Goodwill and Other Intangibles

6 Months Ended

Jul. 02, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangibles

Goodwill and Other Intangibles

Goodwill

Changes in the net carrying value of goodwill by segment were as follows (in millions):

	AIT		EVM		Total
Goodwill as of December 31, 2021	$	169	$	3,096	$	3,265
Matrox acquisition	—		664		664
Goodwill as of July 2, 2022	$	169	$	3,760	$	3,929

See Note 5, Business Acquisitions for further details related to the Company’s acquisitions and purchase price allocation adjustments.

Other Intangibles, net

The balances in Other Intangibles, net consisted of the following (in millions):

	As of July 2, 2022						As of December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Amortized intangible assets:
Technology and patents	$	948	$	(592)	$	356	$	889	$	(566)	$	323
Customer and other relationships	826		(541)		285		631		(503)		128
Trade names	66		(48)		18		64		(46)		18
Total	$	1,840	$	(1,181)	$	659	$	1,584	$	(1,115)	$	469

Amortization expense was $35 million and $26 million during the three months ended July 2, 2022 and July 3, 2021, respectively, and $68 million and $52 million during the six months ended July 2, 2022 and July 3, 2021, respectively.

As of July 2, 2022, estimated future intangible asset amortization expense is as follows (in millions):

2022 (remaining 6 months)	$	66
2023	99
2024	94
2025	93
2026	89
Thereafter	218
Total	$	659