Annual report pursuant to Section 13 and 15(d)

GOODWILL AND OTHER INTANGIBLE ASSETS

v3.22.4
GOODWILL AND OTHER INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND OTHER INTANGIBLE ASSETS
NOTE 10. GOODWILL AND OTHER INTANGIBLE ASSETS
The following table summarizes the changes in the carrying amount of goodwill for the years ended December 31, 2022 and 2021:
In millions Components New Power Distribution Power Systems Engine Total
Balance at December 31, 2020 $ 941  $ 257  $ 79  $ 10  $ 6  $ 1,293 
Acquisitions —  —  —  2  —  2 
Foreign currency translation and other (7) —  —  (1) —  (8)
Balance at December 31, 2021 934  257  79  11  6  1,287 
Acquisitions 835  237  —  —  —  1,072 
Foreign currency translation and other (17) 1  —  —  —  (16)
Balance at December 31, 2022 $ 1,752  $ 495  $ 79  $ 11  $ 6  $ 2,343 
Intangible assets that have finite useful lives are amortized over their estimated useful lives. The following table summarizes our other intangible assets with finite useful lives that are subject to amortization:
  December 31,
In millions 2022 2021
Software $ 679  $ 586 
Less: Accumulated amortization (410) (314)
Software, net 269  272 
Trademarks, patents, customer relationships and other 2,858  957 
Less: Accumulated amortization (440) (329)
Trademarks, patents, customer relationships and other, net 2,418  628 
Other intangible assets, net $ 2,687  $ 900 
Amortization expense for software and other intangibles totaled $223 million, $144 million and $165 million for the years ended December 31, 2022, 2021 and 2020, respectively. The projected amortization expense of our intangible assets, assuming no further acquisitions or dispositions, is as follows:
In millions 2023 2024 2025 2026 2027
Projected amortization expense $ 315  $ 304  $ 274  $ 252  $ 231