Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets (Tables)

v3.23.2
Goodwill and Intangible Assets (Tables)
 6 Months Ended
Jul. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of changes in goodwill

A summary of changes in goodwill by segment for the six months ended July 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

 

Acquisition of i3

 

 

—

 

 

 

25.1

 

 

 

25.1

 

Currency translation

 

 

4.7

 

 

 

(0.1

)

 

 

4.6

 

Balance at July 1, 2023

 

$

299.0

 

 

$

211.0

 

 

$

510.0

 
Schedule of intangible assets

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

 

 

 

July 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

 

$

95.4

 

 

$

(21.2

)

 

$

74.2

 

 

$

87.5

 

 

$

(18.5

)

 

$

69.0

 

Non-compete agreements

 

 

2.0

 

 

 

(0.9

)

 

 

1.1

 

 

 

2.1

 

 

 

(0.7

)

 

 

1.4

 

Technology

 

 

54.0

 

 

 

(24.1

)

 

 

29.9

 

 

 

50.8

 

 

 

(21.3

)

 

 

29.5

 

Supply agreement

 

 

21.0

 

 

 

(13.8

)

 

 

7.2

 

 

 

21.0

 

 

 

(12.8

)

 

 

8.2

 

Customer relationships

 

 

391.1

 

 

 

(65.4

)

 

 

325.7

 

 

 

349.4

 

 

 

(56.1

)

 

 

293.3

 

Sales order backlog

 

 

1.4

 

 

 

(1.0

)

 

 

0.4

 

 

 

0.7

 

 

 

(0.4

)

 

 

0.3

 

Workforce

 

 

6.1

 

 

 

(2.8

)

 

 

3.3

 

 

 

6.1

 

 

 

(2.2

)

 

 

3.9

 

 

 

$

571.0

 

 

$

(129.2

)

 

$

441.8

 

 

$

517.6

 

 

$

(112.0

)

 

$

405.6

 

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

Year:

 

 

 

2023 Remaining

 

$

16.7

 

2024

 

 

32.4

 

2025

 

 

32.2

 

2026

 

 

30.4

 

2027

 

 

27.2

 

2028

 

 

26.7

 

Thereafter

 

 

276.2

 

Total

 

$

441.8