| Summary of changes in goodwill |
Goodwill
A summary of changes in goodwill by segment for the six months ended June 29, 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
|
)
|
|
Custom Fluidpower acquisition measurement period adjustment
|
|
|
1,205
|
|
|
|
—
|
|
|
|
1,205
|
|
|
Currency translation
|
|
|
(1,772
|
)
|
|
|
—
|
|
|
|
(1,772
|
)
|
|
Balance at June 29, 2019
|
|
$
|
275,848
|
|
|
$
|
106,373
|
|
|
$
|
382,221
|
|
|
| Schedule of intangible assets |
Intangible Assets
At June 29, 2019, and December 29, 2018, intangible assets consisted of the following:
|
|
|
June 29, 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
|
|
$
|
56,454
|
|
|
$
|
(6,193
|
)
|
|
$
|
50,261
|
|
|
$
|
56,604
|
|
|
$
|
(4,712
|
)
|
|
$
|
51,892
|
|
|
Non-compete agreements
|
|
|
950
|
|
|
|
(491
|
)
|
|
|
459
|
|
|
|
950
|
|
|
|
(396
|
)
|
|
|
554
|
|
|
Technology
|
|
|
31,926
|
|
|
|
(7,082
|
)
|
|
|
24,844
|
|
|
|
32,004
|
|
|
|
(5,488
|
)
|
|
|
26,516
|
|
|
Supply agreement
|
|
|
21,000
|
|
|
|
(5,426
|
)
|
|
|
15,574
|
|
|
|
21,000
|
|
|
|
(4,375
|
)
|
|
|
16,625
|
|
|
Customer relationships
|
|
|
231,097
|
|
|
|
(14,877
|
)
|
|
|
216,220
|
|
|
|
232,275
|
|
|
|
(10,168
|
)
|
|
|
222,107
|
|
|
Licensing agreement
|
|
|
3,716
|
|
|
|
(982
|
)
|
|
|
2,734
|
|
|
|
3,716
|
|
|
|
(862
|
)
|
|
|
2,854
|
|
|
|
|
$
|
345,143
|
|
|
$
|
(35,051
|
)
|
|
$
|
310,092
|
|
|
$
|
346,549
|
|
|
$
|
(26,001
|
)
|
|
$
|
320,548
|
|
|
| Schedule of estimated amortization expense of intangible assets |
Amortization expense for the six months ended June 29, 2019, and June 30, 2018, was $9,066 and $10,124, respectively. Remaining amortization for 2019 is approximately $9,224. Total estimated amortization expense for the years 2020 through 2024 is presented below.
|
Year:
|
|
|
|
|
|
2020
|
|
$
|
18,284
|
|
|
2021
|
|
|
18,183
|
|
|
2022
|
|
|
17,921
|
|
|
2023
|
|
|
17,861
|
|
|
2024
|
|
|
17,206
|
|
|
Total
|
|
$
|
89,455
|
|
|