Goodwill and Other Intangibles

9 Months Ended

Oct. 01, 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	—		635		635
Fetch purchase price allocation adjustments	—		2		2
Antuit purchase price allocation adjustments	—		(5)		(5)
Foreign exchange impact	—		(6)		(6)
Goodwill as of October 1, 2022	$	169	$	3,722	$	3,891

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 October 1, 2022						As of December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Amortized intangible assets:
Technology and patents	$	950	$	(605)	$	345	$	889	$	(566)	$	323
Customer and other relationships	859		(562)		297		631		(503)		128
Trade names	66		(49)		17		64		(46)		18
Total	$	1,875	$	(1,216)	$	659	$	1,584	$	(1,115)	$	469

Amortization expense was $39 million and $29 million during the three months ended October 1, 2022 and October 2, 2021, respectively, and $107 million and $81 million during the nine months ended October 1, 2022 and October 2, 2021, respectively.

As of October 1, 2022, estimated future intangible asset amortization expense is as follows (in millions):

2022 (remaining 3 months)	$	29
2023	102
2024	98
2025	96
2026	93
Thereafter	241
Total	$	659