Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets (Tables)

v3.24.0.1
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of changes in goodwill

A summary of changes in goodwill by segment for the years ended December 30, 2023 and December 31, 2022 is as follows:

 

 

Hydraulics

 

 

Electronics

 

 

Total

 

Balance at January 1, 2022

 

$

273.7

 

 

$

186.2

 

 

$

459.9

 

Acquisition of Daman

 

 

24.7

 

 

 

—

 

 

 

24.7

 

Acquisition of Taimi

 

 

0.3

 

 

 

—

 

 

 

0.3

 

Measurement period adjustment, Joyonway acquisition

 

 

—

 

 

 

0.1

 

 

 

0.1

 

Currency translation

 

 

(16.2

)

 

 

(0.3

)

 

 

(16.5

)

Balance at December 31, 2022

 

$

282.5

 

 

$

186.0

 

 

$

468.5

 

Acquisition of Schultes

 

 

11.8

 

 

 

—

 

 

 

11.8

 

Acquisition of i3

 

 

—

 

 

 

25.9

 

 

 

25.9

 

Currency translation

 

 

7.8

 

 

 

—

 

 

 

7.8

 

Balance at December 30, 2023

 

$

302.1

 

 

$

211.9

 

 

$

514.0

 
Schedule of intangible assets

At December 30, 2023 and December 31, 2022, intangible assets consisted of the following:

 

 

December 30, 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

 

$

95.8

 

 

$

(23.9

)

 

$

71.9

 

 

$

87.5

 

 

$

(18.5

)

 

$

69.0

 

Non-compete agreements

 

 

2.0

 

 

 

(1.1

)

 

 

0.9

 

 

 

2.1

 

 

 

(0.7

)

 

 

1.4

 

Technology

 

 

54.7

 

 

 

(26.9

)

 

 

27.8

 

 

 

50.8

 

 

 

(21.3

)

 

 

29.5

 

Supply agreement

 

 

21.0

 

 

 

(14.9

)

 

 

6.1

 

 

 

21.0

 

 

 

(12.8

)

 

 

8.2

 

Customer relationships

 

 

391.8

 

 

 

(74.8

)

 

 

317.0

 

 

 

349.4

 

 

 

(56.1

)

 

 

293.3

 

Sales order backlog

 

 

1.4

 

 

 

(1.4

)

 

 

—

 

 

 

0.7

 

 

 

(0.4

)

 

 

0.3

 

Workforce

 

 

6.1

 

 

 

(3.4

)

 

 

2.7

 

 

 

6.1

 

 

 

(2.2

)

 

 

3.9

 

 

 

$

572.8

 

 

$

(146.4

)

 

$

426.4

 

 

$

517.6

 

 

$

(112.0

)

 

$

405.6

 

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

Year:

 

 

 

2024

 

$

32.4

 

2025

 

 

32.2

 

2026

 

 

30.5

 

2027

 

 

27.2

 

2028

 

 

26.8

 

Thereafter

 

 

277.3

 

Total

 

$

426.4