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Goodwill and Other Identifiable Intangible Assets
6 Months Ended
Jun. 30, 2017
Goodwill and Other Identifiable Intangible Assets
Goodwill and Other Identifiable Intangible Assets
The changes in the carrying amount of goodwill by segment were as follows:
In millions
December 31,
2016
Acquisitions/divestitures
Foreign currency 
translation/other 
June 30,
2017
Water
$
1,994.6

$
27.7

$
58.2

$
2,080.5

Electrical
2,222.8

5.3

5.6

2,233.7

Total goodwill
$
4,217.4

$
33.0

$
63.8

$
4,314.2


Identifiable intangible assets consisted of the following:
 
June 30,
2017
 
December 31,
2016
In millions
Cost
Accumulated
amortization
Net
 
Cost
Accumulated
amortization
Net
Finite-life intangibles
 
 
 
 
 
 
 
Customer relationships
$
1,507.6

$
(392.2
)
$
1,115.4

 
$
1,478.0

$
(346.7
)
$
1,131.3

Trade names
1.9

(1.5
)
0.4

 
1.8

(1.4
)
0.4

Proprietary technology and patents
142.8

(100.0
)
42.8

 
141.3

(100.3
)
41.0

Total finite-life intangibles
1,652.3

(493.7
)
1,158.6

 
1,621.1

(448.4
)
1,172.7

Indefinite-life intangibles
 
 
 
 
 
 
 
Trade names
465.7


465.7

 
459.1


459.1

Total intangibles, net
$
2,118.0

$
(493.7
)
$
1,624.3

 
$
2,080.2

$
(448.4
)
$
1,631.8


Intangible asset amortization expense was $24.6 million and $24.3 million for the three months ended June 30, 2017 and 2016, respectively, and $48.6 million and $48.5 million for the six months ended June 30, 2017 and 2016, respectively.
Estimated future amortization expense for identifiable intangible assets during the remainder of 2017 and the next five years is as follows:
 
Q3-Q4
 
 
 
 
 
In millions
2017
2018
2019
2020
2021
2022
Estimated amortization expense
$
48.7

$
95.4

$
88.5

$
83.4

$
77.1

$
70.0


During the first six months of 2017, we completed acquisitions with purchase prices totaling $59.5 million in cash, net of cash acquired. Identifiable intangible assets acquired included $19.1 million of definite-lived customer relationships with an estimated useful life of 11 years. The pro-forma impact of these acquisitions was not material