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Goodwill and Intangible Assets (Tables) | 6 Months Ended
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Jul. 03, 2021
Goodwill And Intangible Assets Disclosure [Abstract] |
Summary of changes in goodwill | Goodwill A summary of changes in goodwill by segment for the six months ended July 3, 2021, is as follows:
|  | Hydraulics |  |  | Electronics |  |  | Total |
Balance at January 2, 2021 |  | $ | 261,129 |  |  | $ | 182,404 |  |  | $ | 443,533 |
Measurement period adjustment, Balboa Water Group acquisition |  |  | — |  |  |  | 90 |  |  |  | 90 |
Currency translation |  |  | (7,390 | ) |  |  | — |  |  |  | (7,390 | )
Balance at July 3, 2021 |  | $ | 253,739 |  |  | $ | 182,494 |  |  | $ | 436,233 |
Schedule of intangible assets | Intangible Assets At July 3, 2021, and January 2, 2021, intangible assets consisted of the following:
|  | July 3, 2021 |  |  | January 2, 2021 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Definite-lived intangibles: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names and brands |  | $ | 79,629 |  |  | $ | (13,217 | ) |  | $ | 66,412 |  |  | $ | 80,402 |  |  | $ | (11,188 | ) |  | $ | 69,214 |
Non-compete agreements |  |  | 950 |  |  |  | (871 | ) |  |  | 79 |  |  |  | 950 |  |  |  | (776 | ) |  |  | 174 |
Technology |  |  | 45,548 |  |  |  | (14,681 | ) |  |  | 30,867 |  |  |  | 45,955 |  |  |  | (12,368 | ) |  |  | 33,587 |
Supply agreement |  |  | 21,000 |  |  |  | (9,625 | ) |  |  | 11,375 |  |  |  | 21,000 |  |  |  | (8,575 | ) |  |  | 12,425 |
Customer relationships |  |  | 324,576 |  |  |  | (37,499 | ) |  |  | 287,077 |  |  |  | 330,406 |  |  |  | (31,431 | ) |  |  | 298,975 |
Sales order backlog |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8,000 |  |  |  | (3,000 | ) |  |  | 5,000 |
Workforce |  |  | 6,077 |  |  |  | (404 | ) |  |  | 5,673 |  |  |  | — |  |  |  | — |  |  |  | — |
|  | $ | 477,780 |  |  | $ | (76,297 | ) |  | $ | 401,483 |  |  | $ | 486,713 |  |  | $ | (67,338 | ) |  | $ | 419,375 |
Schedule of estimated amortization expense of intangible assets, excluding software development in process | Amortization expense for the six months ended July 3, 2021, and June 27, 2020, was $17,878 and $8,765, respectively. Future estimated amortization expense is presented below.
Year: |  |  |  |
2021 Remaining |  | $ | 12,869 |
2022 |  |  | 25,602 |
2023 |  |  | 25,543 |
2024 |  |  | 24,888 |
2025 |  |  | 24,821 |
2026 |  |  | 23,435 |
Thereafter |  |  | 264,325 |
Total |  | $ | 401,483 |

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