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Goodwill and Intangible Assets | 6 Months Ended
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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 |

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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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