| Summary of changes in goodwill |
Goodwill
A summary of changes in goodwill by segment for the six months ended June 27, 2020, is as follows:
|
|
|
Hydraulics
|
|
|
Electronics
|
|
|
Total
|
|
|
Balance at December 28, 2019
|
|
$
|
271,196
|
|
|
$
|
106,373
|
|
|
$
|
377,569
|
|
|
Impairment charge
|
|
|
(31,871
|
)
|
|
|
—
|
|
|
|
(31,871
|
)
|
|
Currency translation
|
|
|
373
|
|
|
|
—
|
|
|
|
373
|
|
|
Balance at June 27, 2020
|
|
$
|
239,698
|
|
|
$
|
106,373
|
|
|
$
|
346,071
|
|
|
| Schedule of intangible assets |
Intangible Assets
At June 27, 2020, and December 28, 2019, intangible assets consisted of the following:
|
|
|
June 27, 2020
|
|
|
December 28, 2019
|
|
|
|
|
Gross carrying
amount
|
|
|
Accumulated
amortization
|
|
|
Net carrying
amount
|
|
|
Gross carrying
amount
|
|
|
Accumulated
amortization
|
|
|
Net carrying
amount
|
|
|
Definite-lived intangibles:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade names and brands
|
|
$
|
56,096
|
|
|
$
|
(9,137
|
)
|
|
$
|
46,959
|
|
|
$
|
56,032
|
|
|
$
|
(7,658
|
)
|
|
$
|
48,374
|
|
|
Non-compete agreements
|
|
|
950
|
|
|
|
(681
|
)
|
|
|
269
|
|
|
|
950
|
|
|
|
(586
|
)
|
|
|
364
|
|
|
Technology
|
|
|
31,736
|
|
|
|
(10,248
|
)
|
|
|
21,488
|
|
|
|
31,704
|
|
|
|
(8,661
|
)
|
|
|
23,043
|
|
|
Supply agreement
|
|
|
21,000
|
|
|
|
(7,525
|
)
|
|
|
13,475
|
|
|
|
21,000
|
|
|
|
(6,475
|
)
|
|
|
14,525
|
|
|
Customer relationships
|
|
|
228,530
|
|
|
|
(24,199
|
)
|
|
|
204,331
|
|
|
|
227,844
|
|
|
|
(19,499
|
)
|
|
|
208,345
|
|
|
|
|
$
|
338,312
|
|
|
$
|
(51,790
|
)
|
|
$
|
286,522
|
|
|
$
|
337,530
|
|
|
$
|
(42,879
|
)
|
|
$
|
294,651
|
|
|
| Schedule of estimated amortization expense of intangible assets |
Amortization expense for the six months ended June 27, 2020, and June 29, 2019, was $8,765 and $9,066, respectively. Future estimated amortization expense is presented below.
|
Year:
|
|
|
|
|
|
2020 Remaining
|
|
$
|
9,042
|
|
|
2021
|
|
|
17,802
|
|
|
2022
|
|
|
17,540
|
|
|
2023
|
|
|
17,480
|
|
|
2024
|
|
|
16,825
|
|
|
2025
|
|
|
16,764
|
|
|
Thereafter
|
|
|
191,069
|
|
|
Total
|
|
$
|
286,522
|
|
|