| Summary of changes in goodwill |
Goodwill
A summary of changes in goodwill by segment for the six months ended June 29, 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 |
|
|
(1,772 |
) |
|
|
— |
|
|
|
(1,772 |
) |
|
Balance at June 29, 2019 |
|
$ |
275,848 |
|
|
$ |
106,373 |
|
|
$ |
382,221 |
|
|
| Schedule of intangible assets |
Intangible Assets
At June 29, 2019, and December 29, 2018, intangible assets consisted of the following:
|
|
|
June 29, 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 |
|
$ |
56,454 |
|
|
$ |
(6,193 |
) |
|
$ |
50,261 |
|
|
$ |
56,604 |
|
|
$ |
(4,712 |
) |
|
$ |
51,892 |
|
|
Non-compete agreements |
|
|
950 |
|
|
|
(491 |
) |
|
|
459 |
|
|
|
950 |
|
|
|
(396 |
) |
|
|
554 |
|
|
Technology |
|
|
31,926 |
|
|
|
(7,082 |
) |
|
|
24,844 |
|
|
|
32,004 |
|
|
|
(5,488 |
) |
|
|
26,516 |
|
|
Supply agreement |
|
|
21,000 |
|
|
|
(5,426 |
) |
|
|
15,574 |
|
|
|
21,000 |
|
|
|
(4,375 |
) |
|
|
16,625 |
|
|
Customer relationships |
|
|
231,097 |
|
|
|
(14,877 |
) |
|
|
216,220 |
|
|
|
232,275 |
|
|
|
(10,168 |
) |
|
|
222,107 |
|
|
Licensing agreement |
|
|
3,716 |
|
|
|
(982 |
) |
|
|
2,734 |
|
|
|
3,716 |
|
|
|
(862 |
) |
|
|
2,854 |
|
|
|
|
$ |
345,143 |
|
|
$ |
(35,051 |
) |
|
$ |
310,092 |
|
|
$ |
346,549 |
|
|
$ |
(26,001 |
) |
|
$ |
320,548 |
|
|
| Schedule of estimated amortization expense of intangible assets |
Amortization expense for the six months ended June 29, 2019, and June 30, 2018, was $9,066 and $10,124, respectively. Remaining amortization for 2019 is approximately $9,224. Total estimated amortization expense for the years 2020 through 2024 is presented below.
|
Year: |
|
|
|
|
|
2020 |
|
$ |
18,284 |
|
|
2021 |
|
|
18,183 |
|
|
2022 |
|
|
17,921 |
|
|
2023 |
|
|
17,861 |
|
|
2024 |
|
|
17,206 |
|
|
Total |
|
$ |
89,455 |
|
|