Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets

v3.21.2
Goodwill and Intangible Assets
6 Months Ended
Jul. 03, 2021
Goodwill And Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS

6.  GOODWILL AND INTANGIBLE ASSETS

Goodwill

A summary of changes in goodwill by segment for the six months ended July 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

 

 

(7,390

)

 

 

 

 

 

(7,390

)

Balance at July 3, 2021

 

$

253,739

 

 

$

182,494

 

 

$

436,233

 

Intangible Assets

At July 3, 2021, and January 2, 2021, intangible assets consisted of the following:

 

 

 

July 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

 

$

79,629

 

 

$

(13,217

)

 

$

66,412

 

 

$

80,402

 

 

$

(11,188

)

 

$

69,214

 

Non-compete agreements

 

 

950

 

 

 

(871

)

 

 

79

 

 

 

950

 

 

 

(776

)

 

 

174

 

Technology

 

 

45,548

 

 

 

(14,681

)

 

 

30,867

 

 

 

45,955

 

 

 

(12,368

)

 

 

33,587

 

Supply agreement

 

 

21,000

 

 

 

(9,625

)

 

 

11,375

 

 

 

21,000

 

 

 

(8,575

)

 

 

12,425

 

Customer relationships

 

 

324,576

 

 

 

(37,499

)

 

 

287,077

 

 

 

330,406

 

 

 

(31,431

)

 

 

298,975

 

Sales order backlog

 

 

 

 

 

 

 

 

 

 

 

8,000

 

 

 

(3,000

)

 

 

5,000

 

Workforce

 

 

6,077

 

 

 

(404

)

 

 

5,673

 

 

 

 

 

 

 

 

 

 

 

 

$

477,780

 

 

$

(76,297

)

 

$

401,483

 

 

$

486,713

 

 

$

(67,338

)

 

$

419,375

 

 

Amortization expense for the six months ended July 3, 2021, and June 27, 2020, was $17,878 and $8,765, respectively. Future estimated amortization expense is presented below.

 

Year:

 

 

 

 

2021 Remaining

 

$

12,869

 

2022

 

 

25,602

 

2023

 

 

25,543

 

2024

 

 

24,888

 

2025

 

 

24,821

 

2026

 

 

23,435

 

Thereafter

 

 

264,325

 

Total

 

$

401,483