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GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

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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- References

No definition available.

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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

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