Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

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