Intangible Assets, net

6 Months Ended

Jul. 01, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

9. Intangible Assets, net

Intangible assets, net, consist of the following:


	July 1, 2023						December 31, 2022
(in millions)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Intangible assets subject to amortization:
Customer relationships	$	207.4	$	(25.4)	$	182.0	$	220.9	$	(19.3)	$	201.6
Acquired technologies	179.8		(35.5)		144.3		185.3		(25.2)		160.1
Licenses	38.8		(5.9)		32.9		39.0		(4.4)		34.6
Patents	37.0		(14.2)		22.8		35.2		(13.9)		21.3
Capitalized software development costs	30.4		(5.3)		25.1		5.5		(2.9)		2.6
Trademarks	20.0		(6.6)		13.4		39.3		(5.8)		33.5
Licenses-related party	7.5		(6.5)		1.0		7.5		(6.3)		1.2
Non-compete agreements	6.3		(1.8)		4.5		6.3		(1.1)		5.2
Other	1.6		(1.1)		0.5		1.6		(1.1)		0.5
Total intangible assets subject to amortization, net	$	528.8	$	(102.3)	$	426.5	$	540.6	$	(80.0)	$	460.6
Intangible assets not subject to amortization:
Trademarks					239.2						262.0
Intangible assets, net					$	665.7					$	722.6

Finite lived intangible assets have a weighted-average amortization period ranging from twelve years to fourteen years. Total amortization expense for the three months ended July 1, 2023 and July 2, 2022 was $14.4 million and $58.9 million, respectively. Total amortization expense for the six months ended July 1, 2023 and July 2, 2022 was $28.7 million and $61.4 million, respectively.

Total renewal costs for patents and trademarks for the three months ended July 1, 2023 and July 2, 2022 were $0.2 million and $0.3 million, respectively. Total renewal costs for patents and trademarks for the six months ended July 1, 2023 and July 2, 2022 were $0.5 million and $0.7 million, respectively. As of July 1, 2023, the weighted-average number of years until the next renewal was two years for patents and six years for trademarks.

Estimated amortization expense for each of the next fiscal years is as follows:


Fiscal year	Amount (in millions)
2023 (balance of year)	$	24.9
2024	47.0
2025	45.9
2026	44.3
2027	43.6
Thereafter	220.8
Total	$	426.5