Goodwill and Other Identifiable Intangible Assets

12 Months Ended

Dec. 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 for the years ended December 31, 2022 and 2021 by reportable segment were as follows:

In millions	December 31, 2021		Acquisitions		Purchase accounting adjustments		Foreign  currency translation		December 31, 2022
Consumer Solutions	$	1,722.5	$	790.5	$	1.4	$	(9.4)	$	2,505.0
Industrial & Flow Technologies	782.0		—		1.0		(35.4)		747.6
Total goodwill	$	2,504.5	$	790.5	$	2.4	$	(44.8)	$	3,252.6

In millions	December 31, 2020		Acquisitions		Purchase accounting adjustments		Foreign currency translation		December 31, 2021
Consumer Solutions	$	1,580.5	$	152.9	$	(1.2)	$	(9.7)	$	1,722.5
Industrial & Flow Technologies	811.7		13.6		—		(43.3)		782.0
Total goodwill	$	2,392.2	$	166.5	$	(1.2)	$	(53.0)	$	2,504.5

There has been no impairment of goodwill for any of the years presented.

Identifiable intangible assets consisted of the following at December 31:

	2022						2021
In millions	Cost		Accumulated amortization		Net		Cost		Accumulated amortization		Net
Definite-life intangibles
Customer relationships	$	1,100.9	$	(308.9)	$	792.0	$	558.8	$	(320.1)	$	238.7
Proprietary technology and patents	89.3		(35.6)		53.7		46.3		(32.1)		14.2
Other	14.4		(14.4)		—		—		—		—
Total finite-life intangibles	1,204.6		(358.9)		845.7		605.1		(352.2)		252.9
Indefinite-life intangibles
Trade names	248.9		—		248.9		175.1		—		175.1
Total intangibles	$	1,453.5	$	(358.9)	$	1,094.6	$	780.2	$	(352.2)	$	428.0

Identifiable intangible asset amortization expense in 2022, 2021 and 2020 was $52.5 million, $26.3 million and $28.4 million, respectively.

An impairment charge of $2.7 million was recorded in 2022 related to the write-off of a proprietary technology intangible asset as a result of a business exit announced in the fourth quarter of 2022. No impairment charges were recorded for identifiable intangible assets in 2021 or 2020.

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

In millions	2023		2024		2025		2026		2027
Estimated amortization expense	$	54.6	$	54.1	$	54.1	$	52.8	$	51.5