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Intangibles

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangibles

INTANGIBLES

The change in the carrying amount of goodwill by segment for the six months ended June 30, 2020 is as follows:

In millions			Freight Segment						Transit Segment						Total
Balance at December 31, 2019			$	6,876.6					$	1,484.0					$	8,360.6
Additions / opening balance sheet adjustments			(3.5)						—						(3.5)
Foreign currency impact			(36.8)						(10.4)						(47.2)
Balance at June 30, 2020			$	6,836.3					$	1,473.6					$	8,309.9

As of June 30, 2020 and December 31, 2019, the Company’s trade names had a net carrying amount of $614.3 million and $623.1 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, 2020						December 31, 2019
Intellectual property, patents, and other intangibles, net of accumulated amortization of $173.1 and $123.8			$	1,058.4					$	1,108.9
Backlog, net of accumulated amortization of $149.2 and $92.0			1,277.4						1,342.1
Customer relationships, net of accumulated amortization of $236.5 and $212.9			985.3						1,029.9
Total			$	3,321.1					$	3,480.9

The weighted average remaining useful life of backlog, intellectual property, customer relationships and other intangibles were 13 years, 12 years, 17 years and 9 years, respectively. The backlog intangible primarily consists of in-place long-term service agreements acquired by the Company in conjunction with the acquisition of GE Transportation. Amortization expense for intangible assets was $72.3 million and $141.3 million for the three and six months ended June 30, 2020 and $66.0 million and $93.4 million for the three and six months ended June 30, 2019, respectively.

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

In millions
Remainder of 2020			$	139.8
2021			277.7
2022			277.1
2023			276.7
2024			267.2

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- References

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-URI http://asc.fasb.org/topic&trid=2144416

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