| Summary of changes in goodwill |
Goodwill
A summary of changes in goodwill by segment for the three months ended April 3, 2021, is as follows:
|
|
|
Hydraulics
|
|
|
Electronics
|
|
|
Total
|
|
|
Balance at January 2, 2021
|
|
$
|
261,129
|
|
|
$
|
182,404
|
|
|
$
|
443,533
|
|
|
Measurement period adjustment, Balboa Water Group acquisition
|
|
|
—
|
|
|
|
90
|
|
|
|
90
|
|
|
Currency translation
|
|
|
(9,564
|
)
|
|
|
—
|
|
|
|
(9,564
|
)
|
|
Balance at April 3, 2021
|
|
$
|
251,565
|
|
|
$
|
182,494
|
|
|
$
|
434,059
|
|
|
| Schedule of intangible assets |
Intangible Assets
At April 3, 2021, and January 2, 2021, intangible assets consisted of the following:
|
|
|
April 3, 2021
|
|
|
January 2, 2021
|
|
|
|
|
Gross Carrying
Amount
|
|
|
Accumulated
Amortization
|
|
|
Net Carrying
Amount
|
|
|
Gross Carrying
Amount
|
|
|
Accumulated
Amortization
|
|
|
Net Carrying
Amount
|
|
|
Definite-lived intangibles:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade names and brands
|
|
$
|
79,422
|
|
|
$
|
(12,112
|
)
|
|
$
|
67,310
|
|
|
$
|
80,402
|
|
|
$
|
(11,188
|
)
|
|
$
|
69,214
|
|
|
Non-compete agreements
|
|
|
950
|
|
|
|
(823
|
)
|
|
|
127
|
|
|
|
950
|
|
|
|
(776
|
)
|
|
|
174
|
|
|
Technology
|
|
|
45,441
|
|
|
|
(13,460
|
)
|
|
|
31,981
|
|
|
|
45,955
|
|
|
|
(12,368
|
)
|
|
|
33,587
|
|
|
Supply agreement
|
|
|
21,000
|
|
|
|
(9,100
|
)
|
|
|
11,900
|
|
|
|
21,000
|
|
|
|
(8,575
|
)
|
|
|
12,425
|
|
|
Customer relationships
|
|
|
322,825
|
|
|
|
(33,977
|
)
|
|
|
288,848
|
|
|
|
330,406
|
|
|
|
(31,431
|
)
|
|
|
298,975
|
|
|
Sales order backlog
|
|
|
8,000
|
|
|
|
(6,833
|
)
|
|
|
1,167
|
|
|
|
8,000
|
|
|
|
(3,000
|
)
|
|
|
5,000
|
|
|
Workforce
|
|
|
6,077
|
|
|
|
(101
|
)
|
|
|
5,976
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|
$
|
483,715
|
|
|
$
|
(76,406
|
)
|
|
$
|
407,309
|
|
|
$
|
486,713
|
|
|
$
|
(67,338
|
)
|
|
$
|
419,375
|
|
|
| Schedule of estimated amortization expense of intangible assets, excluding software development in process |
Amortization expense for the three months ended April 3, 2021, and March 28, 2020, was $10,198 and $4,348, respectively. Future estimated amortization expense is presented below.
|
Year:
|
|
|
|
|
|
2021 Remaining
|
|
$
|
20,444
|
|
|
2022
|
|
|
25,519
|
|
|
2023
|
|
|
25,459
|
|
|
2024
|
|
|
24,805
|
|
|
2025
|
|
|
24,737
|
|
|
2026
|
|
|
23,349
|
|
|
Thereafter
|
|
|
262,996
|
|
|
Total
|
|
$
|
407,309
|
|
|