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Goodwill and Intangible Assets (Tables) | 12 Months Ended
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Jan. 02, 2021
Goodwill And Intangible Assets Disclosure [Abstract] |
Summary of changes in goodwill | A summary of changes in goodwill by segment for the years ended January 2, 2021 and December 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 |  |  | (6,424 | ) |  |  | — |  |  |  | (6,424 | )
Balance at December 28, 2019 |  | $ | 271,196 |  |  | $ | 106,373 |  |  | $ | 377,569 |
Acquisition of Balboa |  |  | — |  |  |  | 76,031 |  |  |  | 76,031 |
Impairment charge |  |  | (31,871 | ) |  |  | — |  |  |  | (31,871 | )
Currency translation |  |  | 21,804 |  |  |  | — |  |  |  | 21,804 |
Balance at January 2, 2021 |  | $ | 261,129 |  |  | $ | 182,404 |  |  | $ | 443,533 |
Schedule of intangible assets | At January 2, 2021 and December 28, 2019, intangible assets consisted of the following:
|  |  |  | January 2, 2021 |  |  | December 28, 2019 |
|  | Useful life (years) |  | Gross carrying amount |  |  | Accumulated amortization |  |  | Net carrying amount |  |  | Gross carrying amount |  |  | Accumulated amortization |  |  | Net carrying amount |
Definite-lived intangibles: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names and brands |  | 10-20 |  | $ | 80,402 |  |  | $ | (11,188 | ) |  | $ | 69,214 |  |  | $ | 56,032 |  |  | $ | (7,658 | ) |  | $ | 48,374 |
Non-compete agreements |  | 5 |  |  | 950 |  |  |  | (776 | ) |  |  | 174 |  |  |  | 950 |  |  |  | (586 | ) |  |  | 364 |
Technology |  | 7 - 13 |  |  | 45,955 |  |  |  | (12,368 | ) |  |  | 33,587 |  |  |  | 31,704 |  |  |  | (8,661 | ) |  |  | 23,043 |
Supply agreement |  | 10 |  |  | 21,000 |  |  |  | (8,575 | ) |  |  | 12,425 |  |  |  | 21,000 |  |  |  | (6,475 | ) |  |  | 14,525 |
Customer relationships |  | 15 - 26 |  |  | 330,406 |  |  |  | (31,431 | ) |  |  | 298,975 |  |  |  | 227,844 |  |  |  | (19,499 | ) |  |  | 208,345 |
Sales order backlog |  | 0.5 |  |  | 8,000 |  |  |  | (3,000 | ) |  |  | 5,000 |  |  |  | — |  |  |  | — |  |  |  | — |
|  |  |  | $ | 486,713 |  |  | $ | (67,338 | ) |  | $ | 419,375 |  |  | $ | 337,530 |  |  | $ | (42,879 | ) |  | $ | 294,651 |
Schedule of estimated amortization expense of intangible assets | Amortization expense for the 2020, 2019 and 2018 fiscal years was approximately $22,114, $18,065 and $23,262, respectively. Future estimated amortization expense is presented below.
Year: |  |  |  |
2021 |  | $ | 29,955 |
2022 |  |  | 24,692 |
2023 |  |  | 24,633 |
2024 |  |  | 23,978 |
2025 |  |  | 23,909 |
Thereafter |  |  | 292,208 |
Total |  | $ | 419,375 |

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