Goodwill and Intangible Assets (Tables)

3 Months Ended

Apr. 01, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of changes in goodwill

A summary of changes in goodwill by segment for the three months ended April 1, 2023, is as follows:

	Hydraulics		Electronics		Total
Balance at December 31, 2022	$	282.5	$	186.0	$	468.5
Acquisition of Schultes		11.8		—		11.8
Currency translation		3.2		—		3.2
Balance at April 1, 2023	$	297.5	$	186.0	$	483.5

Schedule of intangible assets

At April 1, 2023 and December 31, 2022, acquired intangible assets consisted of the following:

	April 1, 2023							December 31, 2022
	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Definite-lived intangibles:
Trade names and brands	$	94.1	$	(19.9	)	$	74.2	$	87.5	$	(18.5	)	$	69.0
Non-compete agreements		2.1		(0.8	)		1.3		2.1		(0.7	)		1.4
Technology		51.0		(22.7	)		28.3		50.8		(21.3	)		29.5
Supply agreement		21.0		(13.3	)		7.7		21.0		(12.8	)		8.2
Customer relationships		383.7		(60.7	)		323.0		349.4		(56.1	)		293.3
Sales order backlog		1.4		(0.8	)		0.6		0.7		(0.4	)		0.3
Workforce		6.1		(2.5	)		3.6		6.1		(2.2	)		3.9
	$	559.4	$	(120.7	)	$	438.7	$	517.6	$	(112.0	)	$	405.6

Schedule of estimated amortization expense of intangible assets

Future estimated amortization expense is presented below.

Year:
2023 Remaining	$	24.7
2024		31.3
2025		31.1
2026		29.4
2027		26.1
2028		25.7
Thereafter		270.4
Total	$	438.7