Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in the carrying value of goodwill by segment for the nine months ended September 30, 2023 are as follows:


(in thousands)	Electronics		Transportation		Industrial		Total
Net book value of goodwill as of December 31, 2022
Gross goodwill as of December 31, 2022	$	909,167	$	234,793	$	84,889	$	1,228,849
Accumulated impairment losses as of December 31, 2022	—		(33,401)		(8,526)		(41,927)
Total	909,167		201,392		76,363		1,186,922
Changes during 2023:
Additions (a)	3,879		—		94,823		98,702

Currency translation	676		(1,616)		(341)		(1,281)
Net book value of goodwill as of September 30, 2023
Gross goodwill as of September 30, 2023	913,722		232,668		179,401		1,325,791
Accumulated impairment losses as of September 30, 2023	—		(32,892)		$	(8,556)	(41,448)
Total	$	913,722	$	199,776	$	170,845	$	1,284,343

(a) The additions resulted from the acquisitions of Western Automation and measurement period adjustment related to the C&K acquisition.

The components of other intangible assets as of September 30, 2023 and December 31, 2022 are as follows:


	As of September 30, 2023
(in thousands)	Gross Carrying Value		Accumulated Amortization		Net Book Value
Land use rights	$	17,133	$	2,579	$	14,554
Patents, licenses, and software	269,219		154,983		114,236
Distribution network	42,888		42,888		—
Customer relationships, trademarks, and tradenames	679,246		195,670		483,576

Total	$	1,008,486	$	396,120	$	612,366


	December 31, 2022
(in thousands)	Gross Carrying Value		Accumulated Amortization		Net Book Value
Land use rights	$	17,938	$	2,299	$	15,639
Patents, licenses, and software	259,603		140,208		119,395
Distribution network	41,733		40,955		778
Customer relationships, trademarks, and tradenames	623,721		165,563		458,158
Total	$	942,995	$	349,025	$	593,970

During the three months ended September 30, 2023 and October 1, 2022, the Company recorded amortization expense of $16.0 million and $15.6 million, respectively. During the nine months ended September 30, 2023 and October 1, 2022, the Company recorded amortization expense of $49.8 million and $39.9 million, respectively.

During the nine months ended September 30, 2023, the Company recorded additions to intangible assets of $68.0 million, related to the Western Automation acquisition, the components of which were as follows:


(in thousands)	Weighted Average Useful Life	Amount
Patents, licenses, and software	6.7	$	11,500
Customer relationships, trademarks, and tradenames	14.7	56,500
Total		$	68,000

Estimated annual amortization expense related to intangible assets with definite lives as of September 30, 2023 is as follows:


(in thousands)	Amount
2023	$	65,693
2024	62,578
2025	62,258
2026	51,475
2027	49,470
2028 and thereafter	370,665
Total	$	662,139