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Goodwill and Intangible Assets (Tables) | 9 Months Ended
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Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Summary of changes in goodwill | A summary of changes in goodwill by segment for the nine months ended September 30, 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 |  |  | — |  |  |  | 25.9 |  |  |  | 25.9 |
Currency translation |  |  | (3.3 | ) |  |  | (0.2 | ) |  |  | (3.5 | )
Balance at September 30, 2023 |  | $ | 291.0 |  |  | $ | 211.7 |  |  | $ | 502.7 |
Schedule of intangible assets | At September 30, 2023, and December 31, 2022, acquired intangible assets consisted of the following:
|  | September 30, 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 |  | $ | 94.7 |  |  | $ | (22.3 | ) |  | $ | 72.4 |  |  | $ | 87.5 |  |  | $ | (18.5 | ) |  | $ | 69.0 |
Non-compete agreements |  |  | 2.0 |  |  |  | (1.0 | ) |  |  | 1.0 |  |  |  | 2.1 |  |  |  | (0.7 | ) |  |  | 1.4 |
Technology |  |  | 53.8 |  |  |  | (25.3 | ) |  |  | 28.5 |  |  |  | 50.8 |  |  |  | (21.3 | ) |  |  | 29.5 |
Supply agreement |  |  | 21.0 |  |  |  | (14.4 | ) |  |  | 6.6 |  |  |  | 21.0 |  |  |  | (12.8 | ) |  |  | 8.2 |
Customer relationships |  |  | 383.1 |  |  |  | (68.4 | ) |  |  | 314.7 |  |  |  | 349.4 |  |  |  | (56.1 | ) |  |  | 293.3 |
Sales order backlog |  |  | 1.4 |  |  |  | (1.2 | ) |  |  | 0.2 |  |  |  | 0.7 |  |  |  | (0.4 | ) |  |  | 0.3 |
Workforce |  |  | 6.1 |  |  |  | (3.1 | ) |  |  | 3.0 |  |  |  | 6.1 |  |  |  | (2.2 | ) |  |  | 3.9 |
|  | $ | 562.1 |  |  | $ | (135.7 | ) |  | $ | 426.4 |  |  | $ | 517.6 |  |  | $ | (112.0 | ) |  | $ | 405.6 |
Schedule of estimated amortization expense of intangible assets | F uture estimated amortization expense is presented below.
Year: |  |  |
2023 Remaining |  | $ | 8.2 |
2024 |  |  | 31.9 |
2025 |  |  | 31.7 |
2026 |  |  | 30.0 |
2027 |  |  | 26.7 |
2028 |  |  | 26.2 |
Thereafter |  |  | 271.7 |
Total |  | $ | 426.4 |

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