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Intangible Assets and Goodwill | 3 Months Ended
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Mar. 29, 2024
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:
| As of
| First Quarter of 2024 |  | Year End 2023
| Gross |  |  |  |  |  | Gross |  |  |  |
| Carrying |  | Accumulated |  | Net Carrying |  | Carrying |  | Accumulated |  | Net Carrying
(In millions) | Amount |  | Amortization |  | Amount |  | Amount |  | Amortization |  | Amount
Developed product technology | $ | 895.2 |  |  | $ | (572.6) |  |  | $ | 322.6 |  |  | $ | 908.5 |  |  | $ | (554.1) |  |  | $ | 354.4 |
Customer relationships | 1,331.9 |  |  | (490.2) |  |  | 841.7 |  |  | 1,358.4 |  |  | (474.5) |  |  | 883.9 |
Trade names and other intellectual properties | 47.4 |  |  | (43.4) |  |  | 4.0 |  |  | 48.0 |  |  | (42.8) |  |  | 5.2 |
| $ | 2,274.5 |  |  | $ | (1,106.2) |  |  | $ | 1,168.3 |  |  | $ | 2,314.9 |  |  | $ | (1,071.4) |  |  | $ | 1,243.5 |
The estimated future amortization expense of intangible assets at the end of the first quarter of 2024 was as follows:
(In millions) |
2024 (Remaining) | $ | 143.6 |
2025 | 166.2 |
2026 | 161.0 |
2027 | 147.3 |
2028 | 133.3 |
Thereafter | 416.9 |
Total | $ | 1,168.3 |
Goodwill The changes in the carrying amount of goodwill by segment for the first quarter of 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 |
Assets held for sale adjustment | — |  |  | (96.7) |  |  | — |  |  | (96.7) |
Foreign currency translation and other adjustments | (12.9) |  |  | (9.6) |  |  | (35.7) |  |  | (58.2) |
Balance as of the end of the first quarter of 2024 | $ | 1,984.0 |  |  | $ | 957.2 |  |  | $ | 2,254.5 |  |  | $ | 5,195.7 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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