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Goodwill and Other Intangible Assets (Tables) | 6 Months Ended
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Jul. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Goodwill | Changes in the carrying value of goodwill by segment for the six months ended July 1, 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 |  | 3,384 |  |  | 365 |  |  | (185) |  |  | 3,564 |
Net book value of goodwill as of July 1, 2023 |  |  |  |  |  |  |  |
Gross goodwill as of July 1, 2023 |  | 916,430 |  |  | 235,281 |  |  | 179,719 |  |  | 1,331,430 |
Accumulated impairment losses as of July 1, 2023 |  | — |  |  | (33,524) |  |  | $ | (8,718) |  |  | (42,242) |
Total |  | $ | 916,430 |  |  | $ | 201,757 |  |  | $ | 171,001 |  |  | $ | 1,289,188 |
(a) The additions resulted from the acquisitions of Western Automation and measurement period adjustment related to the C&K acquisition.
Schedule of Finite-Lived Intangible Assets | The components of other intangible assets as of July 1, 2023 and December 31, 2022 are as follows:
|  |  | As of July 1, 2023
(in thousands) |  |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Book Value
Land use rights |  |  | $ | 17,275 |  |  | $ | 2,470 |  |  | $ | 14,805 |
Patents, licenses, and software |  |  | 271,310 |  |  | 151,514 |  |  | 119,796 |
Distribution network |  |  | 43,089 |  |  | 43,089 |  |  | — |
Customer relationships, trademarks, and tradenames |  |  | 680,820 |  |  | 187,088 |  |  | 493,732 |
Total |  |  | $ | 1,012,494 |  |  | $ | 384,161 |  |  | $ | 628,333 |
| 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 |
Schedule of Finite-Lived Intangible Assets Acquired | During the six months ended July 1, 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 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated annual amortization expense related to intangible assets with definite lives as of July 1, 2023 is as follows:
(in thousands) | Amount
2023 | $ | 65,730 |
2024 | 62,859 |
2025 | 62,536 |
2026 | 51,576 |
2027 | 49,529 |
2028 and thereafter | 369,854 |
Total | $ | 662,084 |

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