Intangible Assets and Goodwill

9 Months Ended

Sep. 29, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

NOTE 5. INTANGIBLE ASSETS AND GOODWILL

Intangible Assets

The following table presents a summary of our intangible assets:

	Third Quarter of 2023						Year End 2022
	Gross						Gross
	Carrying		Accumulated		Net Carrying		Carrying		Accumulated		Net Carrying
(In millions)	Amount		Amortization		Amount		Amount		Amortization		Amount
Developed product technology	$	927.2	$	(554.1)	$	373.1	$	1,004.8	$	(722.7)	$	282.1
Customer relationships	1,347.1		(469.8)		877.3		654.1		(445.9)		208.2
Trade names and trademarks	44.8		(36.6)		8.2		39.5		(32.7)		6.8
Distribution rights and other intellectual property	4.4		(3.4)		1.0		8.0		(7.0)		1.0
	$	2,323.5	$	(1,063.9)	$	1,259.6	$	1,706.4	$	(1,208.3)	$	498.1

The estimated future amortization expense of intangible assets at the end of the third quarter of 2023 was as follows:

(In millions)
2023 (Remaining)	$	57.5
2024	200.1
2025	162.8
2026	157.7
2027	144.0
Thereafter	537.5
Total	$	1,259.6

Goodwill

The changes in the carrying amount of goodwill by segment for the first three quarters of 2023 were as follows: 

	Buildings and Infrastructure		Geospatial		Resources and Utilities		Transportation		Total
(In millions)
Balance as of year end 2022	$	2,300.1	$	382.1	$	471.8	$	983.9	$	4,137.9
Additions due to acquisitions	28.1		—		—		1,391.8		1,419.9
Assets held for sale	—		(1.7)		(229.4)		—		(231.1)
Foreign currency translation and other adjustments	(2.2)		(3.6)		2.0		(43.2)		(47.0)
Balance as of the end of the third quarter of 2023	$	2,326.0	$	376.8	$	244.4	$	2,332.5	$	5,279.7