Long-Lived Assets

3 Months Ended

Apr. 04, 2021

Property, Plant and Equipment [Abstract]

Long-Lived Assets

Long-Lived Assets

Depreciation and Amortization Expense

We recognized depreciation expense of $11.6 million and $10.3 million in the three months ended April 4, 2021 and March 29, 2020, respectively. We recognized amortization expense related to our intangible assets of $10.6 million and $16.5 million in the three months ended April 4, 2021 and March 29, 2020, respectively.

Interim Impairment Test

During the first quarter of 2021, we committed to a plan to sell an oil and gas cable business, and recognized an impairment charge of $3.4 million. See Note 4.

During the first quarter of 2021, we also performed a recoverability test on certain held and used long-lived assets in our Industrial Solutions segment due to the presence of impairment indicators stemming from the increased probability of selling the assets. We determined that the carrying values of the assets were not recoverable and recognized a $3.6 million impairment charge in Selling, General and Administrative Expenses to write them down to fair value. This impairment charge is excluded from Segment EBITDA of our Industrial Solutions segment.