Annual report pursuant to Section 13 and 15(d)

Goodwill and Intangible Assets (Tables)

v3.22.4
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of changes in goodwill

A summary of changes in goodwill by segment for the years ended December 31, 2022 and January 1, 2022 is as follows:

 

 

Hydraulics

 

 

Electronics

 

 

Total

 

Balance at January 2, 2021

 

$

261.1

 

 

$

182.4

 

 

$

443.5

 

Acquisition of NEM

 

 

31.6

 

 

 

—

 

 

 

31.6

 

Measurement period adjustment, Balboa Water Group acquisition

 

 

—

 

 

 

0.5

 

 

 

0.5

 

Acquisition of Joyonway

 

 

—

 

 

 

3.3

 

 

 

3.3

 

Currency translation

 

 

(19.0

)

 

 

—

 

 

 

(19.0

)

Balance at January 1, 2022

 

$

273.7

 

 

$

186.2

 

 

$

459.9

 

Acquisition of Daman

 

 

24.7

 

 

 

—

 

 

 

24.7

 

Acquisition of Taimi

 

 

0.3

 

 

 

—

 

 

 

0.3

 

Measurement period adjustment, Joyonway acquisition

 

 

—

 

 

 

0.1

 

 

 

0.1

 

Currency translation

 

 

(16.2

)

 

 

(0.3

)

 

 

(16.5

)

Balance at December 31, 2022

 

$

282.5

 

 

$

186.0

 

 

$

468.5

 
Schedule of intangible assets

At December 31, 2022 and January 1, 2022, intangible assets consisted of the following:

 

 

December 31, 2022

 

 

January 1, 2022

 

 

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

Definite-lived intangibles:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade names and brands

 

$

87.5

 

 

$

(18.5

)

 

$

69.0

 

 

$

83.4

 

 

$

(15.2

)

 

$

68.2

 

Non-compete agreements

 

 

2.1

 

 

 

(0.7

)

 

 

1.4

 

 

 

3.3

 

 

 

(1.1

)

 

 

2.2

 

Technology

 

 

50.8

 

 

 

(21.3

)

 

 

29.5

 

 

 

50.4

 

 

 

(16.7

)

 

 

33.7

 

Supply agreement

 

 

21.0

 

 

 

(12.8

)

 

 

8.2

 

 

 

21.0

 

 

 

(10.7

)

 

 

10.3

 

Customer relationships

 

 

349.4

 

 

 

(56.1

)

 

 

293.3

 

 

 

336.8

 

 

 

(43.5

)

 

 

293.3

 

Sales order backlog

 

 

0.7

 

 

 

(0.4

)

 

 

0.3

 

 

 

1.0

 

 

 

(1.0

)

 

 

—

 

Workforce

 

 

6.1

 

 

 

(2.2

)

 

 

3.9

 

 

 

6.1

 

 

 

(1.0

)

 

 

5.1

 

 

 

$

517.6

 

 

$

(112.0

)

 

$

405.6

 

 

$

502.0

 

 

$

(89.2

)

 

$

412.8

 

 
Schedule of estimated amortization expense of intangible assets Future estimated amortization expense is presented below.

Year:

 

 

 

2023

 

$

29.6

 

2024

 

 

28.6

 

2025

 

 

28.4

 

2026

 

 

26.6

 

2027

 

 

23.4

 

Thereafter

 

 

269.0

 

Total

 

$

405.6