Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets (Tables)

v3.24.1.u1
Goodwill and Intangible Assets (Tables)
 3 Months Ended
Mar. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of changes in goodwill

A summary of changes in goodwill by segment for the three months ended March 30, 2024, is as follows:

 

 

Hydraulics

 

 

Electronics

 

 

Total

 

Balance at December 30, 2023

 

$

302.1

 

 

$

211.9

 

 

$

514.0

 

Currency translation

 

 

(6.0

)

 

 

(0.1

)

 

 

(6.1

)

Balance at March 30, 2024

 

$

296.1

 

 

$

211.8

 

 

$

507.9

 

 
Schedule of intangible assets

At March 30, 2024, and December 30, 2023, acquired intangible assets consisted of the following:

 

 

 

March 30, 2024

 

 

December 30, 2023

 

 

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

 

Gross Carrying
Amount

 

 

Accumulated
Amortization

 

 

Net Carrying
Amount

 

Definite-lived intangibles:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade names and brands

 

$

95.2

 

 

$

(25.1

)

 

$

70.1

 

 

$

95.8

 

 

$

(23.9

)

 

$

71.9

 

Non-compete agreements

 

 

2.0

 

 

 

(1.2

)

 

 

0.8

 

 

 

2.0

 

 

 

(1.1

)

 

 

0.9

 

Technology

 

 

54.2

 

 

 

(27.8

)

 

 

26.4

 

 

 

54.7

 

 

 

(26.9

)

 

 

27.8

 

Supply agreement

 

 

21.0

 

 

 

(15.4

)

 

 

5.6

 

 

 

21.0

 

 

 

(14.9

)

 

 

6.1

 

Customer relationships

 

 

387.1

 

 

 

(78.2

)

 

 

308.9

 

 

 

391.8

 

 

 

(74.8

)

 

 

317.0

 

Sales order backlog

 

 

1.4

 

 

 

(1.4

)

 

 

—

 

 

 

1.4

 

 

 

(1.4

)

 

 

—

 

Workforce

 

 

6.1

 

 

 

(3.7

)

 

 

2.4

 

 

 

6.1

 

 

 

(3.4

)

 

 

2.7

 

 

 

$

567.0

 

 

$

(152.8

)

 

$

414.2

 

 

$

572.8

 

 

$

(146.4

)

 

$

426.4

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

Year:

 

 

 

2024 Remaining

 

$

23.9

 

2025

 

 

32.0

 

2026

 

 

30.2

 

2027

 

 

26.9

 

2028

 

 

26.5

 

2029

 

 

24.5

 

Thereafter

 

 

250.2

 

Total

 

$

414.2