Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets (Tables)

v3.24.3
Goodwill and Intangible Assets (Tables)
 9 Months Ended
Sep. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of changes in goodwill

A summary of changes in goodwill by segment for the nine months ended September 28, 2024, is as follows:

 

 

Hydraulics

 

 

Electronics

 

 

Total

 

Balance at December 30, 2023

 

$

302.1

 

 

$

211.9

 

 

$

514.0

 

Currency translation

 

 

3.0

 

 

 

—

 

 

 

3.0

 

Balance at September 28, 2024

 

$

305.1

 

 

$

211.9

 

 

$

517.0

 
Schedule of intangible assets

At September 28, 2024, and December 30, 2023, acquired intangible assets consisted of the following:

 

 

 

September 28, 2024

 

 

December 30, 2023

 

 

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

Definite-lived intangibles:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade names and brands

 

$

96.3

 

 

$

(28.0

)

 

$

68.3

 

 

$

95.8

 

 

$

(23.9

)

 

$

71.9

 

Non-compete agreements

 

 

2.1

 

 

 

(1.5

)

 

 

0.6

 

 

 

2.0

 

 

 

(1.1

)

 

 

0.9

 

Technology

 

 

54.8

 

 

 

(30.7

)

 

 

24.1

 

 

 

54.7

 

 

 

(26.9

)

 

 

27.8

 

Supply agreement

 

 

21.0

 

 

 

(16.5

)

 

 

4.5

 

 

 

21.0

 

 

 

(14.9

)

 

 

6.1

 

Customer relationships

 

 

394.1

 

 

 

(88.8

)

 

 

305.3

 

 

 

391.8

 

 

 

(74.8

)

 

 

317.0

 

Sales order backlog

 

 

1.4

 

 

 

(1.4

)

 

 

—

 

 

 

1.4

 

 

 

(1.4

)

 

 

—

 

Workforce

 

 

6.1

 

 

 

(4.4

)

 

 

1.7

 

 

 

6.1

 

 

 

(3.4

)

 

 

2.7

 

 

 

$

575.8

 

 

$

(171.3

)

 

$

404.5

 

 

$

572.8

 

 

$

(146.4

)

 

$

426.4

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

Year:

 

 

 

2024 Remaining

 

$

8.2

 

2025

 

 

32.4

 

2026

 

 

30.6

 

2027

 

 

27.3

 

2028

 

 

26.9

 

2029

 

 

24.8

 

Thereafter

 

 

254.3

 

Total

 

$

404.5