Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets (Tables)

v3.19.1
Goodwill and Intangible Assets (Tables)
3 Months Ended
Mar. 30, 2019
Goodwill And Intangible Assets Disclosure [Abstract]  
Summary of changes in goodwill

Goodwill

A summary of changes in goodwill by segment for the three months ended March 30, 2019, is as follows:

 

 

Hydraulics

 

 

Electronics

 

 

Total

 

Balance at December 29, 2018

 

$

276,758

 

 

$

106,373

 

 

$

383,131

 

Faster acquisition measurement period adjustment

 

 

(343

)

 

 

 

 

 

(343

)

Currency translation

 

 

(5,182

)

 

 

 

 

 

(5,182

)

Balance at March 30, 2019

 

$

271,233

 

 

$

106,373

 

 

$

377,606

 

Schedule of intangible assets

Intangible Assets

At March 30, 2019, and December 29, 2018, intangible assets consisted of the following:

 

 

 

March 30, 2019

 

 

December 29, 2018

 

 

 

Gross carrying

amount

 

 

Accumulated

amortization

 

 

Net carrying

amount

 

 

Gross carrying

amount

 

 

Accumulated

amortization

 

 

Net carrying

amount

 

Definite-lived intangibles:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trade names and brands

 

$

56,155

 

 

$

(5,429

)

 

$

50,726

 

 

$

56,604

 

 

$

(4,712

)

 

$

51,892

 

Non-compete agreements

 

 

950

 

 

 

(443

)

 

 

507

 

 

 

950

 

 

 

(396

)

 

 

554

 

Technology

 

 

31,770

 

 

 

(6,268

)

 

 

25,502

 

 

 

32,004

 

 

 

(5,488

)

 

 

26,516

 

Supply agreement

 

 

21,000

 

 

 

(4,900

)

 

 

16,100

 

 

 

21,000

 

 

 

(4,375

)

 

 

16,625

 

Customer relationships

 

 

228,650

 

 

 

(12,394

)

 

 

216,256

 

 

 

232,275

 

 

 

(10,168

)

 

 

222,107

 

Licensing agreement

 

 

3,716

 

 

 

(922

)

 

 

2,794

 

 

 

3,716

 

 

 

(862

)

 

 

2,854

 

 

 

$

342,241

 

 

$

(30,356

)

 

$

311,885

 

 

$

346,549

 

 

$

(26,001

)

 

$

320,548

 

 

Schedule of estimated amortization expense of intangible assets

Amortization expense for the three months ended March 30, 2019, and March 31, 2018, was $4,521 and $2,049, respectively. Remaining amortization for 2019 is approximately $13,706. Total estimated amortization expense for the years 2020 through 2024 is presented below.  

 

Year:

 

 

 

 

2020

 

$

18,164

 

2021

 

 

18,064

 

2022

 

 

17,801

 

2023

 

 

17,741

 

2024

 

 

17,087

 

Total

 

$

88,857