XML 51 R36.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Goodwill and Other Intangible Assets (Tables) | 12 Months Ended
--- | ---
Dec. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of goodwill | 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.
Schedule of finite-lived intangible assets | 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 |
Schedule of finite-lived intangible assets, future amortization expense | 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 Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482665/350-30-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482665/350-30-50-2 + Details
Name: | us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482548/350-20-55-24 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-2 + Details
Name: | us-gaap_ScheduleOfGoodwillTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482665/350-30-50-2 + Details
Name: | us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration