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Goodwill and Intangible Assets | 3 Months Ended
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Apr. 03, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill | Goodwill and Intangible Assets Goodwill represents the excess of the cost of an acquisition over the fair value of the net assets acquired. The company tests goodwill and other indefinite-lived intangible assets for impairment annually as of the first day of the fourth quarter, or more frequently if indicators of potential impairment exist. Goodwill of companies acquired, allocated to the company’s business segments, is as follows:
|  | Global Components |  | Global ECS |  | Total
Balance as of December 31, 2020 (a) |  | $ | 894,975 |  |  | $ | 1,220,494 |  |  | $ | 2,115,469 |
Foreign currency translation adjustment |  | (7,007) |  |  | (6,524) |  |  | (13,531) |
Balance as of April 3, 2021 (a) |  | $ | 887,968 |  |  | $ | 1,213,970 |  |  | $ | 2,101,938 |
(a) The total carrying value of goodwill as of April 3, 2021 and December 31, 2020 in the table above is reflected net of $1,588,955 of accumulated impairment charges, of which $1,287,100 was recorded in the global components business segment and $301,855 was recorded in the global enterprise computing solutions ("ECS") business segment. Intangible assets, net, are comprised of the following as of April 3, 2021:
|  | Weighted-Average Life |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Customer relationships |  | 12 years |  | $ | 329,938 |  |  | $ | (159,928) |  |  | $ | 170,010 |
Amortizable trade name |  | 8 years |  | 74,444 |  |  | (20,606) |  |  | 53,838 |
|  |  |  | $ | 404,382 |  |  | $ | (180,534) |  |  | $ | 223,848 |
Intangible assets, net, are comprised of the following as of December 31, 2020:
|  | Weighted-Average Life |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Customer relationships |  | 12 years |  | $ | 335,027 |  |  | $ | (157,151) |  |  | $ | 177,876 |
Amortizable trade name |  | 8 years |  | 74,008 |  |  | (18,065) |  |  | 55,943 |
|  |  |  | $ | 409,035 |  |  | $ | (175,216) |  |  | $ | 233,819 |
During the first quarter of 2021 and 2020, the company recorded amortization expense related to identifiable intangible assets of $9,326 and $9,955, respectively.

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- Definition The entire disclosure for goodwill. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2144439 + Details
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