NOTE 5. INTANGIBLE ASSETS AND GOODWILL Intangible Assets The following table presents a summary of our intangible assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of | | First Quarter of 2026 | | Year End 2025 | | | Gross | | | | | | Gross | | | | | | Carrying | | Accumulated | | Net Carrying | | Carrying | | Accumulated | | Net Carrying | | (In millions) | Amount | | Amortization | | Amount | | Amount | | Amortization | | Amount | | Developed product technology | $ | 798.0 | | | $ | (602.8) | | | $ | 195.2 | | | $ | 804.9 | | | $ | (592.3) | | | $ | 212.6 | | | Customer relationships | 1,181.0 | | | (507.1) | | | 673.9 | | | 1,199.6 | | | (491.6) | | | 708.0 | | Trade names and other intellectual properties | 34.6 | | | (31.6) | | | 3.0 | | | 35.1 | | | (31.6) | | | 3.5 | | | $ | 2,013.6 | | | $ | (1,141.5) | | | $ | 872.1 | | | $ | 2,039.6 | | | $ | (1,115.5) | | | $ | 924.1 | |
The estimated future amortization expense of intangible assets at the end of the first quarter of 2026 was as follows: | | | | | | | (In millions) | | | 2026 (Remaining) | $ | 126.8 | | | 2027 | 156.5 | | | 2028 | 142.3 | | | 2029 | 120.8 | | | 2030 | 84.7 | | | Thereafter | 241.0 | | | Total | $ | 872.1 | | | |
Goodwill The changes in the carrying amount of goodwill by segment for the first quarter of 2026 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | AECO | | Field Systems | | T&L | | Total | | (In millions) | | | | | | | | Balance as of year end 2025 | $ | 2,037.0 | | | $ | 977.2 | | | $ | 2,225.5 | | | $ | 5,239.7 | | | | | | | | | | | | | | | | | | | | | | | | | | | Foreign currency translation and other adjustments | (4.0) | | | (2.2) | | | (19.9) | | | (26.1) | | | | | | | | | | | Balance as of the end of the first quarter of 2026 | $ | 2,033.0 | | | $ | 975.0 | | | $ | 2,205.6 | | | $ | 5,213.6 | | | | | | | | | |
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