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Goodwill and Intangible Assets | 3 Months Ended
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Mar. 29, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | 6. GOODWILL AND INTANGIBLE ASSETS Goodwill A summary of changes in goodwill by segment for the three months ended March 29, 2025, is as follows:
|  | Hydraulics |  |  | Electronics |  |  | Total |
Balance at December 28, 2024 |  | $ | 287.1 |  |  | $ | 211.8 |  |  | $ | 498.9 |
Currency translation |  |  | 9.5 |  |  |  | — |  |  |  | 9.5 |
Balance at March 29, 2025 |  | $ | 296.6 |  |  | $ | 211.8 |  |  | $ | 508.4 |
Acquired Intangible Assets At March 29, 2025, and December 28, 2024, acquired intangible assets consisted of the following:
|  | March 29, 2025 |  |  | December 28, 2024 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Net Carrying Amount |
Definite-lived intangibles: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade names and brands |  | $ | 95.2 |  |  | $ | (30.3 | ) |  | $ | 64.9 |  |  | $ | 94.1 |  |  | $ | (28.6 | ) |  | $ | 65.5 |
Non-compete agreements |  |  | 2.0 |  |  |  | (1.7 | ) |  |  | 0.3 |  |  |  | 2.0 |  |  |  | (1.6 | ) |  |  | 0.4 |
Technology |  |  | 54.1 |  |  |  | (33.0 | ) |  |  | 21.1 |  |  |  | 53.4 |  |  |  | (31.3 | ) |  |  | 22.1 |
Supply agreement |  |  | 21.0 |  |  |  | (17.5 | ) |  |  | 3.5 |  |  |  | 21.0 |  |  |  | (17.0 | ) |  |  | 4.0 |
Customer relationships |  |  | 387.5 |  |  |  | (95.9 | ) |  |  | 291.6 |  |  |  | 380.1 |  |  |  | (89.6 | ) |  |  | 290.5 |
Workforce |  |  | 6.1 |  |  |  | (5.5 | ) |  |  | 0.6 |  |  |  | 6.2 |  |  |  | (4.7 | ) |  |  | 1.5 |
|  | $ | 565.9 |  |  | $ | (183.9 | ) |  | $ | 382.0 |  |  | $ | 556.8 |  |  | $ | (172.8 | ) |  | $ | 384.0 |
Amortization expense on acquired intangible assets for the three months ended March 29, 2025 and March 30, 2024, was $8.3 and $7.9, respectively, reflected in amortization of intangible assets in the Consolidated Statements of Operations. Additionally, $0.2 of acquired amortization expense for the three months ended March 29, 2025 was reflected in cost of sales in the Consolidated Statement of Operations F uture estimated total amortization expense is presented below.
Year: |  |  |
2025 Remaining |  | $ | 23.6 |
2026 |  |  | 30.0 |
2027 |  |  | 26.9 |
2028 |  |  | 26.5 |
2029 |  |  | 24.4 |
2030 |  |  | 23.7 |
Thereafter |  |  | 226.9 |
Total |  | $ | 382.0 |
In January 2025, the Company began the early phases of restructuring the Helios Center of Engineering Excellence (“HCEE”). As the next phases of the restructuring plan begin, management plans to close the San Antonio office during the second quarter of 2025, reassign resources to the operations at our other major facilities across the business, and eliminate certain positions. As a result of this change in the HCEE business operations, the workforce intangible asset associated with the HCEE acquisition was reviewed by management and it was determined that the remaining net book value of the asset should be amortized over a useful life ending during the second quarter of 2025. This resulted in an increased $0.5 amortization expense in the three months ending March 29, 2025, associated with this intangible asset.

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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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