Goodwill and Other Intangibles

3 Months Ended

Mar. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

5 Goodwill and Other Intangibles

The carrying amount of goodwill was $1.3 billion at both March 30, 2024 and December 31, 2023.

The Company’s intangible assets included in the consolidated balance sheets are detailed as follows (dollars in thousands):


	March 30, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Weighted- Average Amortization Period		Gross Carrying Amount		Accumulated Amortization		Weighted- Average Amortization Period

Capitalized software	$	655,433	$	495,177		5 years	$	660,273	$	495,317		5 years
Purchased intangibles		612,382		207,620		10 years		614,357		197,154		10 years
Trademarks		9,680		—		—		9,680		—		—
Licenses		14,673		8,698		7 years		14,798		8,429		7 years
Patents and other intangibles		113,028		82,554		8 years		111,962		80,983		8 years

Total	$	1,405,196	$	794,049		7 years	$	1,411,070	$	781,883		7 years

The Company capitalized $10 million and $14 million of intangible assets in the three months ended March 30, 2024 and April 1, 2023, respectively. The gross carrying value of intangible assets and accumulated amortization for intangible assets decreased by $16 million and $14 million, respectively, in the three months ended March 30, 2024 due to the effects of foreign currency translation. Amortization expense for intangible assets was $26 million and $12 million for the three months ended March 30, 2024 and April 1, 2023, respectively. Amortization expense for intangible assets is estimated to be $108 million per year for each of the next five years.