Intangible Assets and Goodwill

3 Months Ended

Apr. 04, 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:

	As of
	First Quarter of 2025						Year End 2024
	Gross						Gross
	Carrying		Accumulated		Net Carrying		Carrying		Accumulated		Net Carrying
(In millions)	Amount		Amortization		Amount		Amount		Amortization		Amount
Developed product technology	$	809.5	$	(562.8)	$	246.7	$	819.0	$	(561.2)	$	257.8
Customer relationships	1,210.2		(472.8)		737.4		1,175.5		(440.2)		735.3
Trade names and other intellectual properties	38.9		(34.3)		4.6		39.0		(34.0)		5.0
	$	2,058.6	$	(1,069.9)	$	988.7	$	2,033.5	$	(1,035.4)	$	998.1

The estimated future amortization expense of intangible assets at the end of the first quarter of 2025 was as follows:

(In millions)
2025 (Remaining)	$	124.7
2026	162.2
2027	148.9
2028	134.8
2029	113.4
Thereafter	304.7
Total	$	988.7

Goodwill

The changes in the carrying amount of goodwill by segment for the first quarter of 2025 were as follows: 

	AECO		Field Systems		T&L		Total
(In millions)
Balance as of year end 2024	$	1,986.1	$	958.2	$	2,044.1	$	4,988.4
Decreases due to divestitures	—		—		(3.6)		(3.6)
Foreign currency translation and other adjustments	23.4		9.8		88.6		121.8
Balance as of the end of the first quarter of 2025	$	2,009.5	$	968.0	$	2,129.1	$	5,106.6