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Intangible Assets and Goodwill | 9 Months Ended
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Sep. 27, 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
| Third 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 | $ | 874.9 |  |  | $ | (587.9) |  |  | $ | 287.0 |  |  | $ | 908.5 |  |  | $ | (554.1) |  |  | $ | 354.4 |
Customer relationships | 1,242.7 |  |  | (428.6) |  |  | 814.1 |  |  | 1,358.4 |  |  | (474.5) |  |  | 883.9 |
Trade names and other intellectual properties | 41.3 |  |  | (39.3) |  |  | 2.0 |  |  | 48.0 |  |  | (42.8) |  |  | 5.2 |
| $ | 2,158.9 |  |  | $ | (1,055.8) |  |  | $ | 1,103.1 |  |  | $ | 2,314.9 |  |  | $ | (1,071.4) |  |  | $ | 1,243.5 |
The estimated future amortization expense of intangible assets at the end of the third quarter of 2024 was as follows:
(In millions) |
2024 (Remaining) | $ | 45.9 |
2025 | 170.6 |
2026 | 165.5 |
2027 | 152.2 |
2028 | 138.1 |
Thereafter | 430.8 |
Total | $ | 1,103.1 |
Goodwill The changes in the carrying amount of goodwill by segment for the first three quarters 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 |
Additions due to acquisitions | 16.2 |  |  | — |  |  | — |  |  | 16.2 |
Assets held for sale | — |  |  | — |  |  | (147.3) |  |  | (147.3) |
Decreases due to divestitures | (0.8) |  |  | (91.7) |  |  | — |  |  | (92.5) |
Foreign currency translation and other adjustments | 7.5 |  |  | (2.6) |  |  | 9.9 |  |  | 14.8 |
Balance as of the end of the third quarter of 2024 | $ | 2,019.8 |  |  | $ | 969.2 |  |  | $ | 2,152.8 |  |  | $ | 5,141.8 |

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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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