| Summary of changes in goodwill |
Goodwill
A summary of changes in goodwill by segment for the nine months ended September 26, 2020, is as follows:
|
|
|
Hydraulics
|
|
|
Electronics
|
|
|
Total
|
|
|
Balance at December 28, 2019
|
|
$
|
271,196
|
|
|
$
|
106,373
|
|
|
$
|
377,569
|
|
|
Impairment charge
|
|
|
(31,871
|
)
|
|
|
—
|
|
|
|
(31,871
|
)
|
|
Currency translation
|
|
|
9,046
|
|
|
|
—
|
|
|
|
9,046
|
|
|
Balance at September 26, 2020
|
|
$
|
248,371
|
|
|
$
|
106,373
|
|
|
$
|
354,744
|
|
|
| Schedule of intangible assets |
Intangible Assets
At September 26, 2020, and December 28, 2019, intangible assets consisted of the following:
|
|
|
September 26, 2020
|
|
|
December 28, 2019
|
|
|
|
|
Gross Carrying
Amount
|
|
|
Accumulated
Amortization
|
|
|
Net Carrying
Amount
|
|
|
Gross Carrying
Amount
|
|
|
Accumulated
Amortization
|
|
|
Net Carrying
Amount
|
|
|
Definite-lived intangibles:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade names and brands
|
|
$
|
57,004
|
|
|
$
|
(10,002
|
)
|
|
$
|
47,002
|
|
|
$
|
56,032
|
|
|
$
|
(7,658
|
)
|
|
$
|
48,374
|
|
|
Non-compete agreements
|
|
|
950
|
|
|
|
(728
|
)
|
|
|
222
|
|
|
|
950
|
|
|
|
(586
|
)
|
|
|
364
|
|
|
Technology
|
|
|
32,214
|
|
|
|
(11,127
|
)
|
|
|
21,087
|
|
|
|
31,704
|
|
|
|
(8,661
|
)
|
|
|
23,043
|
|
|
Supply agreement
|
|
|
21,000
|
|
|
|
(8,050
|
)
|
|
|
12,950
|
|
|
|
21,000
|
|
|
|
(6,475
|
)
|
|
|
14,525
|
|
|
Customer relationships
|
|
|
235,407
|
|
|
|
(27,228
|
)
|
|
|
208,179
|
|
|
|
227,844
|
|
|
|
(19,499
|
)
|
|
|
208,345
|
|
|
Software development costs - in process
|
|
|
227
|
|
|
|
—
|
|
|
|
227
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
$
|
346,802
|
|
|
$
|
(57,135
|
)
|
|
$
|
289,667
|
|
|
$
|
337,530
|
|
|
$
|
(42,879
|
)
|
|
$
|
294,651
|
|
|
| Schedule of estimated amortization expense of intangible assets, excluding software development in process |
Amortization expense for the nine months ended September 26, 2020, and September 28, 2019, was $13,323 and $13,544, respectively. Future estimated amortization expense, excluding software development in process, is presented below.
|
Year:
|
|
|
|
|
|
2020 Remaining
|
|
$
|
4,680
|
|
|
2021
|
|
|
18,161
|
|
|
2022
|
|
|
17,898
|
|
|
2023
|
|
|
17,839
|
|
|
2024
|
|
|
17,184
|
|
|
2025
|
|
|
17,121
|
|
|
Thereafter
|
|
|
196,557
|
|
|
Total
|
|
$
|
289,440
|
|
|