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Goodwill and Intangible Assets | 3 Months Ended
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Apr. 01, 2023
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 three months ended April 1, 2023, is as follows:
|  | Hydraulics |  |  | Electronics |  |  | Total |
Balance at December 31, 2022 |  | $ | 282.5 |  |  | $ | 186.0 |  |  | $ | 468.5 |
Acquisition of Schultes |  |  | 11.8 |  |  |  | — |  |  |  | 11.8 |
Currency translation |  |  | 3.2 |  |  |  | — |  |  |  | 3.2 |
Balance at April 1, 2023 |  | $ | 297.5 |  |  | $ | 186.0 |  |  | $ | 483.5 |
Acquired Intangible Assets At April 1, 2023 and December 31, 2022, acquired intangible assets consisted of the following:
|  | April 1, 2023 |  |  | December 31, 2022 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Definite-lived intangibles: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names and brands |  | $ | 94.1 |  |  | $ | (19.9 | ) |  | $ | 74.2 |  |  | $ | 87.5 |  |  | $ | (18.5 | ) |  | $ | 69.0 |
Non-compete agreements |  |  | 2.1 |  |  |  | (0.8 | ) |  |  | 1.3 |  |  |  | 2.1 |  |  |  | (0.7 | ) |  |  | 1.4 |
Technology |  |  | 51.0 |  |  |  | (22.7 | ) |  |  | 28.3 |  |  |  | 50.8 |  |  |  | (21.3 | ) |  |  | 29.5 |
Supply agreement |  |  | 21.0 |  |  |  | (13.3 | ) |  |  | 7.7 |  |  |  | 21.0 |  |  |  | (12.8 | ) |  |  | 8.2 |
Customer relationships |  |  | 383.7 |  |  |  | (60.7 | ) |  |  | 323.0 |  |  |  | 349.4 |  |  |  | (56.1 | ) |  |  | 293.3 |
Sales order backlog |  |  | 1.4 |  |  |  | (0.8 | ) |  |  | 0.6 |  |  |  | 0.7 |  |  |  | (0.4 | ) |  |  | 0.3 |
Workforce |  |  | 6.1 |  |  |  | (2.5 | ) |  |  | 3.6 |  |  |  | 6.1 |  |  |  | (2.2 | ) |  |  | 3.9 |
|  | $ | 559.4 |  |  | $ | (120.7 | ) |  | $ | 438.7 |  |  | $ | 517.6 |  |  | $ | (112.0 | ) |  | $ | 405.6 |
Amortization expense on acquired intangible assets for the three months ended April 1, 2023 and April 2, 2022, w as $8.1 and $7.0, respectively. Future estimated amortization expense is presente d below.
Year: |  |  |
2023 Remaining |  | $ | 24.7 |
2024 |  |  | 31.3 |
2025 |  |  | 31.1 |
2026 |  |  | 29.4 |
2027 |  |  | 26.1 |
2028 |  |  | 25.7 |
Thereafter |  |  | 270.4 |
Total |  | $ | 438.7 |

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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 https://asc.fasb.org/topic&trid=2144416 + Details
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