NOTE 5. INTANGIBLE ASSETS AND GOODWILL Intangible Assets The following table presents a summary of our intangible assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of | | Second Quarter of 2025 | | Year End 2024 | | | Gross | | | | | | Gross | | | | | | Carrying | | Accumulated | | Net Carrying | | Carrying | | Accumulated | | Net Carrying | | (In millions) | Amount | | Amortization | | Amount | | Amount | | Amortization | | Amount | | Developed product technology | $ | 827.8 | | | $ | (581.7) | | | $ | 246.1 | | | $ | 819.0 | | | $ | (561.2) | | | $ | 257.8 | | | Customer relationships | 1,278.7 | | | (514.4) | | | 764.3 | | | 1,175.5 | | | (440.2) | | | 735.3 | | Trade names and other intellectual properties | 36.6 | | | (32.2) | | | 4.4 | | | 39.0 | | | (34.0) | | | 5.0 | | | $ | 2,143.1 | | | $ | (1,128.3) | | | $ | 1,014.8 | | | $ | 2,033.5 | | | $ | (1,035.4) | | | $ | 998.1 | |
The estimated future amortization expense of intangible assets at the end of the second quarter of 2025 was as follows: | | | | | | | (In millions) | | | 2025 (Remaining) | $ | 87.8 | | | 2026 | 171.5 | | | 2027 | 158.2 | | | 2028 | 144.0 | | | 2029 | 122.5 | | | Thereafter | 330.8 | | | Total | $ | 1,014.8 | | | |
Goodwill The changes in the carrying amount of goodwill by segment for the first two quarters of 2025 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | AECO | | Field Systems | | T&L | | Total | | (In millions) | | | | | | | | Balance as of year end 2024 | $ | 1,986.1 | | | $ | 958.2 | | | $ | 2,044.1 | | | $ | 4,988.4 | | | | | | | | | | | | | | | | | | Decreases due to divestitures | — | | | — | | | (3.6) | | | (3.6) | | | Foreign currency translation and other adjustments | 53.7 | | | 18.0 | | | 191.1 | | | 262.8 | | | | | | | | | | | Balance as of the end of the second quarter of 2025 | $ | 2,039.8 | | | $ | 976.2 | | | $ | 2,231.6 | | | $ | 5,247.6 | | | | | | | | | |
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