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Goodwill and Intangible Assets | 9 Months Ended
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Sep. 28, 2019
Goodwill And Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | 7. GOODWILL AND INTANGIBLE ASSETS 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 |
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 |
During the third quarter of 2019, the Company terminated its technology licensing agreement with Sturman Industries, Inc. A phase out of all digital logic valve (“DLV”) related products was completed and no further sales of any related products or technologies will occur. The termination of the agreement resulted in the recognition of a loss on disposal of the related intangible asset totaling $2,713. 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 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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