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GOODWILL AND INTANGIBLE ASSETS (Tables) | 6 Months Ended
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Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Goodwill | 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.
Schedule of Finite-Live Intangible Assets | 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 |
Schedule of Indefinite-Lived Intangible Assets | 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 |
Schedule of Amortization of Intangible Assets | 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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