Goodwill and Other Identifiable Intangible Assets

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Identifiable Intangible Assets

Goodwill and Other Identifiable Intangible Assets

The changes in the carrying amount of goodwill by reportable segment were as follows:

In millions	December 31, 2020		Purchase Accounting Adjustments		Acquisitions		Foreign currency  translation/other		June 30, 2021
Consumer Solutions	$	1,580.5	$	(2.8)	$	29.3	$	(3.5)	$	1,603.5
Industrial & Flow Technologies	811.7		—		—		(13.1)		798.6
Total goodwill	$	2,392.2	$	(2.8)	$	29.3	$	(16.6)	$	2,402.1

Identifiable intangible assets consisted of the following:

	June 30, 2021						December 31, 2020
In millions	Cost		Accumulated amortization		Net		Cost		Accumulated amortization		Net
Definite-life intangibles
Customer relationships	$	470.1	$	(316.5)	$	153.6	$	435.9	$	(308.1)	$	127.8
Proprietary technology and patents	46.9		(30.9)		16.0		46.9		(29.4)		17.5
Total definite-life intangibles	517.0		(347.4)		169.6		482.8		(337.5)		145.3
Indefinite-life intangibles
Trade names	178.8		—		178.8		180.6		—		180.6
Total intangibles	$	695.8	$	(347.4)	$	348.4	$	663.4	$	(337.5)	$	325.9

Identifiable intangible asset amortization expense was $6.3 million and $7.0 million for the three months ended June 30, 2021 and 2020, respectively, and $13.4 million and $14.6 million for the six months ended June 30, 2021 and 2020, respectively.

Estimated future amortization expense for identifiable intangible assets during the remainder of 2021 and the next five years is as follows:

	Q3 - Q4
	2021		2022		2023		2024		2025		2026
Estimated amortization expense	$	12.2	$	17.7	$	15.5	$	15.0	$	15.0	$	13.7