Quarterly report pursuant to Section 13 or 15(d)

Goodwill and Intangible Assets (Tables)

v3.20.2
Goodwill and Intangible Assets (Tables)
9 Months Ended
Sep. 26, 2020
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 26, 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

 

 

9,046

 

 

 

 

 

 

9,046

 

Balance at September 26, 2020

 

$

248,371

 

 

$

106,373

 

 

$

354,744

 

Schedule of intangible assets

Intangible Assets

At September 26, 2020, and December 28, 2019, intangible assets consisted of the following:

 

 

 

September 26, 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

 

$

57,004

 

 

$

(10,002

)

 

$

47,002

 

 

$

56,032

 

 

$

(7,658

)

 

$

48,374

 

Non-compete agreements

 

 

950

 

 

 

(728

)

 

 

222

 

 

 

950

 

 

 

(586

)

 

 

364

 

Technology

 

 

32,214

 

 

 

(11,127

)

 

 

21,087

 

 

 

31,704

 

 

 

(8,661

)

 

 

23,043

 

Supply agreement

 

 

21,000

 

 

 

(8,050

)

 

 

12,950

 

 

 

21,000

 

 

 

(6,475

)

 

 

14,525

 

Customer relationships

 

 

235,407

 

 

 

(27,228

)

 

 

208,179

 

 

 

227,844

 

 

 

(19,499

)

 

 

208,345

 

Software development costs - in process

 

 

227

 

 

 

 

 

 

227

 

 

 

 

 

 

 

 

 

 

 

 

$

346,802

 

 

$

(57,135

)

 

$

289,667

 

 

$

337,530

 

 

$

(42,879

)

 

$

294,651

 

 

Schedule of estimated amortization expense of intangible assets, excluding software development in process Amortization expense for the nine months ended September 26, 2020, and September 28, 2019, was $13,323 and $13,544, respectively. Future estimated amortization expense, excluding software development in process, is presented below.

Year:

 

 

 

 

2020 Remaining

 

$

4,680

 

2021

 

 

18,161

 

2022

 

 

17,898

 

2023

 

 

17,839

 

2024

 

 

17,184

 

2025

 

 

17,121

 

Thereafter

 

 

196,557

 

Total

 

$

289,440