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Goodwill and Intangible Assets | 3 Months Ended
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Mar. 31, 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 three months ended March 31, 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 | 214.6 |  |  | — |  |  | 214.6 |
Foreign currency impact | (9.0) |  |  | (65.1) |  |  | (74.1) |
Balance at March 31, 2021 | $ | 7,077.8 |  |  | $ | 1,547.9 |  |  | $ | 8,625.7 |
As of March 31, 2021 and December 31, 2020, the Company’s trade names had a net carrying amount of $659.2 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 | March 31, 2021 |  | December 31, 2020
Intellectual property, patents, and other intangibles, net of accumulated amortization of $248.6 and $223.7 | $ | 1,038.1 |  |  | $ | 1,007.6 |
Backlog, net of accumulated amortization of $231.8 and $206.9 | 1,192.6 |  |  | 1,224.7 |
Customer relationships, net of accumulated amortization of $287.4 and $276.3 | 1,037.3 |  |  | 986.2 |
Total | $ | 3,268.0 |  |  | $ | 3,218.5 |
The weighted average remaining useful life of backlog, intellectual property, customer relationships and other intangible assets were 13 years, 12 years, 17 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 $69.5 million and $69.0 million for the three months ended March 31, 2021 and 2020, respectively. Amortization expense for the five succeeding years is estimated to be as follows:
In millions |
Remainder of 2021 | $ | 217.9 |
2022 | 289.9 |
2023 | 289.3 |
2024 | 279.8 |
2025 | 277.1 |

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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 + Details
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