Goodwill and Intangible Assets

9 Months Ended

Sep. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

(a)    Goodwill

    The carrying amounts of goodwill as of September 29, 2024 and December 31, 2023 by reportable segment are as follows (in millions):

	As of September 29, 2024
	KGS		US		Total
Gross value	$	683.6	$	138.6	$	822.2
Less accumulated impairment	239.5		13.8		253.3
Net	$	444.1	$	124.8	$	568.9

	As of December 31, 2023
	KGS		US		Total
Gross value	$	683.6	$	138.8	822.4
Less accumulated impairment	239.5		13.8		253.3
Net	$	444.1	$	125.0	$	569.1

(b)    Purchased Intangible Assets

The following table sets forth information for finite-lived and indefinite-lived intangible assets (in millions): 

	As of September 29, 2024						As of December 31, 2023
	Gross Value		Accumulated Amortization		Net Value		Gross Value		Accumulated Amortization		Net Value
Acquired finite-lived intangible assets:
Customer relationships	$	80.9	$	(64.7)	$	16.2	$	80.9	$	(62.8)	$	18.1
Contracts and backlog	53.1		(42.1)		11.0		53.1		(38.8)		14.3
Developed technology and technical know-how	33.7		(29.1)		4.6		33.7		(28.2)		5.5
Trade names	3.8		(3.0)		0.8		3.8		(2.7)		1.1
In-process research and development	16.8		(0.4)		16.4		16.8		(0.3)		16.5
Total finite-lived intangible assets	188.3		(139.3)		49.0		188.3		(132.8)		55.5
Indefinite-lived trade names	6.9		—		6.9		6.9		—		6.9
Total intangible assets	$	195.2	$	(139.3)	$	55.9	$	195.2	$	(132.8)	$	62.4

Consolidated amortization expense related to intangible assets subject to amortization was $2.2 million and $1.5 million for the three months ended September 29, 2024 and October 1, 2023, respectively, and $6.5 million and $4.5 million for the nine months ended September 29, 2024 and October 1, 2023, respectively.

The estimated future amortization expense of acquired intangible assets with finite lives for the remainder of 2024 and the next five fiscal years, and thereafter as of September 29, 2024 is as follows (in millions):

	Amount
2024	$	2.1
2025	8.9
2026	9.1
2027	7.3
2028	4.5
2029	4.5
Thereafter	$	12.6