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Intangible Assets and Goodwill | 12 Months Ended
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Jan. 03, 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:
| At the End of 2024 |  | At the End of 2023
(In millions) | Weighted-Average Useful Lives (in years) | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Developed product technology | 7 | $ | 819.0 |  |  | $ | (561.2) |  |  | $ | 257.8 |  |  | $ | 908.5 |  |  | $ | (554.1) |  |  | $ | 354.4 |
Customer relationships | 11 | 1,175.5 |  |  | (440.2) |  |  | 735.3 |  |  | 1,358.4 |  |  | (474.5) |  |  | 883.9 |
Trade names and other intellectual properties | 5 | 39.0 |  |  | (34.0) |  |  | 5.0 |  |  | 48.0 |  |  | (42.8) |  |  | 5.2 |
|  | $ | 2,033.5 |  |  | $ | (1,035.4) |  |  | $ | 998.1 |  |  | $ | 2,314.9 |  |  | $ | (1,071.4) |  |  | $ | 1,243.5 |
As of the end of 2024 and 2023, $182.8 million and $267.8 million of fully amortized intangible assets were written off. The estimated future amortization expense of intangible assets at the end of 2024 was as follows:
(In millions) |
2025 | $ | 163.1 |
2026 | 158.1 |
2027 | 144.8 |
2028 | 130.8 |
2029 | 109.5 |
Thereafter | 291.8 |
Total | $ | 998.1 |
Goodwill The changes in the carrying amount of goodwill by segment for 2024 were as follows:
| AECO |  | Field Systems |  | T&L |  | Total
(In millions) |  |  |  |  |  |  |
Balance as of year end 2023 | $ | 1,996.9 |  |  | $ | 1,063.5 |  |  | $ | 2,290.2 |  |  | $ | 5,350.6 |
Additions due to acquisitions | 16.2 |  |  | — |  |  | — |  |  | 16.2 |
Assets held for sale | — |  |  | — |  |  | (141.7) |  |  | (141.7) |
Decreases due to divestitures | (0.8) |  |  | (91.5) |  |  | — |  |  | (92.3) |
Foreign currency translation and other adjustments | (26.2) |  |  | (13.8) |  |  | (104.4) |  |  | (144.4) |
Balance as of year end 2024 | $ | 1,986.1 |  |  | $ | 958.2 |  |  | $ | 2,044.1 |  |  | $ | 4,988.4 |

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- 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
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