Intangible Assets and Goodwill (Tables)

6 Months Ended

Jun. 28, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of 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

Schedule of Estimated Future Amortization Expense

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

Schedule of Changes in Carrying Amount of Goodwill by Operating Segment

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