XML 27 R12.htm IDEA: XBRL DOCUMENT
v3.24.3

GOODWILL AND INTANGIBLE ASSETS | 9 Months Ended
--- | ---
Sep. 27, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | NOTE E: GOODWILL AND 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) | — |  |  | — |  |  | — |  |  | 537 |  |  | 537 |
Impairment of goodwill(2) | (14) |  |  | — |  |  | — |  |  | — |  |  | (14) |
Goodwill decrease from divestitures(2) | (79) |  |  | — |  |  | — |  |  | — |  |  | (79) |
Currency translation adjustments | 14 |  |  | (3) |  |  | (1) |  |  | — |  |  | 10 |
Balance at September 27, 2024 | $ | 6,031 |  |  | $ | 6,561 |  |  | $ | 4,939 |  |  | $ | 2,902 |  |  | $ | 20,433 |
_______________ (1)Represents the effect of measurement period adjustments associated with the acquisition of Aerojet Rocketdyne Holdings, Inc. (“AJRD”) during the three quarters ended September 27, 2024. See Note O: Acquisitions and Divestitures in these Notes for further information. (2)Goodwill allocation and impairment recognized in connection with the Antenna Disposal Group divestiture. See Note O: Acquisitions and Divestitures in these Notes and our Form 10-Q for the quarter ended June 28, 2024 for further information related to the Antenna Disposal Group divestiture and associated goodwill allocation and impairment testing, respectively. At September 27, 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. Intangible Assets Intangible assets, net are summarized below:
| September 27, 2024 |  | December 29, 2023
(In millions) | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Customer relationships | $ | 8,852 |  |  | $ | (3,290) |  |  | $ | 5,562 |  |  | $ | 8,892 |  |  | $ | (2,733) |  |  | $ | 6,159 |
Developed technologies | 853 |  |  | (469) |  |  | 384 |  |  | 856 |  |  | (413) |  |  | 443 |
Trade names | 185 |  |  | (61) |  |  | 124 |  |  | 185 |  |  | (50) |  |  | 135 |
Other, including contract backlog | 3 |  |  | (2) |  |  | 1 |  |  | 4 |  |  | (4) |  |  | — |
Total finite-lived intangible assets | 9,893 |  |  | (3,822) |  |  | 6,071 |  |  | 9,937 |  |  | (3,200) |  |  | 6,737 |
Trade name — indefinite-lived | 1,803 |  |  | — |  |  | 1,803 |  |  | 1,803 |  |  | — |  |  | 1,803 |
Total intangible assets, net | $ | 11,696 |  |  | $ | (3,822) |  |  | $ | 7,874 |  |  | $ | 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 intangible assets was $210 million and $642 million for the quarter and three quarters ended September 27, 2024, respectively, and $208 million and $546 million for the quarter and three quarters ended September 29, 2023, respectively. Future estimated amortization expense for intangible assets is as follows:
| (In millions)
Next 12 months | $ | 791 |
Months 13-24 | 718 |
Months 25-36 | 569 |
Months 37-48 | 518 |
Months 49-60 | 440 |
Thereafter | 3,035 |
Total | $ | 6,071 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration