Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets (Tables)

v3.23.1
Goodwill and Intangible Assets (Tables)
 3 Months Ended
Apr. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of changes in goodwill

A summary of changes in goodwill by segment for the three months ended April 1, 2023, is as follows:

 

 

Hydraulics

 

 

Electronics

 

 

Total

 

Balance at December 31, 2022

 

$

282.5

 

 

$

186.0

 

 

$

468.5

 

Acquisition of Schultes

 

 

11.8

 

 

 

—

 

 

 

11.8

 

Currency translation

 

 

3.2

 

 

 

—

 

 

 

3.2

 

Balance at April 1, 2023

 

$

297.5

 

 

$

186.0

 

 

$

483.5

 
Schedule of intangible assets

At April 1, 2023 and December 31, 2022, acquired intangible assets consisted of the following:

 

 

 

April 1, 2023

 

 

December 31, 2022

 

 

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

Definite-lived intangibles:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade names and brands

 

$

94.1

 

 

$

(19.9

)

 

$

74.2

 

 

$

87.5

 

 

$

(18.5

)

 

$

69.0

 

Non-compete agreements

 

 

2.1

 

 

 

(0.8

)

 

 

1.3

 

 

 

2.1

 

 

 

(0.7

)

 

 

1.4

 

Technology

 

 

51.0

 

 

 

(22.7

)

 

 

28.3

 

 

 

50.8

 

 

 

(21.3

)

 

 

29.5

 

Supply agreement

 

 

21.0

 

 

 

(13.3

)

 

 

7.7

 

 

 

21.0

 

 

 

(12.8

)

 

 

8.2

 

Customer relationships

 

 

383.7

 

 

 

(60.7

)

 

 

323.0

 

 

 

349.4

 

 

 

(56.1

)

 

 

293.3

 

Sales order backlog

 

 

1.4

 

 

 

(0.8

)

 

 

0.6

 

 

 

0.7

 

 

 

(0.4

)

 

 

0.3

 

Workforce

 

 

6.1

 

 

 

(2.5

)

 

 

3.6

 

 

 

6.1

 

 

 

(2.2

)

 

 

3.9

 

 

 

$

559.4

 

 

$

(120.7

)

 

$

438.7

 

 

$

517.6

 

 

$

(112.0

)

 

$

405.6

 

 
Schedule of estimated amortization expense of intangible assets Future estimated amortization expense is presented below.

 

Year:

 

 

 

2023 Remaining

 

$

24.7

 

2024

 

 

31.3

 

2025

 

 

31.1

 

2026

 

 

29.4

 

2027

 

 

26.1

 

2028

 

 

25.7

 

Thereafter

 

 

270.4

 

Total

 

$

438.7