,325		101,931		38,556		816,812
Changes during 2021:
Additions(a)	—		—		38,929		38,929

Currency translation	(8,124)		(2,012)		(19)		(10,155)
Net book value of goodwill as of March 27, 2021
Gross goodwill as of March 27, 2021	668,201		136,229		86,461		890,891
Accumulated impairment losses as of March 27, 2021	—		(36,310)		(8,995)		(45,305)
Total	$	668,201	$	99,919	$	77,466	$	845,586

(a) The additions resulted from the acquisition of Hartland.

The components of other intangible assets as of March 27, 2021 and December 26, 2020 are as follows:


	As of March 27, 2021
(in thousands)	Gross Carrying Value		Accumulated Amortization		Net Book Value
Land use rights	$	10,251	$	2,051	$	8,200
Patents, licenses and software	142,732		94,636		48,096
Distribution network	43,704		39,307		4,397
Customer relationships, trademarks, and tradenames	400,253		143,652		256,601

Total	$	596,940	$	279,646	$	317,294


	As of December 26, 2020
(in thousands)	Gross Carrying Value		Accumulated Amortization		Net Book Value
Land use rights	$	10,280	$	2,007	$	8,273
Patents, licenses and software	137,210		92,868		44,342
Distribution network	43,910		38,980		4,930
Customer relationships, trademarks, and tradenames	372,064		137,722		234,342
Total	$	563,464	$	271,577	$	291,887

During the three months ended March 27, 2021 and March 28, 2020, the Company recorded amortization expense of $10.5 million and $10.0 million, respectively.

The Company recognized a $0.3 million non-cash impairment charge in the first quarter of 2020 on a certain patent triggered by the Company’s announcement to consolidate a manufacturing facility within the Industrial segment.

During the three months ended March 27, 2021, the Company recorded additions to intangible assets of $39.7 million, related to the Hartland acquisition, the components of which were as follows:


(in thousands)	Weighted Average Useful Life	Amount
Patents, licenses and software	9.2	$	7,559

Customer relationships, trademarks, and tradenames	13.7	32,101
Total		$	39,660

Estimated annual amortization expense related to intangible assets with definite lives as of March 27, 2021 is as follows:


(in thousands)	Amount
2021	$	41,545
2022	40,791
2023	36,491
2024	33,054
2025	32,603
2026 and thereafter	143,331
Total	$	327,815