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Goodwill and Intangible Assets | 6 Months Ended
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Jun. 29, 2024
Goodwill and Intangible Assets |
Goodwill and Intangible Assets | Note C – 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 reportable segments, is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Global |  | ​ |  | ​
(thousands) | ​ | Components | ​ | Global ECS | ​ | Total
Balance as of December 31, 2023 (a) | ​ | $ | 875,194 | ​ | $ | 1,175,232 | ​ | $ | 2,050,426
Acquisitions | ​ | ​ | 18,454 | ​ | ​ | — | ​ | ​ | 18,454
Foreign currency translation adjustment | ​ |  | (5,464) | ​ |  | (10,715) | ​ |  | (16,179)
Balance as of June 29, 2024 (a) | ​ | $ | 888,184 | ​ | $ | 1,164,517 | ​ | $ | 2,052,701
(a) | The total carrying value of goodwill as of June 29, 2024 and December 31, 2023, in the table above is reflected net of $1.6 billion of accumulated impairment charges, of which $1.3 billion was recorded in the global components reportable segment and $301.9 million was recorded in the global ECS reportable segment.
Intangible assets, net, are comprised of the following as of June 29, 2024:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Gross |  | ​ |  | ​
​ | ​ | Carrying | ​ | Accumulated | ​ | ​
(thousands) | ​ | Amount | ​ | Amortization | ​ | Net
Customer relationships | ​ | $ | 254,056 | ​ | $ | (161,939) | ​ | $ | 92,117
Amortizable trade name | ​ |  | 74,003 | ​ |  | (53,650) | ​ |  | 20,353
​ | ​ | $ | 328,059 | ​ | $ | (215,589) | ​ | $ | 112,470
​ Intangible assets, net, are comprised of the following as of December 31, 2023:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Gross |  | ​ |  | ​
​ | ​ | Carrying | ​ | Accumulated | ​ | ​
(thousands) | ​ | Amount | ​ | Amortization | ​ | Net
Customer relationships | ​ | $ | 258,337 | ​ | $ | (156,141) | ​ | $ | 102,196
Amortizable trade name | ​ |  | 73,811 | ​ |  | (48,567) | ​ |  | 25,244
​ | ​ | $ | 332,148 | ​ | $ | (204,708) | ​ | $ | 127,440
​ During the second quarter of 2024 and 2023, the company recorded amortization expense related to identifiable intangible assets of $7.5 million and $7.9 million, respectively. During the first six months of 2024 and 2023, amortization expense related to identifiable intangible assets was $15.0 million and $15.9 million, respectively.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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