Long-Lived Assets

9 Months Ended

Oct. 03, 2021

Property, Plant and Equipment [Abstract]

Long-Lived Assets

Long-Lived Assets

Depreciation and Amortization Expense

We recognized depreciation expense of $11.3 million and $34.2 million in the three and nine months ended October 3, 2021, respectively. We recognized depreciation expense of $10.5 million and $31.1 million in the three and nine months ended September 27, 2020, respectively.

We recognized amortization expense related to our intangible assets of $10.5 million and $30.8 million in the three and nine months ended October 3, 2021, respectively. We recognized amortization expense related to our intangible assets of $16.6 million and $49.6 million in the three and nine months ended September 27, 2020, respectively.

Asset Impairment

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

Also in the first quarter of 2021, we performed a recoverability test over certain held and used long-lived assets in our Industrial Solutions segment. 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 during the nine months ended October 3, 2021 to write them down to fair value. This impairment charge was excluded from Segment EBITDA of our Industrial Solutions segment. During the third quarter of 2021, we entered into an agreement to sell and lease back certain real estate in Germany, and recognized an impairment charge of $2.3 million. See Note 4.