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GOODWILL AND INTANGIBLE ASSETS | 6 Months Ended
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Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS The Company records goodwill as the excess of the purchase price over the fair value of the net assets acquired in a business combination. Goodwill is tested and reviewed annually for impairment on July 1 or whenever there is a material change in events or circumstances that indicates that the fair value of the reporting unit may be less than its carrying value. The changes in the carrying amount of goodwill were as follows:
(In millions) |  | HVAC |  | Refrigeration |  | Fire & Security |  | Total
Balance as of December 31, 2023 |  | $ | 6,407 |  |  | $ | 1,124 |  |  | $ | 458 |  |  | $ | 7,989 |
Acquisitions (1) |  | 7,572 |  |  | — |  |  | — |  |  | 7,572 |
Divestitures (2) |  | — |  |  | — |  |  | 31 |  |  | 31 |
Reclassified to held for sale (2) |  | — |  |  | 3 |  |  | (13) |  |  | (10) |
Foreign currency translation |  | (364) |  |  | (26) |  |  | 53 |  |  | (337) |
Balance as of June 30, 2024 |  | $ | 13,615 |  |  | $ | 1,101 |  |  | $ | 529 |  |  | $ | 15,245 |
(1) See Note 15 - Acquisitions for additional information. (2) See Note 16 - Divestitures for additional information. Indefinite-lived intangible assets are tested and reviewed annually for impairment on July 1 or whenever there is a material change in events or circumstances that indicates that the fair value of the asset may be less than the carrying amount of the asset. All other intangible assets with finite useful lives are amortized over their estimated useful lives. Identifiable intangible assets consisted of the following:
|  | June 30, 2024 |  | December 31, 2023
(In millions) |  | Gross Amount |  | Accumulated Amortization |  | Net Amount |  | Gross Amount |  | Accumulated Amortization |  | Net Amount
Amortized: |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships |  | $ | 5,868 |  |  | $ | (852) |  |  | $ | 5,016 |  |  | $ | 1,222 |  |  | $ | (610) |  |  | $ | 612 |
Patents and trademarks |  | 973 |  |  | (186) |  |  | 787 |  |  | 332 |  |  | (163) |  |  | 169 |
Service portfolios and other |  | 1,802 |  |  | (621) |  |  | 1,181 |  |  | 686 |  |  | (503) |  |  | 183 |
|  | 8,643 |  |  | (1,659) |  |  | 6,984 |  |  | 2,240 |  |  | (1,276) |  |  | 964 |
Unamortized: |  |  |  |  |  |  |  |  |  |  |  |
Trademarks and other |  | 64 |  |  | — |  |  | 64 |  |  | 64 |  |  | — |  |  | 64 |
Intangible assets, net |  | $ | 8,707 |  |  | $ | (1,659) |  |  | $ | 7,048 |  |  | $ | 2,304 |  |  | $ | (1,276) |  |  | $ | 1,028 |
Amortization of intangible assets was as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
(In millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Amortization expense of Intangible assets |  | $ | 218 |  |  | $ | 61 |  |  | $ | 430 |  |  | $ | 125 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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