v3.26.1
Goodwill and Acquired Intangible Assets
 6 Months Ended
Jun. 28, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Goodwill and Acquired Intangible Assets Goodwill and Acquired Intangible Assets
Goodwill
The carrying value of goodwill by segment was as follows (in millions):

Digital Imaging InstrumentationAerospace and Defense ElectronicsEngineered SystemsTotal
Balance at December 28, 2025
$7,065.8 $986.9 $617.3 $17.6 $8,687.6 
Current year acquisitions— 35.7 — — 35.7 
Foreign currency changes and other(48.5)(10.3)(2.6)— (61.4)
Balance at June 28, 2026
$7,017.3 $1,012.3 $614.7 $17.6 $8,661.9 
Acquired intangible assets
Acquired intangible assets consisted of the following (in millions):
June 28, 2026December 28, 2025
Gross Carrying Amount
Accumulated Amortization
Net Carrying Amount
Gross Carrying Amount
Accumulated Amortization
Net Carrying Amount
Proprietary technology$1,807.8 $1,077.6 $730.2 $1,838.1 $1,014.5 $823.6 
Customer list/relationships/backlog
784.6 346.7 437.9 788.8 326.9 461.9 
Patents0.6 0.6 — 0.6 0.6 — 
Non-compete agreements0.9 0.9 — 0.9 0.9 — 
Definite-lived trademarks
42.7 17.3 25.4 34.8 13.6 21.2 
Total acquired intangible assets subject to amortization
2,636.6 1,443.1 1,193.5 2,663.2 1,356.5 1,306.7 
Acquired intangible assets not subject to amortization:
Indefinite-lived trademarks
790.7 — 790.7 793.4 — 793.4 
Total acquired intangible assets$3,427.3 $1,443.1 $1,984.2 $3,456.6 $1,356.5 $2,100.1 
An evaluation of the carrying value of goodwill and indefinite-lived intangibles is required to be performed on an annual basis and on an interim basis if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value.
Based on the results of the Company’s annual assessment in the fourth quarter of 2025, all reporting units with the exception of the FLIR reporting unit in the Digital Imaging segment had estimated fair values that significantly exceeded their respective carrying value. For all reporting units, including the FLIR reporting unit, there have been no events or changes in circumstances which indicate that it is more likely than not that the fair value of the reporting unit is below its carrying value. As such, no interim impairment review was required. The Company will perform its annual analysis during the fourth quarter of 2026.
Based on the results of the Company’s annual assessment in the fourth quarter of 2025, the estimated fair value of all material indefinite-lived trademarks, with the exception of the FLIR indefinite-lived trademark, significantly exceeded their respective carrying value. For all indefinite-lived trademarks, including the FLIR trademark, there have been no events or changes in circumstances which indicate that it is more likely than not that the fair value of the trademark is below its carrying value. As such, no interim impairment review was required. The Company will perform its annual analysis during the fourth quarter of 2026.