Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

GOODWILL AND INTANGIBLE ASSETS

The change in the carrying amount of goodwill by segment for the nine months ended September 30, 2021 is as follows:

In millions	Freight Segment		Transit Segment		Total
Balance at December 31, 2020	$	6,872.2	$	1,613.0	$	8,485.2
Additions	214.1		—		214.1
Foreign currency impact	(9.3)		(85.3)		(94.6)
Balance at September 30, 2021	$	7,077.0	$	1,527.7	$	8,604.7

As of September 30, 2021 and December 31, 2020, the Company’s trade names had a net carrying amount of $646.9 million and $650.7 million, respectively. The Company believes these intangibles have indefinite lives, with the exception of the right to use the GE Transportation trade name, to which the Company has assigned a useful life of 5 years.

Intangible assets of the Company, other than goodwill and trade names, consist of the following:

In millions	September 30, 2021		December 31, 2020
Intellectual property, patents, and other intangibles, net of accumulated amortization of $301.1 and $223.7	$	988.6	$	1,007.6
Backlog, net of accumulated amortization of $285.5 and $206.9	1,142.7		1,224.7
Customer relationships, net of accumulated amortization of $319.3 and $276.3	1,001.6		986.2
Total	$	3,132.9	$	3,218.5

The weighted average remaining useful life of backlog, intellectual property, customer relationships and other intangible assets were 12 years, 11 years, 16 years and 8 years, respectively. The backlog intangible asset primarily consists of in-place long-term service agreements acquired by the Company in conjunction with the acquisition of GE Transportation in 2019. Amortization expense for intangible assets was $72.5 million and $214.7 million for the three and nine months ended September 30, 2021, and $70.3 million and $211.6 million for the three and nine months ended September 30, 2020, respectively.

Amortization expense for the five succeeding years is estimated to be as follows:

In millions
Remainder of 2021	$	72.9
2022	290.2
2023	289.5
2024	280.0
2025	277.4
2026	273.6