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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | 8. GOODWILL AND INTANGIBLE ASSETS Goodwill A summary of changes in goodwill by segment for the years ended December 30, 2023 and December 31, 2022 is as follows:
|  | Hydraulics |  |  | Electronics |  |  | Total |
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 |
Acquisition of Schultes |  |  | 11.8 |  |  |  | — |  |  |  | 11.8 |
Acquisition of i3 |  |  | — |  |  |  | 25.9 |  |  |  | 25.9 |
Currency translation |  |  | 7.8 |  |  |  | — |  |  |  | 7.8 |
Balance at December 30, 2023 |  | $ | 302.1 |  |  | $ | 211.9 |  |  | $ | 514.0 |
Acquired Intangibles Assets At December 30, 2023 and December 31, 2022, intangible assets consisted of the following:
|  | December 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 |  | $ | 95.8 |  |  | $ | (23.9 | ) |  | $ | 71.9 |  |  | $ | 87.5 |  |  | $ | (18.5 | ) |  | $ | 69.0 |
Non-compete agreements |  |  | 2.0 |  |  |  | (1.1 | ) |  |  | 0.9 |  |  |  | 2.1 |  |  |  | (0.7 | ) |  |  | 1.4 |
Technology |  |  | 54.7 |  |  |  | (26.9 | ) |  |  | 27.8 |  |  |  | 50.8 |  |  |  | (21.3 | ) |  |  | 29.5 |
Supply agreement |  |  | 21.0 |  |  |  | (14.9 | ) |  |  | 6.1 |  |  |  | 21.0 |  |  |  | (12.8 | ) |  |  | 8.2 |
Customer relationships |  |  | 391.8 |  |  |  | (74.8 | ) |  |  | 317.0 |  |  |  | 349.4 |  |  |  | (56.1 | ) |  |  | 293.3 |
Sales order backlog |  |  | 1.4 |  |  |  | (1.4 | ) |  |  | — |  |  |  | 0.7 |  |  |  | (0.4 | ) |  |  | 0.3 |
Workforce |  |  | 6.1 |  |  |  | (3.4 | ) |  |  | 2.7 |  |  |  | 6.1 |  |  |  | (2.2 | ) |  |  | 3.9 |
|  | $ | 572.8 |  |  | $ | (146.4 | ) |  | $ | 426.4 |  |  | $ | 517.6 |  |  | $ | (112.0 | ) |  | $ | 405.6 |
Amortization expense on acquired intangibles assets for the 2023, 2022 and 2021 fiscal years was approximately $32.9, $28.1 and $32.8, respectively. Future estimated amortization expense is presented below.
Year: |  |  |
2024 |  | $ | 32.4 |
2025 |  |  | 32.2 |
2026 |  |  | 30.5 |
2027 |  |  | 27.2 |
2028 |  |  | 26.8 |
Thereafter |  |  | 277.3 |
Total |  | $ | 426.4 |

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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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