XML 24 R13.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

GOODWILL AND INTANGIBLE ASSETS | 3 Months Ended
--- | ---
Mar. 31, 2024
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, 2023 | $ | 7,294 |  |  | $ | 1,486 |  |  | $ | 8,780 |
Additions/adjustments | (1) |  |  | — |  |  | (1) |
Foreign currency impact | (14) |  |  | (35) |  |  | (49) |
Balance at March 31, 2024 | $ | 7,279 |  |  | $ | 1,451 |  |  | $ | 8,730 |
As of March 31, 2024 and December 31, 2023, the Company’s trade names had a net carrying amount of $600 million and $612 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 had assigned a useful life of 5 years. As of March 31, 2024, the GE Transportation trade name has been fully amortized. Intangible assets of the Company, other than goodwill and trade names, consist of the following:
|  | March 31, 2024 |  | December 31, 2023
In millions |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Backlog |  | $ | 1,428 |  |  | $ | (552) |  |  | $ | 876 |  |  | $ | 1,431 |  |  | $ | (526) |  |  | $ | 905 |
Customer relationships |  | 1,322 |  |  | (444) |  |  | 878 |  |  | 1,333 |  |  | (431) |  |  | 902 |
Acquired technology |  | 1,287 |  |  | (526) |  |  | 761 |  |  | 1,283 |  |  | (497) |  |  | 786 |
Total |  | $ | 4,037 |  |  | $ | (1,522) |  |  | $ | 2,515 |  |  | $ | 4,047 |  |  | $ | (1,454) |  |  | $ | 2,593 |
At March 31, 2024 the weighted average remaining useful lives of backlog, customer relationships and acquired technology were 8 years, 15 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 $75 million for the three months ended March 31, 2024 and 2023, respectively. Amortization expense for the five succeeding years is estimated to be as follows:
In millions |
Remainder of 2024 | $ | 215 |
2025 | $ | 272 |
2026 | $ | 267 |
2027 | $ | 262 |
2028 | $ | 261 |

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration