Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets (Tables)

v3.10.0.1
Goodwill and Intangible Assets (Tables)
12 Months Ended
Dec. 29, 2018
Goodwill And Intangible Assets Disclosure [Abstract]  
Summary of changes in goodwill

A summary of changes in goodwill by segment for the years ended December 29, 2018 and December 30, 2017 is as follows:

 

 

Hydraulics

 

 

Electronics

 

 

Total

 

Balance as December 31, 2016

 

$

2,214

 

 

$

101,369

 

 

$

103,583

 

Working capital adjustment, Enovation Controls acquisition

 

 

 

 

 

500

 

 

 

500

 

Measurement period adjustment, Enovation Controls acquisition

 

 

 

 

 

4,504

 

 

 

4,504

 

Currency translation

 

 

282

 

 

 

 

 

 

282

 

Balance as December 30, 2017

 

$

2,496

 

 

$

106,373

 

 

$

108,869

 

Acquisition of Faster

 

 

288,792

 

 

 

 

 

 

288,792

 

Acquisition of Custom Fluidpower

 

 

5,111

 

 

 

 

 

 

5,111

 

Currency translation

 

 

(19,641

)

 

 

 

 

 

(19,641

)

Balance as December 29, 2018

 

$

276,758

 

 

$

106,373

 

 

$

383,131

 

 

Schedule of intangible assets

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

 

 

 

 

 

December 29, 2018

 

 

December 30, 2017

 

 

 

Useful life (years)

 

Gross carrying

amount

 

 

Accumulated

amortization

 

 

Net carrying

amount

 

 

Gross carrying

amount

 

 

Accumulated

amortization

 

 

Net carrying

amount

 

Definite-lived intangibles:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade names and brands

 

10-20

 

$

56,604

 

 

$

(4,712

)

 

$

51,892

 

 

$

30,774

 

 

$

(2,115

)

 

$

28,659

 

Non-compete agreements

 

5

 

 

950

 

 

 

(396

)

 

 

554

 

 

 

950

 

 

 

(206

)

 

 

744

 

Technology

 

7 - 13

 

 

32,004

 

 

 

(5,488

)

 

 

26,516

 

 

 

18,435

 

 

 

(2,671

)

 

 

15,764

 

Supply agreement

 

10

 

 

21,000

 

 

 

(4,375

)

 

 

16,625

 

 

 

21,000

 

 

 

(2,275

)

 

 

18,725

 

Sales order backlog

 

1

 

 

7,355

 

 

 

(7,355

)

 

 

 

 

 

620

 

 

 

(620

)

 

 

 

Customer relationships

 

15 - 26

 

 

232,275

 

 

 

(10,168

)

 

 

222,107

 

 

 

39,751

 

 

 

(2,607

)

 

 

37,144

 

Licensing agreement

 

15

 

 

3,716

 

 

 

(862

)

 

 

2,854

 

 

 

3,716

 

 

 

(621

)

 

 

3,095

 

 

 

 

 

$

353,904

 

 

$

(33,356

)

 

$

320,548

 

 

$

115,246

 

 

$

(11,115

)

 

$

104,131

 

 

Schedule of estimated amortization expense of intangible assets

Total amortization expense for the years ended 2018, 2017 and 2016 was approximately $23,262, $8,423 and $1,545, respectively. Total estimated amortization expense for the years 2019 through 2023 is presented below.

 

Year:

 

 

 

 

2019

 

$

18,377

 

2020

 

 

18,344

 

2021

 

 

18,243

 

2022

 

 

17,980

 

2023

 

 

17,921

 

Total

 

$

90,865