| Summary of changes in goodwill |
A summary of changes in goodwill by segment for the years ended January 2, 2021 and December 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
|
|
|
(6,424
|
)
|
|
|
—
|
|
|
|
(6,424
|
)
|
|
Balance at December 28, 2019
|
|
$
|
271,196
|
|
|
$
|
106,373
|
|
|
$
|
377,569
|
|
|
Acquisition of Balboa
|
|
|
—
|
|
|
|
76,031
|
|
|
|
76,031
|
|
|
Impairment charge
|
|
|
(31,871
|
)
|
|
|
—
|
|
|
|
(31,871
|
)
|
|
Currency translation
|
|
|
21,804
|
|
|
|
—
|
|
|
|
21,804
|
|
|
Balance at January 2, 2021
|
|
$
|
261,129
|
|
|
$
|
182,404
|
|
|
$
|
443,533
|
|
|
| Schedule of intangible assets |
At January 2, 2021 and December 28, 2019, intangible assets consisted of the following:
|
|
|
|
|
January 2, 2021
|
|
|
December 28, 2019
|
|
|
|
|
Useful life
(years)
|
|
Gross carrying
amount
|
|
|
Accumulated
amortization
|
|
|
Net carrying
amount
|
|
|
Gross carrying
amount
|
|
|
Accumulated
amortization
|
|
|
Net carrying
amount
|
|
|
Definite-lived intangibles:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade names and brands
|
|
10-20
|
|
$
|
80,402
|
|
|
$
|
(11,188
|
)
|
|
$
|
69,214
|
|
|
$
|
56,032
|
|
|
$
|
(7,658
|
)
|
|
$
|
48,374
|
|
|
Non-compete agreements
|
|
5
|
|
|
950
|
|
|
|
(776
|
)
|
|
|
174
|
|
|
|
950
|
|
|
|
(586
|
)
|
|
|
364
|
|
|
Technology
|
|
7 - 13
|
|
|
45,955
|
|
|
|
(12,368
|
)
|
|
|
33,587
|
|
|
|
31,704
|
|
|
|
(8,661
|
)
|
|
|
23,043
|
|
|
Supply agreement
|
|
10
|
|
|
21,000
|
|
|
|
(8,575
|
)
|
|
|
12,425
|
|
|
|
21,000
|
|
|
|
(6,475
|
)
|
|
|
14,525
|
|
|
Customer relationships
|
|
15 - 26
|
|
|
330,406
|
|
|
|
(31,431
|
)
|
|
|
298,975
|
|
|
|
227,844
|
|
|
|
(19,499
|
)
|
|
|
208,345
|
|
|
Sales order backlog
|
|
0.5
|
|
|
8,000
|
|
|
|
(3,000
|
)
|
|
|
5,000
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
$
|
486,713
|
|
|
$
|
(67,338
|
)
|
|
$
|
419,375
|
|
|
$
|
337,530
|
|
|
$
|
(42,879
|
)
|
|
$
|
294,651
|
|
|
| Schedule of estimated amortization expense of intangible assets |
Amortization expense for the 2020, 2019 and 2018 fiscal years was approximately $22,114, $18,065 and $23,262, respectively. Future estimated amortization expense is presented below.
|
Year:
|
|
|
|
|
|
2021
|
|
$
|
29,955
|
|
|
2022
|
|
|
24,692
|
|
|
2023
|
|
|
24,633
|
|
|
2024
|
|
|
23,978
|
|
|
2025
|
|
|
23,909
|
|
|
Thereafter
|
|
|
292,208
|
|
|
Total
|
|
$
|
419,375
|
|
|