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GOODWILL AND INTANGIBLE ASSETS | 6 Months Ended
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Jun. 30, 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 | 2 |  |  | — |  |  | 2 |
Foreign currency impact | (29) |  |  | (47) |  |  | (76) |
Balance at June 30, 2024 | $ | 7,267 |  |  | $ | 1,439 |  |  | $ | 8,706 |
As of June 30, 2024 and December 31, 2023, the Company’s trade names had a net carrying amount of $597 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 and has been fully amortized. Intangible assets of the Company, other than goodwill and trade names, consist of the following:
|  | June 30, 2024 |  | December 31, 2023
In millions |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Backlog |  | $ | 1,421 |  |  | $ | (577) |  |  | $ | 844 |  |  | $ | 1,431 |  |  | $ | (526) |  |  | $ | 905 |
Customer relationships |  | 1,316 |  |  | (458) |  |  | 858 |  |  | 1,333 |  |  | (431) |  |  | 902 |
Acquired technology |  | 1,285 |  |  | (553) |  |  | 732 |  |  | 1,283 |  |  | (497) |  |  | 786 |
Total |  | $ | 4,022 |  |  | $ | (1,588) |  |  | $ | 2,434 |  |  | $ | 4,047 |  |  | $ | (1,454) |  |  | $ | 2,593 |
At June 30, 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 $71 million and $145 million for the three and six months ended June 30, 2024, respectively, and $73 million and $148 million for the three and six months ended June 30, 2023, respectively. Amortization expense for the five succeeding years is estimated to be as follows:
In millions |
Remainder of 2024 | $ | 143 |
2025 | $ | 272 |
2026 | $ | 267 |
2027 | $ | 261 |
2028 | $ | 260 |

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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 + Details
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