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Goodwill and Intangible Assets (Tables) | 6 Months Ended
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Jun. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Summary of changes in goodwill | A summary of changes in goodwill by segment for the six months ended June 29, 2024, is as follows:
|  | Hydraulics |  |  | Electronics |  |  | Total |
Balance at December 30, 2023 |  | $ | 302.1 |  |  | $ | 211.9 |  |  | $ | 514.0 |
Currency translation |  |  | (7.8 | ) |  |  | (0.1 | ) |  |  | (7.9 | )
Balance at June 29, 2024 |  | $ | 294.3 |  |  | $ | 211.8 |  |  | $ | 506.1 |
Schedule of intangible assets | At June 29, 2024, and December 30, 2023, acquired intangible assets consisted of the following:
|  | June 29, 2024 |  |  | December 30, 2023 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Definite-lived intangibles: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names and brands |  | $ | 95.1 |  |  | $ | (26.3 | ) |  | $ | 68.8 |  |  | $ | 95.8 |  |  | $ | (23.9 | ) |  | $ | 71.9 |
Non-compete agreements |  |  | 2.0 |  |  |  | (1.4 | ) |  |  | 0.6 |  |  |  | 2.0 |  |  |  | (1.1 | ) |  |  | 0.9 |
Technology |  |  | 54.1 |  |  |  | (29.0 | ) |  |  | 25.1 |  |  |  | 54.7 |  |  |  | (26.9 | ) |  |  | 27.8 |
Supply agreement |  |  | 21.0 |  |  |  | (15.9 | ) |  |  | 5.1 |  |  |  | 21.0 |  |  |  | (14.9 | ) |  |  | 6.1 |
Customer relationships |  |  | 385.7 |  |  |  | (82.3 | ) |  |  | 303.4 |  |  |  | 391.8 |  |  |  | (74.8 | ) |  |  | 317.0 |
Sales order backlog |  |  | 1.4 |  |  |  | (1.4 | ) |  |  | — |  |  |  | 1.4 |  |  |  | (1.4 | ) |  |  | — |
Workforce |  |  | 6.1 |  |  |  | (4.1 | ) |  |  | 2.0 |  |  |  | 6.1 |  |  |  | (3.4 | ) |  |  | 2.7 |
|  | $ | 565.4 |  |  | $ | (160.4 | ) |  | $ | 405.0 |  |  | $ | 572.8 |  |  | $ | (146.4 | ) |  | $ | 426.4 |
Schedule of estimated amortization expense of intangible assets | Future estimated amortization expense is presented below.
Year: |  |  |
2024 Remaining |  | $ | 16.0 |
2025 |  |  | 31.9 |
2026 |  |  | 30.1 |
2027 |  |  | 26.9 |
2028 |  |  | 26.4 |
2029 |  |  | 24.4 |
Thereafter |  |  | 249.3 |
Total |  | $ | 405.0 |

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