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7. GOODWILL AND INTANGIBLE ASSETS
Goodwill
A summary of changes in goodwill by segment for the three months ended March 30, 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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(6.0 |
) |
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(0.1 |
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(6.1 |
) |
Balance at March 30, 2024 |
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$ |
296.1 |
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$ |
211.8 |
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$ |
507.9 |
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Acquired Intangible Assets
At March 30, 2024, and December 30, 2023, acquired intangible assets consisted of the following:
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March 30, 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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$ |
95.2 |
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$ |
(25.1 |
) |
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$ |
70.1 |
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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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2.0 |
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(1.2 |
) |
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0.8 |
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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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54.2 |
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(27.8 |
) |
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26.4 |
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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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(15.4 |
) |
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5.6 |
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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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387.1 |
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(78.2 |
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308.9 |
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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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(3.7 |
) |
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2.4 |
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6.1 |
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(3.4 |
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2.7 |
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$ |
567.0 |
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$ |
(152.8 |
) |
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$ |
414.2 |
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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 three months ended March 30, 2024, and April 1, 2023, was $7.9 and $8.1, respectively. Future estimated amortization expense is presented below.
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Year: |
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2024 Remaining |
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$ |
23.9 |
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2025 |
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32.0 |
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2026 |
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30.2 |
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2027 |
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26.9 |
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2028 |
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26.5 |
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2029 |
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24.5 |
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Thereafter |
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250.2 |
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Total |
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$ |
414.2 |
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