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GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 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			102						—						102
Foreign currency impact			(1)						(19)						(20)
Balance at September 30, 2023			$	7,186					$	1,404					$	8,590

As of September 30, 2023 and December 31, 2022, the Company’s trade names had a net carrying amount of $612 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:

						September 30, 2023																		December 31, 2022
In millions						Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount						Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount
Backlog						$	1,428					$	(498)					$	930					$	1,425					$	(415)					$	1,010
Customer relationships						1,322						(407)						915						1,274						(362)						912
Acquired technology						1,283						(473)						810						1,273						(395)						878
Total						$	4,033					$	(1,378)					$	2,655					$	3,972					$	(1,172)					$	2,800

At September 30, 2023 the weighted average remaining useful lives of backlog, customer relationships and acquired technology were 9 years, 16 years and 7 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 $74 million and $222 million for the three and nine months ended September 30, 2023, respectively, and $73 million and $218 million for the three and nine months ended September 30, 2022, respectively.

Amortization expense for the five succeeding years is estimated to be as follows:

In millions
Remainder of 2023			$	75
2024			$	287
2025			$	270
2026			$	266
2027			$	262

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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://fasb.org/us-gaap/role/ref/legacyRef
-Topic 350
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//350/tableOfContent

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