Goodwill and Intangible Assets

6 Months Ended

Jun. 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 six months ended June 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 / opening balance sheet adjustments	214.2		—		214.2
Foreign currency impact	2.8		(49.0)		(46.2)
Balance at June 30, 2021	$	7,089.2	$	1,564.0	$	8,653.2

As of June 30, 2021 and December 31, 2020, the Company’s trade names had a net carrying amount of $660.6 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	June 30, 2021		December 31, 2020
Intellectual property, patents, and other intangibles, net of accumulated amortization of $274.9 and $223.7	$	1,015.6	$	1,007.6
Backlog, net of accumulated amortization of $259.2 and $206.9	1,173.0		1,224.7
Customer relationships, net of accumulated amortization of $306.4 and $276.3	1,026.8		986.2
Total	$	3,215.4	$	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 $72.7 million and $142.2 million for the three and six months ended June 30, 2021 and $72.3 million and $141.3 million for the three and six months ended June 30, 2020, respectively.

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

In millions
Remainder of 2021	$	145.5
2022	290.3
2023	289.6
2024	280.1
2025	277.5