Goodwill and Other Identifiable Intangible Assets

3 Months Ended

Mar. 31, 2024

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, 2023		Acquisitions/ divestitures		Foreign currency translation/other		March 31, 2024
Enclosures	$	430.4	$	0.3	$	(2.9)	$	427.8
Electrical & Fastening Solutions	1,427.7		3.8		—		1,431.5
Thermal Management	713.0		—		(1.1)		711.9
Total goodwill	$	2,571.1	$	4.1	$	(4.0)	$	2,571.2

Identifiable intangible assets consisted of the following:

	March 31, 2024						December 31, 2023
In millions	Cost		Accumulated amortization		Net		Cost		Accumulated amortization		Net
Definite-life intangibles
Customer relationships	$	1,681.9	$	(620.1)	$	1,061.8	$	1,684.8	$	(599.3)	$	1,085.5
Proprietary technology and patents	63.5		(22.3)		41.2		63.7		(20.8)		42.9
Other finite-lived intangible assets	18.0		(6.8)		11.2		18.0		(4.8)		13.2
Total definite-life intangibles	1,763.4		(649.2)		1,114.2		1,766.5		(624.9)		1,141.6
Indefinite-life intangibles
Trade names	375.4		—		375.4		375.4		—		375.4
Total intangibles	$	2,138.8	$	(649.2)	$	1,489.6	$	2,141.9	$	(624.9)	$	1,517.0

Identifiable intangible asset amortization expense was $25.2 million and $17.6 million for the three months ended March 31, 2024 and 2023, respectively.

Estimated future amortization expense for identifiable intangible assets during the remainder of 2024 and the next five years is as follows:

	Q2-Q4
In millions	2024		2025		2026		2027		2028		2029
Estimated amortization expense	$	71.5	$	94.3	$	94.3	$	94.2	$	90.0	$	77.5