Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The carrying value of goodwill by segment was as follows (in millions):


	Digital Imaging		Instrumentation		Aerospace and Defense Electronics		Engineered Systems		Total


















Balance at December 31, 2023	$	6,877.0	$	944.8	$	163.4	$	17.6	$	8,002.8

Foreign currency changes and other	(38.6)		(7.9)		(0.3)		—		(46.8)
Balance at March 31, 2024	$	6,838.4	$	936.9	$	163.1	$	17.6	$	7,956.0


Acquired intangible assets (in millions):	March 31, 2024						December 31, 2023
	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Proprietary technology	$	1,669.3	$	691.2	$	978.1	$	1,696.6	$	663.0	$	1,033.6
Customer list/relationships	604.0		227.4		376.6		609.5		219.4		390.1
Patents	0.6		0.6		—		0.6		0.6		—
Non-compete agreements	0.9		0.9		—		0.9		0.9		—
Trademarks	10.2		6.1		4.1		10.2		5.8		4.4
Backlog	16.3		16.3		—		16.4		16.4		—
Total intangibles subject to amortization	2,301.3		942.5		1,358.8		2,334.2		906.1		1,428.1
Intangibles not subject to amortization:
Trademarks	848.3		—		848.3		850.0		—		850.0
Total acquired intangible assets	$	3,149.6	$	942.5	$	2,207.1	$	3,184.2	$	906.1	$	2,278.1

An evaluation of the carrying value of goodwill and indefinite-lived intangibles is required to be performed on an annual basis and on an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. There have been no events or changes in circumstances which indicate an interim impairment review is required in 2024. The Company will perform its annual analysis during the fourth quarter of 2024.