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Goodwill and Intangible Assets, Net (Tables)
12 Months Ended
Dec. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
Changes in goodwill were as follows:
(In millions)North AmericaEMEAChinaOtherTotal
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, 2024December 31, 2023
DescriptionWeighted-average
useful life
(years)
Gross
assets
Accumulated
amortization
NetGross
assets
Accumulated
amortization
Net
Purchased technology14.7$999.5 $(249.6)$749.9 $1,000.4 $(184.3)$816.1 
Customer relationships20.02,027.1 (366.8)1,660.3 2,029.0 (259.5)1,769.5 
License agreements6.73.1 (3.1)— 3.1 (3.1)— 
Patent and trademark costs14.7401.3 (87.6)313.7 401.6 (60.1)341.5 
Software development costs5.422.7 (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 
2026189.1 
2027187.1 
2028181.8 
2029180.6