Goodwill and Intangible Assets

6 Months Ended

Jul. 02, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The carrying value of goodwill by segment was as follows (in millions):


	Digital Imaging		Instrumentation		Aerospace and Defense Electronics		Engineered Systems		Total


















Balance at January 1, 2023	$	6,780.4	$	913.2	$	161.8	$	17.6	$	7,873.0
Current year acquisitions	49.4		—		—		—		49.4
Foreign currency changes and other	13.4		6.5		1.5		—		21.4
Balance at July 2, 2023	$	6,843.2	$	919.7	$	163.3	$	17.6	$	7,943.8


Acquired intangible assets (in millions):	July 2, 2023						January 1, 2023
	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Proprietary technology	$	1,664.7	$	576.3	$	1,088.4	$	1,667.7	$	497.4	$	1,170.3
Customer list/relationships	605.4		198.6		406.8		596.1		177.0		419.1
Patents	0.6		0.6		—		0.6		0.6		—
Non-compete agreements	0.9		0.9		—		0.9		0.9		—
Trademarks	9.9		5.1		4.8		7.1		4.4		2.7
Backlog	16.4		16.2		0.2		16.1		15.8		0.3
Total intangibles subject to amortization	2,297.9		797.7		1,500.2		2,288.5		696.1		1,592.4
Intangibles not subject to amortization:
Trademarks	849.5		—		849.5		848.2		—		848.2
Total acquired intangible assets	$	3,147.4	$	797.7	$	2,349.7	$	3,136.7	$	696.1	$	2,440.6

An evaluation of the carrying value of goodwill and indefinite-lived intangibles is required to be performed on an annual basis and on an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value. There have been no events or changes in circumstances which indicate an interim impairment review is required in 2023. The Company will perform its annual analysis during the fourth quarter of 2023.