XML 29 R14.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Goodwill and Other Intangible Assets | 12 Months Ended
--- | ---
Dec. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The amounts for goodwill and changes in the carrying value by segment are as follows:
(in thousands) | Electronics |  | Transportation |  | Industrial |  | Total
Gross goodwill as of January 1, 2022 | $ | 660,245 |  |  | $ | 228,555 |  |  | $ | 86,232 |  |  | $ | 975,032 |
Accumulated impairment losses as of January 1, 2022 | — |  |  | (36,177) |  |  | (9,065) |  |  | (45,242) |
Net goodwill as of January 1, 2022 | $ | 660,245 |  |  | $ | 192,378 |  |  | $ | 77,167 |  |  | $ | 929,790 |
Changes during 2022: |  |  |  |  |  |  |
Additions (a) | 270,245 |  |  | 14,886 |  |  | — |  |  | $ | 285,131 |
Foreign currency translation adjustments | (21,323) |  |  | (8,648) |  |  | (1,343) |  |  | (31,314) |
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) |
Net goodwill as of December 31, 2022 | $ | 909,167 |  |  | $ | 201,392 |  |  | $ | 76,363 |  |  | $ | 1,186,922 |
Changes during 2023: |  |  |  |  |  |  |
Additions (b) | 3,879 |  |  | — |  |  | 93,937 |  |  | 97,816 |
Foreign currency translation adjustments | 23,459 |  |  | 2,322 |  |  | 291 |  |  | 26,072 |
Gross goodwill as of December 30, 2023 | 936,505 |  |  | 237,115 |  |  | 179,117 |  |  | 1,352,737 |
Accumulated impairment losses as of December 30, 2023 | — |  |  | (34,004) |  |  | (8,735) |  |  | (42,739) |
Net goodwill as of December 30, 2023 | $ | 936,505 |  |  | $ | 203,111 |  |  | $ | 170,382 |  |  | $ | 1,309,998 |
(a) The additions resulted from the acquisitions of C&K, Embed and Carling. (b) The additions resulted from the acquisitions of Western Automation and C&K. The Company tests its goodwill annually for impairment on the first day of its fiscal fourth quarter, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. There were no impairment charges recorded during the fiscal years of 2023, 2022 and 2021. The components of intangible assets at December 30, 2023 and December 31, 2022 are as follows:
| As of December 30, 2023
(in thousands) | Gross Carrying Value |  | Accumulated Amortization |  | Net Book Value
Land use rights | $ | 17,621 |  |  | $ | 2,786 |  |  | $ | 14,835 |
Patents, licenses and software | 275,337 |  |  | 163,799 |  |  | 111,538 |
Distribution network | 43,210 |  |  | 43,210 |  |  | — |
Customer relationships, trademarks, and tradenames | 689,244 |  |  | 209,481 |  |  | 479,763 |
Total | $ | 1,025,412 |  |  | $ | 419,276 |  |  | $ | 606,136 |
| As of 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 |
The Company reclassified $50.3 million and $31.1 million of gross carrying value and accumulated amortization, respectively, from customer relationships, trademarks and tradenames to patents, licenses and software as of December 31, 2022. This reclassification had no consolidated financial impact on net book value of intangible assets. During the year ended December 30, 2023, the Company recorded additions to other intangible assets of $68.0 million related to Western Automation, the components of which were as follows:
| 2023
(in thousands, except weighted average useful life) | Weighted Average Useful Life (Years) |  | Amount
Patents, licenses and software | 6.7 |  | $ | 11,500 |
Customer relationships, trademarks, and tradenames | 14.7 |  | 56,500 |
Total |  |  | $ | 68,000 |
For intangible assets with definite lives, the Company recorded amortization expense of $65.8 million, $55.7 million, and $42.7 million in 2023, 2022, and 2021, respectively. Estimated annual amortization expense related to intangible assets with definite lives at December 30, 2023 is as follows:
(in thousands) | Amount
2024 | $ | 63,673 |
2025 | 63,303 |
2026 | 52,311 |
2027 | 50,203 |
2028 | 49,583 |
2029 and thereafter | 327,063 |
Total | $ | 606,136 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration