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Goodwill and Intangible Assets (Tables) | 9 Months Ended
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Sep. 28, 2024
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 28, 2024, is as follows:
|  | Hydraulics |  |  | Electronics |  |  | Total |
Balance at December 30, 2023 |  | $ | 302.1 |  |  | $ | 211.9 |  |  | $ | 514.0 |
Currency translation |  |  | 3.0 |  |  |  | — |  |  |  | 3.0 |
Balance at September 28, 2024 |  | $ | 305.1 |  |  | $ | 211.9 |  |  | $ | 517.0 |
Schedule of intangible assets | At September 28, 2024, and December 30, 2023, acquired intangible assets consisted of the following:
|  | September 28, 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 |  | $ | 96.3 |  |  | $ | (28.0 | ) |  | $ | 68.3 |  |  | $ | 95.8 |  |  | $ | (23.9 | ) |  | $ | 71.9 |
Non-compete agreements |  |  | 2.1 |  |  |  | (1.5 | ) |  |  | 0.6 |  |  |  | 2.0 |  |  |  | (1.1 | ) |  |  | 0.9 |
Technology |  |  | 54.8 |  |  |  | (30.7 | ) |  |  | 24.1 |  |  |  | 54.7 |  |  |  | (26.9 | ) |  |  | 27.8 |
Supply agreement |  |  | 21.0 |  |  |  | (16.5 | ) |  |  | 4.5 |  |  |  | 21.0 |  |  |  | (14.9 | ) |  |  | 6.1 |
Customer relationships |  |  | 394.1 |  |  |  | (88.8 | ) |  |  | 305.3 |  |  |  | 391.8 |  |  |  | (74.8 | ) |  |  | 317.0 |
Sales order backlog |  |  | 1.4 |  |  |  | (1.4 | ) |  |  | — |  |  |  | 1.4 |  |  |  | (1.4 | ) |  |  | — |
Workforce |  |  | 6.1 |  |  |  | (4.4 | ) |  |  | 1.7 |  |  |  | 6.1 |  |  |  | (3.4 | ) |  |  | 2.7 |
|  | $ | 575.8 |  |  | $ | (171.3 | ) |  | $ | 404.5 |  |  | $ | 572.8 |  |  | $ | (146.4 | ) |  | $ | 426.4 |
Schedule of estimated amortization expense of intangible assets | F uture estimated amortization expense is presented below.
Year: |  |  |
2024 Remaining |  | $ | 8.2 |
2025 |  |  | 32.4 |
2026 |  |  | 30.6 |
2027 |  |  | 27.3 |
2028 |  |  | 26.9 |
2029 |  |  | 24.8 |
Thereafter |  |  | 254.3 |
Total |  | $ | 404.5 |

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