| Summary of changes in goodwill |
Goodwill
A summary of changes in goodwill by segment for the nine months ended September 28, 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
|
|
|
(12,190
|
)
|
|
|
—
|
|
|
|
(12,190
|
)
|
|
Balance at September 28, 2019
|
|
$
|
265,430
|
|
|
$
|
106,373
|
|
|
$
|
371,803
|
|
|
| Schedule of intangible assets |
Intangible Assets
At September 28, 2019, and December 29, 2018, intangible assets consisted of the following:
|
|
|
September 28, 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
|
|
$
|
55,483
|
|
|
$
|
(6,862
|
)
|
|
$
|
48,621
|
|
|
$
|
56,604
|
|
|
$
|
(4,712
|
)
|
|
$
|
51,892
|
|
|
Non-compete agreements
|
|
|
950
|
|
|
|
(538
|
)
|
|
|
412
|
|
|
|
950
|
|
|
|
(396
|
)
|
|
|
554
|
|
|
Technology
|
|
|
31,414
|
|
|
|
(7,821
|
)
|
|
|
23,593
|
|
|
|
32,004
|
|
|
|
(5,488
|
)
|
|
|
26,516
|
|
|
Supply agreement
|
|
|
21,000
|
|
|
|
(5,951
|
)
|
|
|
15,049
|
|
|
|
21,000
|
|
|
|
(4,375
|
)
|
|
|
16,625
|
|
|
Customer relationships
|
|
|
223,854
|
|
|
|
(16,847
|
)
|
|
|
207,007
|
|
|
|
232,275
|
|
|
|
(10,168
|
)
|
|
|
222,107
|
|
|
Licensing agreement
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,716
|
|
|
|
(862
|
)
|
|
|
2,854
|
|
|
|
|
$
|
332,701
|
|
|
$
|
(38,019
|
)
|
|
$
|
294,682
|
|
|
$
|
346,549
|
|
|
$
|
(26,001
|
)
|
|
$
|
320,548
|
|
|
| Schedule of estimated amortization expense of intangible assets |
Amortization expense for the nine months ended September 28, 2019, and September 29, 2018, was $13,544 and $17,174, respectively. Total estimated amortization expense for the remainder of 2019 and for the years 2020 through 2024 is presented below.
|
Year:
|
|
|
|
|
|
2019 Remaining
|
|
$
|
4,492
|
|
|
2020
|
|
|
17,660
|
|
|
2021
|
|
|
17,560
|
|
|
2022
|
|
|
17,297
|
|
|
2023
|
|
|
17,237
|
|
|
2024
|
|
|
16,582
|
|
|
Total
|
|
$
|
90,828
|
|
|