| Summary of changes in goodwill |
Goodwill
A summary of changes in goodwill by segment for the six months ended July 3, 2021, is as follows:
|
|
|
Hydraulics
|
|
|
Electronics
|
|
|
Total
|
|
|
Balance at January 2, 2021
|
|
$
|
261,129
|
|
|
$
|
182,404
|
|
|
$
|
443,533
|
|
|
Measurement period adjustment, Balboa Water Group acquisition
|
|
|
—
|
|
|
|
90
|
|
|
|
90
|
|
|
Currency translation
|
|
|
(7,390
|
)
|
|
|
—
|
|
|
|
(7,390
|
)
|
|
Balance at July 3, 2021
|
|
$
|
253,739
|
|
|
$
|
182,494
|
|
|
$
|
436,233
|
|
|
| Schedule of intangible assets |
Intangible Assets
At July 3, 2021, and January 2, 2021, intangible assets consisted of the following:
|
|
|
July 3, 2021
|
|
|
January 2, 2021
|
|
|
|
|
Gross Carrying
Amount
|
|
|
Accumulated
Amortization
|
|
|
Net Carrying
Amount
|
|
|
Gross Carrying
Amount
|
|
|
Accumulated
Amortization
|
|
|
Net Carrying
Amount
|
|
|
Definite-lived intangibles:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade names and brands
|
|
$
|
79,629
|
|
|
$
|
(13,217
|
)
|
|
$
|
66,412
|
|
|
$
|
80,402
|
|
|
$
|
(11,188
|
)
|
|
$
|
69,214
|
|
|
Non-compete agreements
|
|
|
950
|
|
|
|
(871
|
)
|
|
|
79
|
|
|
|
950
|
|
|
|
(776
|
)
|
|
|
174
|
|
|
Technology
|
|
|
45,548
|
|
|
|
(14,681
|
)
|
|
|
30,867
|
|
|
|
45,955
|
|
|
|
(12,368
|
)
|
|
|
33,587
|
|
|
Supply agreement
|
|
|
21,000
|
|
|
|
(9,625
|
)
|
|
|
11,375
|
|
|
|
21,000
|
|
|
|
(8,575
|
)
|
|
|
12,425
|
|
|
Customer relationships
|
|
|
324,576
|
|
|
|
(37,499
|
)
|
|
|
287,077
|
|
|
|
330,406
|
|
|
|
(31,431
|
)
|
|
|
298,975
|
|
|
Sales order backlog
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
8,000
|
|
|
|
(3,000
|
)
|
|
|
5,000
|
|
|
Workforce
|
|
|
6,077
|
|
|
|
(404
|
)
|
|
|
5,673
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
$
|
477,780
|
|
|
$
|
(76,297
|
)
|
|
$
|
401,483
|
|
|
$
|
486,713
|
|
|
$
|
(67,338
|
)
|
|
$
|
419,375
|
|
|
| Schedule of estimated amortization expense of intangible assets, excluding software development in process |
Amortization expense for the six months ended July 3, 2021, and June 27, 2020, was $17,878 and $8,765, respectively. Future estimated amortization expense is presented below.
|
Year:
|
|
|
|
|
|
2021 Remaining
|
|
$
|
12,869
|
|
|
2022
|
|
|
25,602
|
|
|
2023
|
|
|
25,543
|
|
|
2024
|
|
|
24,888
|
|
|
2025
|
|
|
24,821
|
|
|
2026
|
|
|
23,435
|
|
|
Thereafter
|
|
|
264,325
|
|
|
Total
|
|
$
|
401,483
|
|
|