Goodwill and Other Intangible Assets

6 Months Ended

Jul. 02, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in the carrying value of goodwill by segment for the six months ended July 2, 2022 are as follows:


(in thousands)	Electronics		Transportation		Industrial		Total
Net book value of goodwill as of January 1, 2022
Gross goodwill as of January 1, 2022	$	660,245	$	228,555	$	86,232	$	975,032
Accumulated impairment losses as of January 1, 2022	—		(36,177)		(9,065)		(45,242)
Total	660,245		192,378		77,167		929,790
Changes during 2022
Additions(a)	—		14,427		—		14,427

Currency translation	(23,903)		(5,578)		(378)		(29,859)
Net book value of goodwill as of July 2, 2022
Gross goodwill as of July 2, 2022	636,342		235,068		85,761		957,171
Accumulated impairment losses as of July 2, 2022	—		(33,841)		$	(8,972)	(42,813)
Total	$	636,342	$	201,227	$	76,789	$	914,358

(a) The additions resulted from the acquisition of Embed and Carling.

The components of other intangible assets as of July 2, 2022 and January 1, 2022 are as follows:


	As of July 2, 2022
(in thousands)	Gross Carrying Value		Accumulated Amortization		Net Book Value
Land use rights	$	18,974	$	1,892	$	17,082
Patents, licenses and software	177,174		114,658		62,516
Distribution network	41,575		39,834		1,741
Customer relationships, trademarks, and tradenames	458,150		164,896		293,254

Total	$	695,873	$	321,280	$	374,593


	As of January 1, 2022
(in thousands)	Gross Carrying Value		Accumulated Amortization		Net Book Value
Land use rights	$	19,542	$	1,906	$	17,636
Patents, licenses and software	164,556		101,307		63,249
Distribution network	43,361		40,591		2,770
Customer relationships, trademarks, and tradenames	487,710		164,239		323,471
Total	$	715,169	$	308,043	$	407,126

During the three months ended July 2, 2022 and June 26, 2021, the Company recorded amortization expense of $11.6 million and $10.6 million, respectively. During the six months ended July 2, 2022 and June 26, 2021, the Company recorded amortization expense of $24.3 million and $21.2 million, respectively.

Estimated annual amortization expense related to intangible assets with definite lives as of July 2, 2022 is as follows:


(in thousands)	Amount
2022	$	48,574
2023	44,664
2024	41,320
2025	38,567
2026	33,571
2027 and thereafter	192,213
Total	$	398,909