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Intangible Assets and Goodwill | 3 Months Ended
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Apr. 04, 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:
| As of
| First Quarter of 2025 |  | Year End 2024
| Gross |  |  |  |  |  | Gross |  |  |  |
| Carrying |  | Accumulated |  | Net Carrying |  | Carrying |  | Accumulated |  | Net Carrying
(In millions) | Amount |  | Amortization |  | Amount |  | Amount |  | Amortization |  | Amount
Developed product technology | $ | 809.5 |  |  | $ | (562.8) |  |  | $ | 246.7 |  |  | $ | 819.0 |  |  | $ | (561.2) |  |  | $ | 257.8 |
Customer relationships | 1,210.2 |  |  | (472.8) |  |  | 737.4 |  |  | 1,175.5 |  |  | (440.2) |  |  | 735.3 |
Trade names and other intellectual properties | 38.9 |  |  | (34.3) |  |  | 4.6 |  |  | 39.0 |  |  | (34.0) |  |  | 5.0 |
| $ | 2,058.6 |  |  | $ | (1,069.9) |  |  | $ | 988.7 |  |  | $ | 2,033.5 |  |  | $ | (1,035.4) |  |  | $ | 998.1 |
The estimated future amortization expense of intangible assets at the end of the first quarter of 2025 was as follows:
(In millions) |
2025 (Remaining) | $ | 124.7 |
2026 | 162.2 |
2027 | 148.9 |
2028 | 134.8 |
2029 | 113.4 |
Thereafter | 304.7 |
Total | $ | 988.7 |
Goodwill The changes in the carrying amount of goodwill by segment for the first quarter of 2025 were as follows:
| AECO |  | Field Systems |  | T&L |  | Total
(In millions) |  |  |  |  |  |  |
Balance as of year end 2024 | $ | 1,986.1 |  |  | $ | 958.2 |  |  | $ | 2,044.1 |  |  | $ | 4,988.4 |
Decreases due to divestitures | — |  |  | — |  |  | (3.6) |  |  | (3.6) |
Foreign currency translation and other adjustments | 23.4 |  |  | 9.8 |  |  | 88.6 |  |  | 121.8 |
Balance as of the end of the first quarter of 2025 | $ | 2,009.5 |  |  | $ | 968.0 |  |  | $ | 2,129.1 |  |  | $ | 5,106.6 |

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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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