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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 change in the carrying amount of goodwill by segment is as follows:
In millionsFreight SegmentTransit SegmentTotal
Balance at December 31, 2023$7,294 $1,486 $8,780 
Additions/adjustments2 — 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, 2024December 31, 2023
In millionsGross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Backlog$1,421 $(577)$844 $1,431 $(526)$905 
Customer relationships1,316 (458)858 1,333 (431)902 
Acquired technology1,285 (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