Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

v3.10.0.1
Goodwill and Intangible Assets
9 Months Ended
Sep. 29, 2018
Goodwill And Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS

6.  GOODWILL AND INTANGIBLE ASSETS

A summary of changes in goodwill at September 29, 2018, is as follows:

 

 

 

Hydraulics

 

 

Electronics

 

 

Total

 

Balance at December 30, 2017

 

$

2,496

 

 

$

106,373

 

 

$

108,869

 

Acquisition of Faster

 

 

249,850

 

 

 

 

 

 

249,850

 

Acquisition of Custom Fluidpower

 

 

5,111

 

 

 

 

 

 

5,111

 

Currency translation

 

 

(13,524

)

 

 

 

 

 

(13,524

)

Balance at September 29, 2018

 

$

243,933

 

 

$

106,373

 

 

$

350,306

 

At September 29, 2018, and December 30, 2017, intangible assets consisted of the following:

 

 

 

September 29, 2018

 

 

December 30, 2017

 

 

 

Gross carrying

amount

 

 

Accumulated

amortization

 

 

Net carrying

amount

 

 

Gross carrying

amount

 

 

Accumulated

amortization

 

 

Net carrying

amount

 

Definite-lived intangibles:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade name and brands

 

$

56,995

 

 

$

(3,962

)

 

$

53,033

 

 

$

30,774

 

 

$

(2,115

)

 

$

28,659

 

Non-compete agreements

 

 

950

 

 

 

(348

)

 

 

602

 

 

 

950

 

 

 

(206

)

 

 

744

 

Technology

 

 

32,212

 

 

 

(4,685

)

 

 

27,527

 

 

 

18,435

 

 

 

(2,671

)

 

 

15,764

 

Supply agreement

 

 

21,000

 

 

 

(3,850

)

 

 

17,150

 

 

 

21,000

 

 

 

(2,275

)

 

 

18,725

 

Sales order backlog

 

 

6,307

 

 

 

(6,003

)

 

 

304

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

 

233,908

 

 

 

(7,771

)

 

 

226,137

 

 

 

39,751

 

 

 

(2,607

)

 

 

37,144

 

Licensing agreement

 

 

3,716

 

 

 

(802

)

 

 

2,914

 

 

 

3,716

 

 

 

(621

)

 

 

3,095

 

 

 

$

355,088

 

 

$

(27,421

)

 

$

327,667

 

 

$

114,626

 

 

$

(10,495

)

 

$

104,131

 

 

Amortization expense of intangible assets for the nine months ended September 29, 2018, and September 30, 2017, was $17,174 and $6,386, respectively. The remaining amortization for 2018 is approximately $4,997. Total estimated amortization expense of intangible assets for the years 2019 through 2023 is presented below.  

 

Year:

 

 

 

 

2019

 

$

18,485

 

2020

 

 

18,452

 

2021

 

 

18,351

 

2022

 

 

18,089

 

2023

 

 

18,029

 

Total

 

$

91,406