Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets (Tables)

v3.19.3
Goodwill and Intangible Assets (Tables)
9 Months Ended
Sep. 28, 2019
Goodwill And Intangible Assets Disclosure [Abstract]  
Summary of changes in goodwill

Goodwill

A summary of changes in goodwill by segment for the nine months ended September 28, 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

)

Custom Fluidpower acquisition measurement period adjustment

 

 

1,205

 

 

 

 

 

 

1,205

 

Currency translation

 

 

(12,190

)

 

 

 

 

 

(12,190

)

Balance at September 28, 2019

 

$

265,430

 

 

$

106,373

 

 

$

371,803

 

Schedule of intangible assets

Intangible Assets

At September 28, 2019, and December 29, 2018, intangible assets consisted of the following:

 

 

 

September 28, 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

 

$

55,483

 

 

$

(6,862

)

 

$

48,621

 

 

$

56,604

 

 

$

(4,712

)

 

$

51,892

 

Non-compete agreements

 

 

950

 

 

 

(538

)

 

 

412

 

 

 

950

 

 

 

(396

)

 

 

554

 

Technology

 

 

31,414

 

 

 

(7,821

)

 

 

23,593

 

 

 

32,004

 

 

 

(5,488

)

 

 

26,516

 

Supply agreement

 

 

21,000

 

 

 

(5,951

)

 

 

15,049

 

 

 

21,000

 

 

 

(4,375

)

 

 

16,625

 

Customer relationships

 

 

223,854

 

 

 

(16,847

)

 

 

207,007

 

 

 

232,275

 

 

 

(10,168

)

 

 

222,107

 

Licensing agreement

 

 

 

 

 

 

 

 

 

 

 

3,716

 

 

 

(862

)

 

 

2,854

 

 

 

$

332,701

 

 

$

(38,019

)

 

$

294,682

 

 

$

346,549

 

 

$

(26,001

)

 

$

320,548

 

 

Schedule of estimated amortization expense of intangible assets Amortization expense for the nine months ended September 28, 2019, and September 29, 2018, was $13,544 and $17,174, respectively. Total estimated amortization expense for the remainder of 2019 and for the years 2020 through 2024 is presented below.

Year:

 

 

 

 

2019 Remaining

 

$

4,492

 

2020

 

 

17,660

 

2021

 

 

17,560

 

2022

 

 

17,297

 

2023

 

 

17,237

 

2024

 

 

16,582

 

Total

 

$

90,828