Intangible Assets and Goodwill

12 Months Ended

Jan. 03, 2025

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:

	At the End of 2024							At the End of 2023
(In millions)	Weighted-Average Useful Lives (in years)	Gross Carrying Amount		Accumulated Amortization		Net  Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net  Carrying Amount
Developed product technology	7	$	819.0	$	(561.2)	$	257.8	$	908.5	$	(554.1)	$	354.4
Customer relationships	11	1,175.5		(440.2)		735.3		1,358.4		(474.5)		883.9
Trade names and other intellectual properties	5	39.0		(34.0)		5.0		48.0		(42.8)		5.2
		$	2,033.5	$	(1,035.4)	$	998.1	$	2,314.9	$	(1,071.4)	$	1,243.5

As of the end of 2024 and 2023, $182.8 million and $267.8 million of fully amortized intangible assets were written off.

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

(In millions)
2025	$	163.1
2026	158.1
2027	144.8
2028	130.8
2029	109.5
Thereafter	291.8
Total	$	998.1

Goodwill

The changes in the carrying amount of goodwill by segment for 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	—		—		(141.7)		(141.7)
Decreases due to divestitures	(0.8)		(91.5)		—		(92.3)
Foreign currency translation and other adjustments	(26.2)		(13.8)		(104.4)		(144.4)
Balance as of year end 2024	$	1,986.1	$	958.2	$	2,044.1	$	4,988.4