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GOODWILL AND INTANGIBLE ASSETS | 6 Months Ended
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Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS The change in the carrying amount of goodwill by segment is as follows:
In millions | Freight Segment |  | Transit Segment |  | Total
Balance at December 31, 2022 | $ | 7,085 |  |  | $ | 1,423 |  |  | $ | 8,508 |
Additions/adjustments | 109 |  |  | — |  |  | 109 |
Foreign currency impact | 15 |  |  | 25 |  |  | 40 |
Balance at June 30, 2023 | $ | 7,209 |  |  | $ | 1,448 |  |  | $ | 8,657 |
As of June 30, 2023 and December 31, 2022, the Company’s trade names had a net carrying amount of $626 million and $602 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:
|  | June 30, 2023 |  | December 31, 2022
In millions |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Backlog |  | $ | 1,432 |  |  | $ | (472) |  |  | $ | 960 |  |  | $ | 1,425 |  |  | $ | (415) |  |  | $ | 1,010 |
Customer relationships |  | 1,325 |  |  | (396) |  |  | 929 |  |  | 1,274 |  |  | (362) |  |  | 912 |
Acquired technology |  | 1,290 |  |  | (446) |  |  | 844 |  |  | 1,273 |  |  | (395) |  |  | 878 |
Total |  | $ | 4,047 |  |  | $ | (1,314) |  |  | $ | 2,733 |  |  | $ | 3,972 |  |  | $ | (1,172) |  |  | $ | 2,800 |
At June 30, 2023 the weighted average remaining useful lives of backlog, customer relationships and acquired technology were 9 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. Amortization expense for intangible assets was $73 million and $148 million for the three and six months ended June 30, 2023, respectively, and $72 million and $145 million for the three and six months ended June 30, 2022, respectively. Amortization expense for the five succeeding years is estimated to be as follows:
In millions |
Remainder of 2023 | $ | 149 |
2024 | $ | 288 |
2025 | $ | 271 |
2026 | $ | 267 |
2027 | $ | 263 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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