| Summary of changes in goodwill |
A summary of changes in goodwill at September 29, 2018, is as follows:
|
|
|
Hydraulics
|
|
|
Electronics
|
|
|
Total
|
|
|
Balance at December 30, 2017
|
|
$
|
2,496
|
|
|
$
|
106,373
|
|
|
$
|
108,869
|
|
|
Acquisition of Faster
|
|
|
249,850
|
|
|
|
—
|
|
|
|
249,850
|
|
|
Acquisition of Custom Fluidpower
|
|
|
5,111
|
|
|
|
—
|
|
|
|
5,111
|
|
|
Currency translation
|
|
|
(13,524
|
)
|
|
|
—
|
|
|
|
(13,524
|
)
|
|
Balance at September 29, 2018
|
|
$
|
243,933
|
|
|
$
|
106,373
|
|
|
$
|
350,306
|
|
|
| Schedule of intangible assets |
At September 29, 2018, and December 30, 2017, intangible assets consisted of the following:
|
|
|
September 29, 2018
|
|
|
December 30, 2017
|
|
|
|
|
Gross carrying
amount
|
|
|
Accumulated
amortization
|
|
|
Net carrying
amount
|
|
|
Gross carrying
amount
|
|
|
Accumulated
amortization
|
|
|
Net carrying
amount
|
|
|
Definite-lived intangibles:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade name and brands
|
|
$
|
56,995
|
|
|
$
|
(3,962
|
)
|
|
$
|
53,033
|
|
|
$
|
30,774
|
|
|
$
|
(2,115
|
)
|
|
$
|
28,659
|
|
|
Non-compete agreements
|
|
|
950
|
|
|
|
(348
|
)
|
|
|
602
|
|
|
|
950
|
|
|
|
(206
|
)
|
|
|
744
|
|
|
Technology
|
|
|
32,212
|
|
|
|
(4,685
|
)
|
|
|
27,527
|
|
|
|
18,435
|
|
|
|
(2,671
|
)
|
|
|
15,764
|
|
|
Supply agreement
|
|
|
21,000
|
|
|
|
(3,850
|
)
|
|
|
17,150
|
|
|
|
21,000
|
|
|
|
(2,275
|
)
|
|
|
18,725
|
|
|
Sales order backlog
|
|
|
6,307
|
|
|
|
(6,003
|
)
|
|
|
304
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Customer relationships
|
|
|
233,908
|
|
|
|
(7,771
|
)
|
|
|
226,137
|
|
|
|
39,751
|
|
|
|
(2,607
|
)
|
|
|
37,144
|
|
|
Licensing agreement
|
|
|
3,716
|
|
|
|
(802
|
)
|
|
|
2,914
|
|
|
|
3,716
|
|
|
|
(621
|
)
|
|
|
3,095
|
|
|
|
|
$
|
355,088
|
|
|
$
|
(27,421
|
)
|
|
$
|
327,667
|
|
|
$
|
114,626
|
|
|
$
|
(10,495
|
)
|
|
$
|
104,131
|
|
|
| Schedule of estimated amortization expense of intangible assets |
Amortization expense of intangible assets for the nine months ended September 29, 2018, and September 30, 2017, was $17,174 and $6,386, respectively. The remaining amortization for 2018 is approximately $4,997. Total estimated amortization expense of intangible assets for the years 2019 through 2023 is presented below.
|
Year:
|
|
|
|
|
|
2019
|
|
$
|
18,485
|
|
|
2020
|
|
|
18,452
|
|
|
2021
|
|
|
18,351
|
|
|
2022
|
|
|
18,089
|
|
|
2023
|
|
|
18,029
|
|
|
Total
|
|
$
|
91,406
|
|
|