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Goodwill and Intangible Assets | 6 Months Ended
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Jul. 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 six months ended July 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 |
Acquisition of i3 |  |  | — |  |  |  | 25.1 |  |  |  | 25.1 |
Currency translation |  |  | 4.7 |  |  |  | (0.1 | ) |  |  | 4.6 |
Balance at July 1, 2023 |  | $ | 299.0 |  |  | $ | 211.0 |  |  | $ | 510.0 |
Acquired Intangible Assets At July 1, 2023 and December 31, 2022, acquired intangible assets consisted of the following:
|  | July 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 |  | $ | 95.4 |  |  | $ | (21.2 | ) |  | $ | 74.2 |  |  | $ | 87.5 |  |  | $ | (18.5 | ) |  | $ | 69.0 |
Non-compete agreements |  |  | 2.0 |  |  |  | (0.9 | ) |  |  | 1.1 |  |  |  | 2.1 |  |  |  | (0.7 | ) |  |  | 1.4 |
Technology |  |  | 54.0 |  |  |  | (24.1 | ) |  |  | 29.9 |  |  |  | 50.8 |  |  |  | (21.3 | ) |  |  | 29.5 |
Supply agreement |  |  | 21.0 |  |  |  | (13.8 | ) |  |  | 7.2 |  |  |  | 21.0 |  |  |  | (12.8 | ) |  |  | 8.2 |
Customer relationships |  |  | 391.1 |  |  |  | (65.4 | ) |  |  | 325.7 |  |  |  | 349.4 |  |  |  | (56.1 | ) |  |  | 293.3 |
Sales order backlog |  |  | 1.4 |  |  |  | (1.0 | ) |  |  | 0.4 |  |  |  | 0.7 |  |  |  | (0.4 | ) |  |  | 0.3 |
Workforce |  |  | 6.1 |  |  |  | (2.8 | ) |  |  | 3.3 |  |  |  | 6.1 |  |  |  | (2.2 | ) |  |  | 3.9 |
|  | $ | 571.0 |  |  | $ | (129.2 | ) |  | $ | 441.8 |  |  | $ | 517.6 |  |  | $ | (112.0 | ) |  | $ | 405.6 |
Amortization expense on acquired intangible assets for the six months ended July 1, 2023 and July 2, 2022, w as $16.4 and $13.8, respectively. Future estimated amortization expense is presente d below.
Year: |  |  |
2023 Remaining |  | $ | 16.7 |
2024 |  |  | 32.4 |
2025 |  |  | 32.2 |
2026 |  |  | 30.4 |
2027 |  |  | 27.2 |
2028 |  |  | 26.7 |
Thereafter |  |  | 276.2 |
Total |  | $ | 441.8 |

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