Goodwill and Other Identifiable Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Identifiable Intangible Assets

The changes in the carrying amount of goodwill by reportable segment were as follows:


In millions	December 31, 2022		Acquisitions/ divestitures		Foreign currency translation/other		September 30, 2023
Enclosures	$	414.4	$	11.5	$	(1.7)	$	424.2
Electrical & Fastening Solutions	1,052.0		371.7		—		1,423.7
Thermal Management	711.7		—		0.2		711.9
Total goodwill	$	2,178.1	$	383.2	$	(1.5)	$	2,559.8

Identifiable intangible assets consisted of the following:


	September 30, 2023						December 31, 2022
In millions	Cost		Accumulated amortization		Net		Cost		Accumulated amortization		Net
Definite-life intangibles
Customer relationships	$	1,680.2	$	(576.5)	$	1,103.7	$	1,287.6	$	(519.1)	$	768.5
Proprietary technology and patents	63.3		(19.1)		44.2		39.7		(15.2)		24.5
Other finite-lived intangible assets	18.0		(2.9)		15.1		—		—		—
Total definite-life intangibles	1,761.5		(598.5)		1,163.0		1,327.3		(534.3)		793.0
Indefinite-life intangibles
Trade names	375.4		—		375.4		273.1		—		273.1
Total intangibles	$	2,136.9	$	(598.5)	$	1,538.4	$	1,600.4	$	(534.3)	$	1,066.1

Identifiable intangible asset amortization expense was $25.6 million and $17.6 million for the three months ended September 30, 2023 and 2022, respectively, and $64.5 million and $53.1 million for the nine months ended September 30, 2023 and 2022, respectively.

Estimated future amortization expense for identifiable intangible assets during the remainder of 2023 and the next five years is as follows:


	Q4
In millions	2023		2024		2025		2026		2027		2028
Estimated amortization expense	$	25.2	$	96.6	$	94.1	$	94.1	$	94.1	$	89.8