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Goodwill and Intangible Assets | 6 Months Ended
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Jun. 28, 2025
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets | As described in Note 12, the Company realigned its segments in the fourth fiscal quarter of 2024. The Company combined its previous segments, Advanced Materials Handling and Microcontamination Control, into the new Advanced Purity Solutions (“APS”) segment. All prior periods have been recast to reflect the change. Goodwill activity for each of the Company’s reportable segments, MS and APS, was as follows at June 28, 2025 and December 31, 2024:
(In millions) | MS |  | APS |  | Total |  |
December 31, 2024 | $ | 3,631.3 |  |  | $ | 312.3 |  |  | $ | 3,943.6 |  |  |
Foreign currency translation | — |  |  | 1.3 |  |  | 1.3 |  |  |
June 28, 2025 | $ | 3,631.3 |  |  | $ | 313.6 |  |  | $ | 3,944.9 |  |  |
Identifiable intangible assets at June 28, 2025 and December 31, 2024 consisted of the following:
| June 28, 2025
(In millions) | Gross carrying amount |  | Accumulated amortization |  | Net carrying value
Developed technology | $ | 1,256.9 |  |  | $ | 674.4 |  |  | $ | 582.5 |
Trademarks and trade names | 172.0 |  |  | 54.2 |  |  | 117.8 |
Customer relationships | 630.6 |  |  | 340.5 |  |  | 290.1 |
In-process research and development (1) | 6.6 |  |  | — |  |  | 6.6 |
Other | 25.5 |  |  | 23.5 |  |  | 2.0 |
| $ | 2,091.6 |  |  | $ | 1,092.6 |  |  | $ | 999.0 |
| December 31, 2024
(In millions) | Gross carrying amount |  | Accumulated amortization |  | Net carrying value
Developed technology | $ | 1,256.7 |  |  | $ | 601.7 |  |  | $ | 655.0 |
Trademarks and trade names | 172.0 |  |  | 48.8 |  |  | 123.2 |
Customer relationships | 630.5 |  |  | 326.5 |  |  | 304.0 |
In-process research and development (1) | 6.6 |  |  | — |  |  | 6.6 |
Other | 25.5 |  |  | 22.6 |  |  | 2.9 |
| $ | 2,091.3 |  |  | $ | 999.6 |  |  | $ | 1,091.7 |
(1) Intangible assets acquired in a business combination that are in-process and used in research and development activities are considered indefinite-lived until the completion or abandonment of the research and development efforts. Once the research and development efforts are completed, we move the asset to developed technology, determine the useful life and begin amortizing the assets. Future amortization expense relating to intangible assets currently recorded in the Company’s condensed consolidated balance sheets is estimated to be the following at June 28, 2025:
(In millions) | Remaining 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter |  | Total
Future amortization expense | $ | 92.8 |  |  | $ | 182.5 |  |  | $ | 178.9 |  |  | $ | 176.4 |  |  | $ | 110.7 |  |  | $ | 257.7 |  |  | $ | 999.0 |

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