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Intangible Assets and Goodwill (Tables) | 6 Months Ended
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Jun. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Intangible Assets | The following table presents a summary of our intangible assets:
| As of
| Second 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 | $ | 895.9 |  |  | $ | (596.1) |  |  | $ | 299.8 |  |  | $ | 908.5 |  |  | $ | (554.1) |  |  | $ | 354.4 |
Customer relationships | 1,325.4 |  |  | (513.5) |  |  | 811.9 |  |  | 1,358.4 |  |  | (474.5) |  |  | 883.9 |
Trade names and other intellectual properties | 47.3 |  |  | (44.4) |  |  | 2.9 |  |  | 48.0 |  |  | (42.8) |  |  | 5.2 |
| $ | 2,268.6 |  |  | $ | (1,154.0) |  |  | $ | 1,114.6 |  |  | $ | 2,314.9 |  |  | $ | (1,071.4) |  |  | $ | 1,243.5 |
Schedule of Estimated Future Amortization Expense | The estimated future amortization expense of intangible assets at the end of the second quarter of 2024 was as follows:
(In millions) |
2024 (Remaining) | $ | 89.8 |
2025 | 166.8 |
2026 | 161.7 |
2027 | 148.0 |
2028 | 134.0 |
Thereafter | 414.3 |
Total | $ | 1,114.6 |
Schedule of Changes in Carrying Amount of Goodwill by Operating Segment | The changes in the carrying amount of goodwill by segment for the first two 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 |
Decreases due to divestitures | (0.8) |  |  | (91.7) |  |  | — |  |  | (92.5) |
Foreign currency translation and other adjustments | (13.9) |  |  | (8.1) |  |  | (54.0) |  |  | (76.0) |
Balance as of the end of the second quarter of 2024 | $ | 1,998.4 |  |  | $ | 963.7 |  |  | $ | 2,236.2 |  |  | $ | 5,198.3 |

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