| Summary of changes in goodwill |
Goodwill
A summary of changes in goodwill by segment for the three months ended March 30, 2019, is as follows:
|
|
|
Hydraulics
|
|
|
Electronics
|
|
|
Total
|
|
|
Balance at December 29, 2018
|
|
$
|
276,758
|
|
|
$
|
106,373
|
|
|
$
|
383,131
|
|
|
Faster acquisition measurement period adjustment
|
|
|
(343
|
)
|
|
|
—
|
|
|
|
(343
|
)
|
|
Currency translation
|
|
|
(5,182
|
)
|
|
|
—
|
|
|
|
(5,182
|
)
|
|
Balance at March 30, 2019
|
|
$
|
271,233
|
|
|
$
|
106,373
|
|
|
$
|
377,606
|
|
|
| Schedule of intangible assets |
Intangible Assets
At March 30, 2019, and December 29, 2018, intangible assets consisted of the following:
|
|
|
March 30, 2019
|
|
|
December 29, 2018
|
|
|
|
|
Gross carrying
amount
|
|
|
Accumulated
amortization
|
|
|
Net carrying
amount
|
|
|
Gross carrying
amount
|
|
|
Accumulated
amortization
|
|
|
Net carrying
amount
|
|
|
Definite-lived intangibles:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade names and brands
|
|
$
|
56,155
|
|
|
$
|
(5,429
|
)
|
|
$
|
50,726
|
|
|
$
|
56,604
|
|
|
$
|
(4,712
|
)
|
|
$
|
51,892
|
|
|
Non-compete agreements
|
|
|
950
|
|
|
|
(443
|
)
|
|
|
507
|
|
|
|
950
|
|
|
|
(396
|
)
|
|
|
554
|
|
|
Technology
|
|
|
31,770
|
|
|
|
(6,268
|
)
|
|
|
25,502
|
|
|
|
32,004
|
|
|
|
(5,488
|
)
|
|
|
26,516
|
|
|
Supply agreement
|
|
|
21,000
|
|
|
|
(4,900
|
)
|
|
|
16,100
|
|
|
|
21,000
|
|
|
|
(4,375
|
)
|
|
|
16,625
|
|
|
Customer relationships
|
|
|
228,650
|
|
|
|
(12,394
|
)
|
|
|
216,256
|
|
|
|
232,275
|
|
|
|
(10,168
|
)
|
|
|
222,107
|
|
|
Licensing agreement
|
|
|
3,716
|
|
|
|
(922
|
)
|
|
|
2,794
|
|
|
|
3,716
|
|
|
|
(862
|
)
|
|
|
2,854
|
|
|
|
|
$
|
342,241
|
|
|
$
|
(30,356
|
)
|
|
$
|
311,885
|
|
|
$
|
346,549
|
|
|
$
|
(26,001
|
)
|
|
$
|
320,548
|
|
|
| Schedule of estimated amortization expense of intangible assets |
Amortization expense for the three months ended March 30, 2019, and March 31, 2018, was $4,521 and $2,049, respectively. Remaining amortization for 2019 is approximately $13,706. Total estimated amortization expense for the years 2020 through 2024 is presented below.
|
Year:
|
|
|
|
|
|
2020
|
|
$
|
18,164
|
|
|
2021
|
|
|
18,064
|
|
|
2022
|
|
|
17,801
|
|
|
2023
|
|
|
17,741
|
|
|
2024
|
|
|
17,087
|
|
|
Total
|
|
$
|
88,857
|
|
|