Intangible Assets and Goodwill (Tables)

3 Months Ended

Mar. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

The following table presents a summary of our intangible assets:

	As of
	First Quarter of 2024						Year End 2023
	Gross						Gross
	Carrying		Accumulated		Net Carrying		Carrying		Accumulated		Net Carrying
(In millions)	Amount		Amortization		Amount		Amount		Amortization		Amount
Developed product technology	$	895.2	$	(572.6)	$	322.6	$	908.5	$	(554.1)	$	354.4
Customer relationships	1,331.9		(490.2)		841.7		1,358.4		(474.5)		883.9
Trade names and other intellectual properties	47.4		(43.4)		4.0		48.0		(42.8)		5.2
	$	2,274.5	$	(1,106.2)	$	1,168.3	$	2,314.9	$	(1,071.4)	$	1,243.5

Schedule of Estimated Future Amortization Expense

The estimated future amortization expense of intangible assets at the end of the first quarter of 2024 was as follows:

(In millions)
2024 (Remaining)	$	143.6
2025	166.2
2026	161.0
2027	147.3
2028	133.3
Thereafter	416.9
Total	$	1,168.3

Schedule of Changes in Carrying Amount of Goodwill by Operating Segment

The changes in the carrying amount of goodwill by segment for the first quarter of 2024 were as follows: 

	AECO		Field Systems		T&L		Total
(In millions)
Balance as of year end 2023	$	1,996.9	$	1,063.5	$	2,290.2	$	5,350.6
Assets held for sale adjustment	—		(96.7)		—		(96.7)
Foreign currency translation and other adjustments	(12.9)		(9.6)		(35.7)		(58.2)
Balance as of the end of the first quarter of 2024	$	1,984.0	$	957.2	$	2,254.5	$	5,195.7