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Goodwill and Other Intangible Assets | 3 Months Ended
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Mar. 29, 2025
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 of goodwill by segment for the three months ended March 29, 2025 were as follows:
(in thousands) |  | Electronics |  | Transportation |  | Industrial |  | Total
Net goodwill as of December 28, 2024 |  |  |  |  |  |  |  |
Gross goodwill as of December 28, 2024 |  | $ | 906,871 |  |  | $ | 233,286 |  |  | $ | 173,882 |  |  | $ | 1,314,039 |
Accumulated impairment losses as of December 28, 2024 |  | — |  |  | (41,645) |  |  | (43,892) |  |  | (85,537) |
Total |  | 906,871 |  |  | 191,641 |  |  | 129,990 |  |  | 1,228,502 |
Changes during 2025: |  |  |  |  |  |  |  |
Additions (a) |  | 57,439 |  |  | — |  |  | — |  |  | 57,439 |
Foreign currency translation adjustments |  | 18,252 |  |  | 1,740 |  |  | 2,008 |  |  | 22,000 |
Net goodwill as of March 29, 2025 |  |  |  |  |  |  |  |
Gross goodwill as of March 29, 2025 |  | 982,562 |  |  | 235,960 |  |  | 177,263 |  |  | 1,395,785 |
Accumulated impairment losses as of March 29, 2025 |  | — |  |  | (42,579) |  |  | (45,265) |  |  | (87,844) |
Total |  | $ | 982,562 |  |  | $ | 193,381 |  |  | $ | 131,998 |  |  | $ | 1,307,941 |
(a) The additions resulted from the acquisition of Dortmund Fab. The components of intangible assets as of March 29, 2025 and December 28, 2024 were as follows:
|  |  | As of March 29, 2025
(in thousands) |  |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Book Value
Land use rights |  |  | $ | 16,164 |  |  | $ | 3,132 |  |  | $ | 13,032 |
Patents, licenses, and software |  |  | 264,596 |  |  | 188,579 |  |  | 76,017 |
Distribution network |  |  | 41,857 |  |  | 41,857 |  |  | — |
Customer relationships, trademarks, and tradenames |  |  | 641,597 |  |  | 255,001 |  |  | 386,596 |
Total |  |  | $ | 964,214 |  |  | $ | 488,569 |  |  | $ | 475,645 |
| As of December 28, 2024
(in thousands) | Gross Carrying Value |  | Accumulated Amortization |  | Net Book Value
Land use rights | $ | 16,079 |  |  | $ | 2,994 |  |  | $ | 13,085 |
Patents, licenses, and software | 260,096 |  |  | 180,674 |  |  | 79,422 |
Distribution network | 41,667 |  |  | 41,667 |  |  | — |
Customer relationships, trademarks, and tradenames | 632,572 |  |  | 242,961 |  |  | 389,611 |
Total | $ | 950,414 |  |  | $ | 468,296 |  |  | $ | 482,118 |
During the three months ended March 29, 2025 and March 30, 2024, the Company recorded amortization expense of $14.3 million and $15.8 million, respectively. During the three months ended March 29, 2025, the Company recorded additions to intangible assets of $1.8 million related to the Dortmund Fab acquisition, the components of which were as follows:
(in thousands) | Weighted Average Useful Life |  | Amount
Customer relationships, trademarks, and tradenames | 5 |  | $ | 1,800 |
Total |  |  | $ | 1,800 |
Estimated annual amortization expense related to intangible assets with definite lives as of March 29, 2025 was as follows:
(in thousands) | Amount
Remainder of 2025 | $ | 43,680 |
2026 | 47,456 |
2027 | 45,389 |
2028 | 44,991 |
2029 | 44,580 |
2030 and thereafter | 249,549 |
Total | $ | 475,645 |

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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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