| Summary of changes in goodwill |
Goodwill
A summary of changes in goodwill by segment for the three months ended March 28, 2020, is as follows:
|
|
|
Hydraulics
|
|
|
Electronics
|
|
|
Total
|
|
|
Balance at December 28, 2019
|
|
$
|
271,196
|
|
|
$
|
106,373
|
|
|
$
|
377,569
|
|
|
Impairment charge
|
|
|
(31,871
|
)
|
|
|
—
|
|
|
|
(31,871
|
)
|
|
Currency translation
|
|
|
(1,883
|
)
|
|
|
—
|
|
|
|
(1,883
|
)
|
|
Balance at March 28, 2020
|
|
$
|
237,442
|
|
|
$
|
106,373
|
|
|
$
|
343,815
|
|
|
| Schedule of intangible assets |
Intangible Assets
At March 28, 2020, and December 28, 2019, intangible assets consisted of the following:
|
|
|
March 28, 2020
|
|
|
December 28, 2019
|
|
|
|
|
Gross carrying
amount
|
|
|
Accumulated
amortization
|
|
|
Net carrying
amount
|
|
|
Gross carrying
amount
|
|
|
Accumulated
amortization
|
|
|
Net carrying
amount
|
|
|
Definite-lived intangibles:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade names and brands
|
|
$
|
55,747
|
|
|
$
|
(8,362
|
)
|
|
$
|
47,385
|
|
|
$
|
56,032
|
|
|
$
|
(7,658
|
)
|
|
$
|
48,374
|
|
|
Non-compete agreements
|
|
|
950
|
|
|
|
(633
|
)
|
|
|
317
|
|
|
|
950
|
|
|
|
(586
|
)
|
|
|
364
|
|
|
Technology
|
|
|
31,544
|
|
|
|
(9,414
|
)
|
|
|
22,130
|
|
|
|
31,704
|
|
|
|
(8,661
|
)
|
|
|
23,043
|
|
|
Supply agreement
|
|
|
21,000
|
|
|
|
(7,000
|
)
|
|
|
14,000
|
|
|
|
21,000
|
|
|
|
(6,475
|
)
|
|
|
14,525
|
|
|
Customer relationships
|
|
|
226,835
|
|
|
|
(21,678
|
)
|
|
|
205,157
|
|
|
|
227,844
|
|
|
|
(19,499
|
)
|
|
|
208,345
|
|
|
|
|
$
|
336,076
|
|
|
$
|
(47,087
|
)
|
|
$
|
288,989
|
|
|
$
|
337,530
|
|
|
$
|
(42,879
|
)
|
|
$
|
294,651
|
|
|
| Schedule of estimated amortization expense of intangible assets |
Amortization expense for the three months ended March 28, 2020, and March 30, 2019, was $4,348 and $4,521, respectively. Future estimated amortization expense is presented below.
|
Year:
|
|
|
|
|
|
2020 Remaining
|
|
$
|
13,413
|
|
|
2021
|
|
|
17,674
|
|
|
2022
|
|
|
17,411
|
|
|
2023
|
|
|
17,352
|
|
|
2024
|
|
|
16,697
|
|
|
2025
|
|
|
16,642
|
|
|
Thereafter
|
|
|
189,800
|
|
|
Total
|
|
$
|
288,989
|
|
|