Goodwill and Other Identifiable Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Identifiable Intangible Assets

The changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2022 by reportable segment were as follows:


In millions	December 31, 2022		Purchase accounting adjustments		Foreign currency translation		December 31, 2023
Flow	$	747.6	$	—	$	19.5	$	767.1
Water Solutions	1,398.1		(0.8)		3.3		1,400.6
Pool	1,106.9		—		—		1,106.9
Total goodwill	$	3,252.6	$	(0.8)	$	22.8	$	3,274.6


In millions	December 31, 2021		Acquisitions		Purchase accounting adjustments		Foreign currency translation		December 31, 2022
Flow	$	782.0	$	—	$	1.0	$	(35.4)	$	747.6
Water Solutions	618.0		790.5		(0.9)		(9.5)		1,398.1
Pool	1,104.5		—		2.3		0.1		1,106.9
Total goodwill	$	2,504.5	$	790.5	$	2.4	$	(44.8)	$	3,252.6

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

Identifiable intangible assets consisted of the following at December 31:


	2023						2022
In millions	Cost		Accumulated amortization		Net		Cost		Accumulated amortization		Net
Definite-life intangibles
Customer relationships	$	1,106.2	$	(361.8)	$	744.4	$	1,100.9	$	(308.9)	$	792.0
Proprietary technology and patents	89.7		(43.2)		46.5		89.3		(35.6)		53.7
Other	—		—		—		14.4		(14.4)		—
Total finite-life intangibles	1,195.9		(405.0)		790.9		1,204.6		(358.9)		845.7
Indefinite-life intangibles
Trade names	251.5		—		251.5		248.9		—		248.9
Total intangibles	$	1,447.4	$	(405.0)	$	1,042.4	$	1,453.5	$	(358.9)	$	1,094.6

Identifiable intangible asset amortization expense in 2023, 2022 and 2021 was $55.3 million, $52.5 million and $26.3 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 charge was recorded for identifiable intangible assets in 2023 or 2021.

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


In millions	2024		2025		2026		2027		2028
Estimated amortization expense	$	54.2	$	54.2	$	52.9	$	51.6	$	49.0