Intangible Assets and Goodwill

9 Months Ended

Sep. 27, 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
	Third 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	$	874.9	$	(587.9)	$	287.0	$	908.5	$	(554.1)	$	354.4
Customer relationships	1,242.7		(428.6)		814.1		1,358.4		(474.5)		883.9
Trade names and other intellectual properties	41.3		(39.3)		2.0		48.0		(42.8)		5.2
	$	2,158.9	$	(1,055.8)	$	1,103.1	$	2,314.9	$	(1,071.4)	$	1,243.5

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

(In millions)
2024 (Remaining)	$	45.9
2025	170.6
2026	165.5
2027	152.2
2028	138.1
Thereafter	430.8
Total	$	1,103.1

Goodwill

The changes in the carrying amount of goodwill by segment for the first three 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
Assets held for sale	—		—		(147.3)		(147.3)
Decreases due to divestitures	(0.8)		(91.7)		—		(92.5)
Foreign currency translation and other adjustments	7.5		(2.6)		9.9		14.8
Balance as of the end of the third quarter of 2024	$	2,019.8	$	969.2	$	2,152.8	$	5,141.8