Goodwill and Other Identifiable Intangible Assets

3 Months Ended

Mar. 31, 2022

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, 2021		Purchase Accounting Adjustments		Foreign  currency  translation		March 31, 2022
Consumer Solutions	$	1,722.5	$	1.0	$	(3.4)	$	1,720.1
Industrial & Flow Technologies	782.0		0.4		(9.1)		773.3
Total goodwill	$	2,504.5	$	1.4	$	(12.5)	$	2,493.4

Identifiable intangible assets consisted of the following:

	March 31, 2022						December 31, 2021
In millions	Cost		Accumulated amortization		Net		Cost		Accumulated amortization		Net
Definite-life intangibles
Customer relationships	$	556.8	$	(323.7)	$	233.1	$	558.8	$	(320.1)	$	238.7
Proprietary technology and patents	46.1		(32.7)		13.4		46.3		(32.1)		14.2
Total definite-life intangibles	602.9		(356.4)		246.5		605.1		(352.2)		252.9
Indefinite-life intangibles
Trade names	173.5		—		173.5		175.1		—		175.1
Total intangibles	$	776.4	$	(356.4)	$	420.0	$	780.2	$	(352.2)	$	428.0

Identifiable intangible asset amortization expense was $6.6 million and $7.1 million for the three months ended March 31, 2022 and 2021, respectively.

Estimated future amortization expense for identifiable intangible assets during the remainder of 2022 and the next five years is as follows:

	Q2-Q4
	2022		2023		2024		2025		2026		2027
Estimated amortization expense	$	16.8	$	21.0	$	20.5	$	20.5	$	19.2	$	17.9