Annual report pursuant to Section 13 and 15(d)

GOODWILL AND OTHER INTANGIBLE ASSETS

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GOODWILL AND OTHER INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2023
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, 2023 and 2022:
In millions Components Accelera Distribution Power Systems Engine Total
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 
Acquisitions 122  —  4  —  18  144 
Foreign currency translation and other 10  1  —  —  1  12 
Balance at December 31, 2023 $ 1,884  $ 496  $ 83  $ 11  $ 25  $ 2,499 
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 2023 2022
Software $ 622  $ 679 
Less: Accumulated amortization (323) (410)
Software, net 299  269 
Trademarks, patents, customer relationships and other 2,886  2,858 
Less: Accumulated amortization (666) (440)
Trademarks, patents, customer relationships and other, net 2,220  2,418 
Other intangible assets, net $ 2,519  $ 2,687 
Amortization expense for software and other intangibles totaled $324 million, $223 million and $144 million for the years ended December 31, 2023, 2022 and 2021, respectively. The projected amortization expense of our intangible assets, assuming no further acquisitions or dispositions, is as follows:
In millions 2024 2025 2026 2027 2028
Projected amortization expense $ 323  $ 299  $ 281  $ 260  $ 233