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Goodwill and Other Intangible Assets | 6 Months Ended
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Jun. 29, 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 six months ended June 29, 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 |  | (17,205) |  |  | (3,142) |  |  | (1,889) |  |  | (22,236) |
Net goodwill as of June 29, 2024 |  |  |  |  |  |  |  |
Gross goodwill as of June 29, 2024 |  | 919,300 |  |  | 233,364 |  |  | 176,914 |  |  | 1,329,578 |
Accumulated impairment losses as of June 29, 2024 |  | — |  |  | (33,395) |  |  | (8,421) |  |  | (41,816) |
Total |  | $ | 919,300 |  |  | $ | 199,969 |  |  | $ | 168,493 |  |  | $ | 1,287,762 |
The components of other intangible assets as of June 29, 2024 and December 30, 2023 are as follows:
|  |  | As of June 29, 2024
(in thousands) |  |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Book Value
Land use rights |  |  | $ | 17,146 |  |  | $ | 2,971 |  |  | $ | 14,175 |
Patents, licenses, and software |  |  | 270,630 |  |  | 171,946 |  |  | 98,684 |
Distribution network |  |  | 41,860 |  |  | 41,860 |  |  | — |
Customer relationships, trademarks, and tradenames |  |  | 678,721 |  |  | 225,550 |  |  | 453,171 |
Total |  |  | $ | 1,008,357 |  |  | $ | 442,327 |  |  | $ | 566,030 |
| 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 June 29, 2024 and July 1, 2023, the Company recorded amortization expense of $15.7 million and $16.9 million, respectively. During the six months ended June 29, 2024 and July 1, 2023, the Company recorded amortization expense of $31.6 million and $33.8 million, respectively. Estimated annual amortization expense related to intangible assets with definite lives as of June 29, 2024 is as follows:
(in thousands) | Amount
Remainder of 2024 | $ | 31,341 |
2025 | 62,476 |
2026 | 51,666 |
2027 | 49,629 |
2028 | 48,770 |
2029 and thereafter | 322,148 |
Total | $ | 566,030 |

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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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