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7. GOODWILL AND INTANGIBLE ASSETS
Goodwill
A summary of changes in goodwill by segment for the nine months ended September 28, 2024, is as follows:
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Hydraulics |
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Electronics |
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Total |
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Balance at December 30, 2023 |
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$ |
302.1 |
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$ |
211.9 |
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$ |
514.0 |
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Currency translation |
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3.0 |
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— |
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3.0 |
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Balance at September 28, 2024 |
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$ |
305.1 |
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$ |
211.9 |
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$ |
517.0 |
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Acquired Intangible Assets
At September 28, 2024, and December 30, 2023, acquired intangible assets consisted of the following:
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September 28, 2024 |
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December 30, 2023 |
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Gross Carrying
Amount |
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Accumulated
Amortization |
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Net Carrying
Amount |
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Gross Carrying
Amount |
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Accumulated
Amortization |
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Net Carrying
Amount |
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Definite-lived intangibles: |
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Trade names and brands |
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$ |
96.3 |
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$ |
(28.0 |
) |
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$ |
68.3 |
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$ |
95.8 |
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$ |
(23.9 |
) |
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$ |
71.9 |
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Non-compete agreements |
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2.1 |
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(1.5 |
) |
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0.6 |
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2.0 |
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(1.1 |
) |
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0.9 |
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Technology |
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54.8 |
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(30.7 |
) |
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24.1 |
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54.7 |
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(26.9 |
) |
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27.8 |
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Supply agreement |
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21.0 |
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(16.5 |
) |
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4.5 |
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21.0 |
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(14.9 |
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6.1 |
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Customer relationships |
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394.1 |
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(88.8 |
) |
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305.3 |
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391.8 |
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(74.8 |
) |
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317.0 |
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Sales order backlog |
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1.4 |
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(1.4 |
) |
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— |
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1.4 |
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(1.4 |
) |
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— |
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Workforce |
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6.1 |
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(4.4 |
) |
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1.7 |
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6.1 |
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(3.4 |
) |
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2.7 |
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$ |
575.8 |
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$ |
(171.3 |
) |
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$ |
404.5 |
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$ |
572.8 |
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$ |
(146.4 |
) |
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$ |
426.4 |
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Amortization expense on acquired intangible assets for the nine months ended September 28, 2024 and September 30, 2023, was $23.6 and $24.7, respectively. Future estimated amortization expense is presented below.
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Year: |
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2024 Remaining |
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$ |
8.2 |
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2025 |
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32.4 |
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2026 |
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30.6 |
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2027 |
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27.3 |
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2028 |
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26.9 |
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2029 |
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24.8 |
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Thereafter |
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254.3 |
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Total |
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$ |
404.5 |
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