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Goodwill and Intangible Assets (Tables) | 12 Months Ended
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Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Summary of changes in goodwill | A summary of changes in goodwill by segment for the years ended December 31, 2022 and January 1, 2022 is as follows:
|  | Hydraulics |  |  | Electronics |  |  | Total |
Balance at January 2, 2021 |  | $ | 261.1 |  |  | $ | 182.4 |  |  | $ | 443.5 |
Acquisition of NEM |  |  | 31.6 |  |  |  | — |  |  |  | 31.6 |
Measurement period adjustment, Balboa Water Group acquisition |  |  | — |  |  |  | 0.5 |  |  |  | 0.5 |
Acquisition of Joyonway |  |  | — |  |  |  | 3.3 |  |  |  | 3.3 |
Currency translation |  |  | (19.0 | ) |  |  | — |  |  |  | (19.0 | )
Balance at January 1, 2022 |  | $ | 273.7 |  |  | $ | 186.2 |  |  | $ | 459.9 |
Acquisition of Daman |  |  | 24.7 |  |  |  | — |  |  |  | 24.7 |
Acquisition of Taimi |  |  | 0.3 |  |  |  | — |  |  |  | 0.3 |
Measurement period adjustment, Joyonway acquisition |  |  | — |  |  |  | 0.1 |  |  |  | 0.1 |
Currency translation |  |  | (16.2 | ) |  |  | (0.3 | ) |  |  | (16.5 | )
Balance at December 31, 2022 |  | $ | 282.5 |  |  | $ | 186.0 |  |  | $ | 468.5 |
Schedule of intangible assets | At December 31, 2022 and January 1, 2022, intangible assets consisted of the following:
|  | December 31, 2022 |  |  | January 1, 2022 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Definite-lived intangibles: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names and brands |  | $ | 87.5 |  |  | $ | (18.5 | ) |  | $ | 69.0 |  |  | $ | 83.4 |  |  | $ | (15.2 | ) |  | $ | 68.2 |
Non-compete agreements |  |  | 2.1 |  |  |  | (0.7 | ) |  |  | 1.4 |  |  |  | 3.3 |  |  |  | (1.1 | ) |  |  | 2.2 |
Technology |  |  | 50.8 |  |  |  | (21.3 | ) |  |  | 29.5 |  |  |  | 50.4 |  |  |  | (16.7 | ) |  |  | 33.7 |
Supply agreement |  |  | 21.0 |  |  |  | (12.8 | ) |  |  | 8.2 |  |  |  | 21.0 |  |  |  | (10.7 | ) |  |  | 10.3 |
Customer relationships |  |  | 349.4 |  |  |  | (56.1 | ) |  |  | 293.3 |  |  |  | 336.8 |  |  |  | (43.5 | ) |  |  | 293.3 |
Sales order backlog |  |  | 0.7 |  |  |  | (0.4 | ) |  |  | 0.3 |  |  |  | 1.0 |  |  |  | (1.0 | ) |  |  | — |
Workforce |  |  | 6.1 |  |  |  | (2.2 | ) |  |  | 3.9 |  |  |  | 6.1 |  |  |  | (1.0 | ) |  |  | 5.1 |
|  | $ | 517.6 |  |  | $ | (112.0 | ) |  | $ | 405.6 |  |  | $ | 502.0 |  |  | $ | (89.2 | ) |  | $ | 412.8 |
Schedule of estimated amortization expense of intangible assets | Future estimated amortization expense is presented below.
Year: |  |  |
2023 |  | $ | 29.6 |
2024 |  |  | 28.6 |
2025 |  |  | 28.4 |
2026 |  |  | 26.6 |
2027 |  |  | 23.4 |
Thereafter |  |  | 269.0 |
Total |  | $ | 405.6 |

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