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Goodwill and Other Intangible Assets | 3 Months Ended
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Mar. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Changes in the carrying value of goodwill by segment for the three months ended March 30, 2024 are as follows:
(in thousands) |  | Electronics |  | Transportation |  | Industrial |  | Total
Net goodwill as of December 30, 2023 |  |  |  |  |  |  |  |
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) |
Total |  | 936,505 |  |  | 203,111 |  |  | 170,382 |  |  | 1,309,998 |
Changes during 2024: |  |  |  |  |  |  |  |
Foreign currency translation adjustments |  | (13,103) |  |  | (2,003) |  |  | (155) |  |  | (15,261) |
Net goodwill as of March 30, 2024 |  |  |  |  |  |  |  |
Gross goodwill as of March 30, 2024 |  | 923,402 |  |  | 234,620 |  |  | 178,761 |  |  | 1,336,783 |
Accumulated impairment losses as of March 30, 2024 |  | — |  |  | (33,512) |  |  | $ | (8,534) |  |  | (42,046) |
Total |  | $ | 923,402 |  |  | $ | 201,108 |  |  | $ | 170,227 |  |  | $ | 1,294,737 |
The components of other intangible assets as of March 30, 2024 and December 30, 2023 are as follows:
|  |  | As of March 30, 2024
(in thousands) |  |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Book Value
Land use rights |  |  | $ | 17,298 |  |  | $ | 2,864 |  |  | $ | 14,434 |
Patents, licenses, and software |  |  | 271,905 |  |  | 167,403 |  |  | 104,502 |
Distribution network |  |  | 41,917 |  |  | 41,917 |  |  | — |
Customer relationships, trademarks, and tradenames |  |  | 681,982 |  |  | 216,287 |  |  | 465,695 |
Total |  |  | $ | 1,013,102 |  |  | $ | 428,471 |  |  | $ | 584,631 |
| 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 |
During the three months ended March 30, 2024 and April 1, 2023, the Company recorded amortization expense of $15.8 million and $16.9 million, respectively. Estimated annual amortization expense related to intangible assets with definite lives as of March 30, 2024 is as follows:
(in thousands) | Amount
Remainder of 2024 | $ | 47,167 |
2025 | 62,662 |
2026 | 51,823 |
2027 | 49,755 |
2028 | 49,135 |
2029 and thereafter | 324,089 |
Total | $ | 584,631 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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