Intangible Assets and Goodwill

6 Months Ended

Jun. 28, 2024

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:

	As of
	Second 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	$	895.9	$	(596.1)	$	299.8	$	908.5	$	(554.1)	$	354.4
Customer relationships	1,325.4		(513.5)		811.9		1,358.4		(474.5)		883.9
Trade names and other intellectual properties	47.3		(44.4)		2.9		48.0		(42.8)		5.2
	$	2,268.6	$	(1,154.0)	$	1,114.6	$	2,314.9	$	(1,071.4)	$	1,243.5

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

(In millions)
2024 (Remaining)	$	89.8
2025	166.8
2026	161.7
2027	148.0
2028	134.0
Thereafter	414.3
Total	$	1,114.6

Goodwill

The changes in the carrying amount of goodwill by segment for the first two quarters 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
Additions due to acquisitions	16.2		—		—		16.2
Decreases due to divestitures	(0.8)		(91.7)		—		(92.5)
Foreign currency translation and other adjustments	(13.9)		(8.1)		(54.0)		(76.0)
Balance as of the end of the second quarter of 2024	$	1,998.4	$	963.7	$	2,236.2	$	5,198.3