Annual report [Section 13 and 15(d), not S-K Item 405]

Goodwill and Intangible Assets

v3.25.0.1
Goodwill and Intangible Assets
 12 Months Ended
Dec. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS

8. GOODWILL AND INTANGIBLE ASSETS

Goodwill

A summary of changes in goodwill by segment for the years ended December 28, 2024 and December 30, 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 Product Development

 

 

—

 

 

 

25.9

 

 

 

25.9

 

Currency translation

 

 

7.8

 

 

 

—

 

 

 

7.8

 

Balance at December 30, 2023

 

$

302.1

 

 

$

211.9

 

 

$

514.0

 

Currency translation

 

 

(15.0

)

 

 

(0.1

)

 

 

(15.1

)

Balance at December 28, 2024

 

$

287.1

 

 

$

211.8

 

 

$

498.9

 

Accumulated Impairments (A)

 

 

31.9

 

 

 

—

 

 

 

31.9

 

(A) There were no impairments recorded in 2024, 2023, or 2022.

Acquired Intangibles Assets

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

 

 

December 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

 

$

94.1

 

 

$

(28.6

)

 

$

65.5

 

 

$

95.8

 

 

$

(23.9

)

 

$

71.9

 

Non-compete agreements

 

 

2.0

 

 

 

(1.6

)

 

 

0.4

 

 

 

2.0

 

 

 

(1.1

)

 

 

0.9

 

Technology

 

 

53.4

 

 

 

(31.3

)

 

 

22.1

 

 

 

54.7

 

 

 

(26.9

)

 

 

27.8

 

Supply agreement

 

 

21.0

 

 

 

(17.0

)

 

 

4.0

 

 

 

21.0

 

 

 

(14.9

)

 

 

6.1

 

Customer relationships

 

 

380.1

 

 

 

(89.6

)

 

 

290.5

 

 

 

391.8

 

 

 

(74.8

)

 

 

317.0

 

Workforce

 

 

6.2

 

 

 

(4.7

)

 

 

1.5

 

 

 

6.1

 

 

 

(3.4

)

 

 

2.7

 

 

 

$

556.8

 

 

$

(172.8

)

 

$

384.0

 

 

$

571.4

 

 

$

(145.0

)

 

$

426.4

 

 

Amortization expense on acquired intangibles assets for the 2024, 2023 and 2022 fiscal years was approximately $31.5, $32.9 and $28.1, respectively, reflected in amortization of intangible assets in the Consolidated Statements of Operations. Additionally, $0.3 of acquired amortization expense for the 2024 fiscal year was reflected in cost of sales in the Consolidated Statement of Operations. Future estimated total amortization expense is presented below.

Year:

 

 

 

2025

 

$

31.5

 

2026

 

 

29.8

 

2027

 

 

26.5

 

2028

 

 

26.1

 

2029

 

 

24.0

 

Thereafter

 

 

246.0

 

Total

 

$

384.0