Goodwill and Acquired Intangible Assets

12 Months Ended

Dec. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]


Goodwill (in millions):	Digital Imaging		Instrumentation		Aerospace and Defense Electronics		Engineered Systems		Total


















Balance at January 1, 2023	$	6,780.4	$	913.2	$	161.8	$	17.6	$	7,873.0
Current year acquisitions	55.5		21.1		—		—		76.6
Foreign currency changes and other	41.1		10.5		1.6		—		53.2
Balance at December 31, 2023	6,877.0		944.8		163.4		17.6		8,002.8
Current year acquisitions	64.6		23.6		—		—		88.2
Foreign currency changes and other	(87.0)		(13.1)		(0.4)		—		(100.5)
Balance at December 29, 2024	$	6,854.6	$	955.3	$	163.0	$	17.6	$	7,990.5

In the fourth quarter of 2024, the Company performed a quantitative impairment test for the FLIR reporting unit and qualitative impairment tests for all other reporting units. The results of our annual impairment tests of goodwill indicated that no impairment existed in 2024, 2023 or 2022.


	2024						2023
Acquired intangible assets (in millions):	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Proprietary technology	$	1,665.5	$	796.6	$	868.9	$	1,696.6	$	663.0	$	1,033.6
Customer list/relationships	599.3		252.9		346.4		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		—
Definite-lived trademarks	12.2		7.7		4.5		10.2		5.8		4.4
Backlog	16.0		16.0		—		16.4		16.4		—
Acquired intangible assets subject to amortization	2,294.5		1,074.7		1,219.8		2,334.2		906.1		1,428.1
Acquired intangible assets not subject to amortization:
Indefinite-lived trademarks	793.1		—		793.1		850.0		—		850.0
Total acquired intangible assets	$	3,087.6	$	1,074.7	$	2,012.9	$	3,184.2	$	906.1	$	2,278.1

Amortizable acquired intangible assets are amortized on a straight-line basis over their estimated useful lives ranging from one to 15 years. Consistent with Teledyne’s growth strategy, the Company seeks to acquire companies in markets characterized by high barriers to entry and that include specialized products not likely to be commoditized. Given our markets and highly engineered nature of our products, the rates of new technology development and customer acquisition and/or attrition are often not volatile. As such, Teledyne believes the value of acquired intangible assets decline in a linear, as opposed to an accelerated fashion, and the Company believes amortization on a straight-line basis is appropriate. The expected future amortization expense for the next five years is as follows (in millions): 2025 - $190.3; 2026 - $187.7; 2027 - $180.6; 2028 - $178.2; 2029 - $139.2.

In the fourth quarter of 2024, the Company performed a quantitative impairment test on all indefinite-lived trademarks. As a result of our annual impairment tests, $52.5 million of impairment was recorded to 2024. Recorded impairment charges to intangible assets were not material in 2023 or 2022.

The estimated remaining useful lives by asset category as of December 29, 2024, are as follows:


Acquired intangibles subject to amortization			Weighted average remaining useful life in years
Proprietary technology			5.8
Customer list/relationships			9.3


Trademarks			2.2
Total acquired intangibles subject to amortization			6.5