| Summary of changes in goodwill |
A summary of changes in goodwill by segment for the nine months ended October 1, 2022, is as follows:
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|
|
|
|
|
|
|
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|
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|
|
|
|
Hydraulics |
|
|
Electronics |
|
|
Total |
|
Balance at January 1, 2022 |
|
$ |
273,665 |
|
|
$ |
186,271 |
|
|
$ |
459,936 |
|
Measurement period adjustment, Joyonway acquisition |
|
|
— |
|
|
|
66 |
|
|
|
66 |
|
Measurement period adjustment, NEM acquisition |
|
|
(37 |
) |
|
|
— |
|
|
|
(37 |
) |
Acquisition of Taimi |
|
|
260 |
|
|
|
— |
|
|
|
260 |
|
Acquisition of Daman |
|
|
24,891 |
|
|
|
— |
|
|
|
24,891 |
|
Currency translation |
|
|
(37,611 |
) |
|
|
(365 |
) |
|
|
(37,976 |
) |
Balance at October 1, 2022 |
|
$ |
261,168 |
|
|
$ |
185,972 |
|
|
$ |
447,140 |
|
|
| Schedule of intangible assets |
At October 1, 2022 and January 1, 2022, intangible assets consisted of the following:
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|
|
|
|
|
|
|
|
|
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October 1, 2022 |
|
|
January 1, 2022 |
|
|
|
Gross Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net Carrying
Amount |
|
|
Gross Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net Carrying
Amount |
|
Definite-lived intangibles: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade names and brands |
|
$ |
85,184 |
|
|
$ |
(16,859 |
) |
|
$ |
68,325 |
|
|
$ |
83,443 |
|
|
$ |
(15,216 |
) |
|
$ |
68,227 |
|
Non-compete agreements |
|
|
2,025 |
|
|
|
(506 |
) |
|
|
1,519 |
|
|
|
3,218 |
|
|
|
(1,092 |
) |
|
|
2,126 |
|
Technology |
|
|
49,292 |
|
|
|
(19,563 |
) |
|
|
29,729 |
|
|
|
50,425 |
|
|
|
(16,729 |
) |
|
|
33,696 |
|
Supply agreement |
|
|
21,000 |
|
|
|
(12,250 |
) |
|
|
8,750 |
|
|
|
21,000 |
|
|
|
(10,675 |
) |
|
|
10,325 |
|
Customer relationships |
|
|
332,808 |
|
|
|
(49,476 |
) |
|
|
283,332 |
|
|
|
336,809 |
|
|
|
(43,488 |
) |
|
|
293,321 |
|
Sales order backlog |
|
|
720 |
|
|
|
— |
|
|
|
720 |
|
|
|
1,023 |
|
|
|
(1,023 |
) |
|
|
— |
|
Workforce |
|
|
6,077 |
|
|
|
(1,924 |
) |
|
|
4,153 |
|
|
|
6,077 |
|
|
|
(1,013 |
) |
|
|
5,064 |
|
|
|
$ |
497,106 |
|
|
$ |
(100,578 |
) |
|
$ |
396,528 |
|
|
$ |
501,995 |
|
|
$ |
(89,236 |
) |
|
$ |
412,759 |
|
|
| Schedule of estimated amortization expense of intangible assets |
Amortization expense on acquired intangible assets for the nine months ended October 1, 2022 and October 2, 2021, was $20,554 and $25,285, respectively. Future estimated amortization expense is presented below.
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|
|
|
|
Year: |
|
|
|
2022 Remaining |
|
$ |
7,443 |
|
2023 |
|
|
28,655 |
|
2024 |
|
|
27,640 |
|
2025 |
|
|
27,456 |
|
2026 |
|
|
25,704 |
|
2027 |
|
|
22,431 |
|
Thereafter |
|
|
257,199 |
|
Total |
|
$ |
396,528 |
|
|