GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 27, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

NOTE E: GOODWILL AND INTANGIBLE ASSETS

Goodwill

The assignment of goodwill and changes in the carrying amount of goodwill, by business segment, were as follows:


(In millions)	SAS		IMS		CS		AR		Total

Balance at December 29, 2023	$	6,110	$	6,564	$	4,940	$	2,365	$	19,979

Goodwill from AJRD acquisition (1)	—		—		—		537		537
Impairment of goodwill(2)	(14)		—		—		—		(14)
Goodwill decrease from divestitures(2)	(79)		—		—		—		(79)
Currency translation adjustments	14		(3)		(1)		—		10
Balance at September 27, 2024	$	6,031	$	6,561	$	4,939	$	2,902	$	20,433

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(1)Represents the effect of measurement period adjustments associated with the acquisition of Aerojet Rocketdyne Holdings, Inc. (“AJRD”) during the three quarters ended September 27, 2024. See Note O: Acquisitions and Divestitures in these Notes for further information.

(2)Goodwill allocation and impairment recognized in connection with the Antenna Disposal Group divestiture. See Note O: Acquisitions and Divestitures in these Notes and our Form 10-Q for the quarter ended June 28, 2024 for further information related to the Antenna Disposal Group divestiture and associated goodwill allocation and impairment testing, respectively.

At September 27, 2024 and December 29, 2023, accumulated goodwill impairment losses totaled $80 million, $1,126 million and $355 million at our Space & Airborne Systems (“SAS”), Integrated Mission Systems (“IMS”) and Communication System (“CS”) segments, respectively. There are no accumulated impairments for our Aerojet Rocketdyne (“AR”) segment.

Intangible Assets

Intangible assets, net are summarized below:


	September 27, 2024						December 29, 2023
(In millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount

Customer relationships	$	8,852	$	(3,290)	$	5,562	$	8,892	$	(2,733)	$	6,159
Developed technologies	853		(469)		384		856		(413)		443
Trade names	185		(61)		124		185		(50)		135
Other, including contract backlog	3		(2)		1		4		(4)		—
Total finite-lived intangible assets	9,893		(3,822)		6,071		9,937		(3,200)		6,737

Trade name — indefinite-lived	1,803		—		1,803		1,803		—		1,803
Total intangible assets, net	$	11,696	$	(3,822)	$	7,874	$	11,740	$	(3,200)	$	8,540

For further description of our accounting policies related to intangible assets acquired in the AJRD acquisition, see Note O: Acquisitions and Divestitures in these Notes, and for our accounting policies related to all other intangible assets, see Note 6: Goodwill and Intangible Assets in our Fiscal 2023 Form 10-K.

Amortization expense for intangible assets was $210 million and $642 million for the quarter and three quarters ended September 27, 2024, respectively, and $208 million and $546 million for the quarter and three quarters ended September 29, 2023, respectively.

Future estimated amortization expense for intangible assets is as follows:


	(In millions)

Next 12 months	$	791
Months 13-24	718
Months 25-36	569
Months 37-48	518
Months 49-60	440
Thereafter	3,035
Total	$	6,071