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Goodwill and Intangible Assets, Net (Tables) | 12 Months Ended
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Dec. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Goodwill | Changes in goodwill were as follows:
(In millions) | North America |  | EMEA |  | China |  | Other |  | Total
Balance at January 1, 2023 | $ | 1,547.7 |  |  | $ | 358.6 |  |  | $ | 118.1 |  |  | $ | 452.4 |  |  | $ | 2,476.8 |
Reallocation of goodwill (1) | 204.9 |  |  | 212.6 |  |  | (32.2) |  |  | (385.3) |  |  | — |
Purchase accounting adjustments | (9.4) |  |  | (4.1) |  |  | (1.3) |  |  | (5.1) |  |  | (19.9) |
Foreign currency translation (1) | 0.7 |  |  | 15.3 |  |  | 1.1 |  |  | 18.0 |  |  | 35.1 |
Balance at December 31, 2023 | $ | 1,743.9 |  |  | $ | 582.4 |  |  | $ | 85.7 |  |  | $ | 80.0 |  |  | $ | 2,492.0 |
Impairment charge | (1,743.9) |  |  | — |  |  | (17.3) |  |  | (61.4) |  |  | (1,822.6) |
Foreign currency translation | — |  |  | (16.4) |  |  | (1.8) |  |  | (1.7) |  |  | (19.9) |
Balance at December 29, 2024 | $ | — |  |  | $ | 566.0 |  |  | $ | 66.6 |  |  | $ | 16.9 |  |  | $ | 649.5 |
(1) During the fourth quarter of 2023, management identified an incorrect allocation of goodwill arising from the Combinations. The reallocation solely impacts the translation of foreign exchange on goodwill reflected through the cumulative translation adjustments. An out-of-period adjustment was included in fiscal year ended 2023 to increase goodwill and decrease AOCI by $15.5 million. The adjustment was not material to the previously reported Consolidated Financial Statements of the Company.
Schedule of Intangible Assets | Intangible assets consisted of the following:
|  |  | December 29, 2024 |  | December 31, 2023
Description | Weighted-average useful life (years) |  | Gross assets |  | Accumulated amortization |  | Net |  | Gross assets |  | Accumulated amortization |  | Net
Purchased technology | 14.7 |  | $ | 999.5 |  |  | $ | (249.6) |  |  | $ | 749.9 |  |  | $ | 1,000.4 |  |  | $ | (184.3) |  |  | $ | 816.1 |
Customer relationships | 20.0 |  | 2,027.1 |  |  | (366.8) |  |  | 1,660.3 |  |  | 2,029.0 |  |  | (259.5) |  |  | 1,769.5 |
License agreements | 6.7 |  | 3.1 |  |  | (3.1) |  |  | — |  |  | 3.1 |  |  | (3.1) |  |  | — |
Patent and trademark costs | 14.7 |  | 401.3 |  |  | (87.6) |  |  | 313.7 |  |  | 401.6 |  |  | (60.1) |  |  | 341.5 |
Software development costs | 5.4 |  | 22.7 |  |  | (11.0) |  |  | 11.7 |  |  | 15.5 |  |  | (8.3) |  |  | 7.2 |
Total intangible assets |  |  | $ | 3,453.7 |  |  | $ | (718.1) |  |  | $ | 2,735.6 |  |  | $ | 3,449.6 |  |  | $ | (515.3) |  |  | $ | 2,934.3 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The expected future annual amortization expense of the Company’s finite-lived intangible assets held as of December 29, 2024 is as follows:
(In millions) |
2025 | $ | 189.8 |
2026 | 189.1 |
2027 | 187.1 |
2028 | 181.8 |
2029 | 180.6 |

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