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GOODWILL AND OTHER INTANGIBLE ASSETS | 6 Months Ended
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Jun. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | NOTE E: GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill The assignment of goodwill and changes in the carrying amount of goodwill, by business segment, were as follows:
(In millions) | SAS |  | IMS |  | CS |  | AR |  | Total
Balance at December 29, 2023 | $ | 6,110 |  |  | $ | 6,564 |  |  | $ | 4,940 |  |  | $ | 2,365 |  |  | $ | 19,979 |
Goodwill from AJRD acquisition(1) | — |  |  | — |  |  | — |  |  | 496 |  |  | 496 |
Impairment of goodwill | (14) |  |  | — |  |  | — |  |  | — |  |  | (14) |
Goodwill decrease from divestitures | (79) |  |  | — |  |  | — |  |  | — |  |  | (79) |
Currency translation adjustments | (4) |  |  | (10) |  |  | (1) |  |  | — |  |  | (15) |
Balance at June 28, 2024 | $ | 6,013 |  |  | $ | 6,554 |  |  | $ | 4,939 |  |  | $ | 2,861 |  |  | $ | 20,367 |
_______________ (1)Represents the effect of measurement period adjustments associated with the acquisition of Aerojet Rocketdyne Holdings, Inc. (“AJRD”) during the two quarters ended June 28, 2024. See Note O: Acquisitions and Divestitures in these Notes for further information. At June 28, 2024 and December 29, 2023, accumulated goodwill impairment losses totaled $80 million, $1,126 million and $355 million at our Space & Airborne Systems (“SAS”), Integrated Mission Systems (“IMS”) and Communication System (“CS”) segments, respectively. There are no accumulated impairments for our Aerojet Rocketdyne (“AR”) segment. Reallocation of Goodwill in Business Realignment. Effective in fiscal 2024, to better align our businesses, we adjusted our IMS segment by realigning our Electro Optical (“EO”) and Maritime sectors, which are also reporting units, splitting EO into two sectors, Global Optical Systems (“GOS”) and Defense Electronics (“DE”), and moving one EO business to the Maritime sector. GOS and DE represent one reporting unit. Immediately before and after the realignment, we performed a quantitative impairment assessment under our former and new reporting unit structure. These assessments indicated no impairment existed either before or after the realignment. Allocation of Goodwill in Divestiture. As described in more detail in Note O: Acquisitions and Divestitures, during the quarter ended June 28, 2024, we completed the divestiture of our antenna and related business (“Antenna Disposal Group”). As the Antenna Disposal Group represents the disposal of a portion of the SAS reporting unit, which is also the SAS segment, we assigned $93 million of goodwill to the Antenna Disposal Group on a relative fair value basis during the quarter ended June 28, 2024. We performed a quantitative impairment assessment on goodwill assigned to the Antenna Disposal Group and a qualitative impairment assessment on the goodwill assigned to the retained businesses of the reporting unit. As a result of these tests, we determined that the fair value of the Antenna Disposal Group was below its carrying value and accordingly recorded a non-cash charge for impairment of $14 million included in the “General and administrative expenses” line item in our Condensed Consolidated Statement of Operations for the quarter and two quarters ended June 28, 2024. Other Intangible Assets Other identifiable intangible assets, net are summarized below:
| June 28, 2024 |  | December 29, 2023
(In millions) | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Customer relationships | $ | 8,843 |  |  | $ | (3,095) |  |  | $ | 5,748 |  |  | $ | 8,892 |  |  | $ | (2,733) |  |  | $ | 6,159 |
Developed technologies | 851 |  |  | (450) |  |  | 401 |  |  | 856 |  |  | (413) |  |  | 443 |
Trade names — divisions | 185 |  |  | (57) |  |  | 128 |  |  | 185 |  |  | (50) |  |  | 135 |
Other, including contract backlog | 2 |  |  | (2) |  |  | — |  |  | 4 |  |  | (4) |  |  | — |
Total finite-lived identifiable intangible assets | 9,881 |  |  | (3,604) |  |  | 6,277 |  |  | 9,937 |  |  | (3,200) |  |  | 6,737 |
Trade names — corporate | 1,803 |  |  | — |  |  | 1,803 |  |  | 1,803 |  |  | — |  |  | 1,803 |
Total identifiable intangible assets, net | $ | 11,684 |  |  | $ | (3,604) |  |  | $ | 8,080 |  |  | $ | 11,740 |  |  | $ | (3,200) |  |  | $ | 8,540 |
For further description of our accounting policies related to intangible assets acquired in the AJRD acquisition, see Note O: Acquisitions and Divestitures in these Notes, and for our accounting policies related to all other intangible assets, see Note 6: Goodwill and Intangible Assets in our Fiscal 2023 Form 10-K. Amortization expense for identifiable finite-lived intangible assets was $215 million and $432 million for the quarter and two quarters ended June 28, 2024, respectively, and $173 million and $338 million for the quarter and two quarters ended June 30, 2023, respectively. Future estimated amortization expense for identifiable intangible assets is as follows:
| (In millions)
Next 12 months | $ | 826 |
Months 13-24 | 758 |
Months 25-36 | 590 |
Months 37-48 | 552 |
Months 49-60 | 451 |
Thereafter | 3,100 |
Total | $ | 6,277 |

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