| Summary of changes in goodwill |
A summary of changes in goodwill by segment for the years ended December 28, 2019 and December 29, 2018 is as follows:
|
|
|
Hydraulics
|
|
|
Electronics
|
|
|
Total
|
|
|
Balance at 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 at December 29, 2018
|
|
$
|
276,758
|
|
|
$
|
106,373
|
|
|
$
|
383,131
|
|
|
Faster acquisition measurement period adjustment
|
|
|
(343
|
)
|
|
|
—
|
|
|
|
(343
|
)
|
|
Custom Fluidpower acquisition measurement period adjustment
|
|
|
1,205
|
|
|
|
—
|
|
|
|
1,205
|
|
|
Currency translation
|
|
|
(6,424
|
)
|
|
|
—
|
|
|
|
(6,424
|
)
|
|
Balance at December 28, 2019
|
|
$
|
271,196
|
|
|
$
|
106,373
|
|
|
$
|
377,569
|
|
|
| Schedule of intangible assets |
At December 28, 2019 and December 29, 2018, intangible assets consisted of the following:
|
|
|
|
|
December 28, 2019
|
|
|
December 29, 2018
|
|
|
|
|
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
|
|
$
|
56,032
|
|
|
$
|
(7,658
|
)
|
|
$
|
48,374
|
|
|
$
|
56,604
|
|
|
$
|
(4,712
|
)
|
|
$
|
51,892
|
|
|
Non-compete agreements
|
|
5
|
|
|
950
|
|
|
|
(586
|
)
|
|
|
364
|
|
|
|
950
|
|
|
|
(396
|
)
|
|
|
554
|
|
|
Technology
|
|
7 - 13
|
|
|
31,704
|
|
|
|
(8,661
|
)
|
|
|
23,043
|
|
|
|
32,004
|
|
|
|
(5,488
|
)
|
|
|
26,516
|
|
|
Supply agreement
|
|
10
|
|
|
21,000
|
|
|
|
(6,475
|
)
|
|
|
14,525
|
|
|
|
21,000
|
|
|
|
(4,375
|
)
|
|
|
16,625
|
|
|
Customer relationships
|
|
15 - 26
|
|
|
227,844
|
|
|
|
(19,499
|
)
|
|
|
208,345
|
|
|
|
232,275
|
|
|
|
(10,168
|
)
|
|
|
222,107
|
|
|
Licensing agreement
|
|
15
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,716
|
|
|
|
(862
|
)
|
|
|
2,854
|
|
|
|
|
|
|
$
|
337,530
|
|
|
$
|
(42,879
|
)
|
|
$
|
294,651
|
|
|
$
|
346,549
|
|
|
$
|
(26,001
|
)
|
|
$
|
320,548
|
|
|
| Schedule of estimated amortization expense of intangible assets |
Amortization expense for the 2019, 2018 and 2017 fiscal years was approximately $18,065, $23,262 and $8,423, respectively. Future estimated amortization expense is presented below.
|
Year:
|
|
|
|
|
|
2020
|
|
$
|
17,875
|
|
|
2021
|
|
|
17,775
|
|
|
2022
|
|
|
17,512
|
|
|
2023
|
|
|
17,453
|
|
|
2024
|
|
|
16,798
|
|
|
Thereafter
|
|
|
207,238
|
|
|
Total
|
|
$
|
294,651
|
|
|