Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]


Goodwill (in millions):	Digital Imaging		Instrumentation		Aerospace and Defense Electronics		Engineered Systems		Total


















Balance at January 3, 2022	$	6,867.5	$	935.9	$	165.7	$	17.6	$	7,986.7
Current year acquisitions	78.5		—		—		—		78.5
Foreign currency changes and other	(165.6)		(22.7)		(3.9)		—		(192.2)
Balance at January 1, 2023	6,780.4		913.2		161.8		17.6		7,873.0
Current year acquisitions	55.5		21.1		—		—		76.6
Foreign currency changes and other	41.1		10.5		1.6		—		53.2
Balance at December 31, 2023	$	6,877.0	$	944.8	$	163.4	$	17.6	$	8,002.8

In the fourth quarter of 2023, the Company performed a quantitative test for all reporting units. The results of our annual impairment tests of goodwill indicated that no impairment existed in 2023, 2022 or 2021.


	2023						2022
	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Acquired intangible assets (in millions):
Proprietary technology	$	1,696.6	$	663.0	$	1,033.6	$	1,667.7	$	497.4	$	1,170.3
Customer list/relationships	609.5		219.4		390.1		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		—
Definite-lived trademarks	10.2		5.8		4.4		7.1		4.4		2.7
Backlog	16.4		16.4		—		16.1		15.8		0.3
Acquired intangible assets subject to amortization	2,334.2		906.1		1,428.1		2,288.5		696.1		1,592.4
Acquired intangible assets not subject to amortization:
Indefinite-lived trademarks	850.0		—		850.0		848.2		—		848.2
Total acquired intangible assets	$	3,184.2	$	906.1	$	2,278.1	$	3,136.7	$	696.1	$	2,440.6

Amortizable acquired intangible assets are amortized on a straight-line basis over their estimated useful lives ranging from one to 15 years. Consistent with Teledyne’s growth strategy, the Company seeks to acquire companies in markets characterized by high barriers to entry and that include specialized products not likely to be commoditized. Given our markets and highly engineered nature of our products, the rates of new technology development and customer acquisition and/or attrition are often not volatile. As such, Teledyne believes the value of acquired intangible assets decline in a linear, as opposed to an accelerated fashion, and the Company believes amortization on a straight-line basis is appropriate. Recorded impairment charges to intangible assets were not material in 2023, 2022 or 2021. The expected future amortization expense for the next five years is as follows (in millions): 2024 - $198.9; 2025 - $193.3; 2026 - $190.6; 2027 - $183.8; 2028 - $181.5.

The estimated remaining useful lives by asset category as of December 31, 2023, are as follows:


Acquired intangibles subject to amortization						Weighted average remaining useful life in years
Proprietary technology						6.6
Customer list/relationships						9.8


Trademarks						3.0
Total acquired intangibles subject to amortization						7.2