Goodwill and Other Identifiable Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Carrying Amount of Goodwill by Segment

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

Schedule of Finite-Lived Intangible Assets

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

Schedule of Indefinite-Lived Intangible Assets

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

Estimated Future Amortization Expense for Identifiable Intangible Assets

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