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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 28, 2024
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 28, 2024 and December 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 Product Development |  |  | — |  |  |  | 25.9 |  |  |  | 25.9 |
Currency translation |  |  | 7.8 |  |  |  | — |  |  |  | 7.8 |
Balance at December 30, 2023 |  | $ | 302.1 |  |  | $ | 211.9 |  |  | $ | 514.0 |
Currency translation |  |  | (15.0 | ) |  |  | (0.1 | ) |  |  | (15.1 | )
Balance at December 28, 2024 |  | $ | 287.1 |  |  | $ | 211.8 |  |  | $ | 498.9 |
Accumulated Impairments (A) |  |  | 31.9 |  |  |  | — |  |  |  | 31.9 |
(A) There were no impairments recorded in 2024, 2023, or 2022. Acquired Intangibles Assets At December 28, 2024 and December 30, 2023, intangible assets consisted of the following:
|  | December 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 |  | $ | 94.1 |  |  | $ | (28.6 | ) |  | $ | 65.5 |  |  | $ | 95.8 |  |  | $ | (23.9 | ) |  | $ | 71.9 |
Non-compete agreements |  |  | 2.0 |  |  |  | (1.6 | ) |  |  | 0.4 |  |  |  | 2.0 |  |  |  | (1.1 | ) |  |  | 0.9 |
Technology |  |  | 53.4 |  |  |  | (31.3 | ) |  |  | 22.1 |  |  |  | 54.7 |  |  |  | (26.9 | ) |  |  | 27.8 |
Supply agreement |  |  | 21.0 |  |  |  | (17.0 | ) |  |  | 4.0 |  |  |  | 21.0 |  |  |  | (14.9 | ) |  |  | 6.1 |
Customer relationships |  |  | 380.1 |  |  |  | (89.6 | ) |  |  | 290.5 |  |  |  | 391.8 |  |  |  | (74.8 | ) |  |  | 317.0 |
Workforce |  |  | 6.2 |  |  |  | (4.7 | ) |  |  | 1.5 |  |  |  | 6.1 |  |  |  | (3.4 | ) |  |  | 2.7 |
|  | $ | 556.8 |  |  | $ | (172.8 | ) |  | $ | 384.0 |  |  | $ | 571.4 |  |  | $ | (145.0 | ) |  | $ | 426.4 |
Amortization expense on acquired intangibles assets for the 2024, 2023 and 2022 fiscal years was approximately $31.5, $32.9 and $28.1, respectively, reflected in amortization of intangible assets in the Consolidated Statements of Operations. Additionally, $0.3 of acquired amortization expense for the 2024 fiscal year was reflected in cost of sales in the Consolidated Statement of Operations. Future estimated total amortization expense is presented below.
Year: |  |  |
2025 |  | $ | 31.5 |
2026 |  |  | 29.8 |
2027 |  |  | 26.5 |
2028 |  |  | 26.1 |
2029 |  |  | 24.0 |
Thereafter |  |  | 246.0 |
Total |  | $ | 384.0 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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