| Summary of changes in goodwill |
A summary of changes in goodwill by segment for the nine months ended October 2, 2021, is as follows:
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|
|
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|
|
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|
|
|
|
|
|
|
|
Hydraulics |
|
|
Electronics |
|
|
Total |
|
Balance at January 2, 2021 |
|
$ |
261,129 |
|
|
$ |
182,404 |
|
|
$ |
443,533 |
|
Acquisition of NEM |
|
|
32,937 |
|
|
|
— |
|
|
|
32,937 |
|
Measurement period adjustment, Balboa Water Group acquisition |
|
|
— |
|
|
|
435 |
|
|
|
435 |
|
Currency translation |
|
|
(13,871 |
) |
|
|
— |
|
|
|
(13,871 |
) |
Balance at October 2, 2021 |
|
$ |
280,195 |
|
|
$ |
182,839 |
|
|
$ |
463,034 |
|
|
| Schedule of intangible assets |
At October 2, 2021 and January 2, 2021, intangible assets consisted of the following:
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|
|
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|
|
|
October 2, 2021 |
|
|
January 2, 2021 |
|
|
|
Gross Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net Carrying
Amount |
|
|
Gross Carrying
Amount |
|
|
Accumulated
Amortization |
|
|
Net Carrying
Amount |
|
Definite-lived intangibles: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade names and brands |
|
$ |
83,045 |
|
|
$ |
(14,214 |
) |
|
$ |
68,831 |
|
|
$ |
80,402 |
|
|
$ |
(11,188 |
) |
|
$ |
69,214 |
|
Non-compete agreements |
|
|
950 |
|
|
|
(918 |
) |
|
|
32 |
|
|
|
950 |
|
|
|
(776 |
) |
|
|
174 |
|
Technology |
|
|
49,984 |
|
|
|
(15,470 |
) |
|
|
34,514 |
|
|
|
45,955 |
|
|
|
(12,368 |
) |
|
|
33,587 |
|
Supply agreement |
|
|
21,000 |
|
|
|
(10,150 |
) |
|
|
10,850 |
|
|
|
21,000 |
|
|
|
(8,575 |
) |
|
|
12,425 |
|
Customer relationships |
|
|
337,212 |
|
|
|
(40,415 |
) |
|
|
296,797 |
|
|
|
330,406 |
|
|
|
(31,431 |
) |
|
|
298,975 |
|
Sales order backlog |
|
|
1,043 |
|
|
|
(522 |
) |
|
|
521 |
|
|
|
8,000 |
|
|
|
(3,000 |
) |
|
|
5,000 |
|
Workforce |
|
|
6,077 |
|
|
|
(709 |
) |
|
|
5,368 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
$ |
499,311 |
|
|
$ |
(82,398 |
) |
|
$ |
416,913 |
|
|
$ |
486,713 |
|
|
$ |
(67,338 |
) |
|
$ |
419,375 |
|
|
| Schedule of estimated amortization expense of intangible assets, excluding software development in process |
Amortization expense for the nine months ended October 2, 2021 and September 26, 2020, was $25,285 and $13,323, respectively. Future estimated amortization expense is presented below.
|
|
|
|
|
Year: |
|
|
|
2021 Remaining |
|
$ |
7,279 |
|
2022 |
|
|
27,035 |
|
2023 |
|
|
26,976 |
|
2024 |
|
|
26,321 |
|
2025 |
|
|
26,256 |
|
2026 |
|
|
24,873 |
|
Thereafter |
|
|
278,173 |
|
Total |
|
$ |
416,913 |
|
|