| GOODWILL AND OTHER INTANGIBLE ASSETS |
NOTE 9. GOODWILL AND OTHER INTANGIBLE ASSETS
The following table summarizes the changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023:
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| In millions |
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Components |
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Accelera |
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Distribution |
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Power Systems |
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Engine |
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Total |
| Balance at December 31, 2022 |
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$ |
1,752 |
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$ |
495 |
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$ |
79 |
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$ |
11 |
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$ |
6 |
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$ |
2,343 |
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| Acquisitions |
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122 |
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— |
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4 |
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— |
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18 |
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144 |
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| Foreign currency translation and other |
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10 |
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1 |
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— |
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— |
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1 |
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12 |
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| Balance at December 31, 2023 |
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1,884 |
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496 |
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83 |
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11 |
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25 |
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2,499 |
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| Acquisitions |
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2
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—
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—
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33
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—
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35
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| Foreign currency translation and other |
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(48) |
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(2) |
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—
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—
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—
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(50) |
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Divestiture (1)
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(114) |
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—
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—
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—
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—
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(114) |
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| Balance at December 31, 2024 |
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$ |
1,724
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$ |
494
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$ |
83
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$ |
44
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$ |
25
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$ |
2,370
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(1) See NOTE 21, "ATMUS INITIAL PUBLIC OFFERING (IPO) AND DIVESTITURE," for additional information.
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Intangible assets that have finite useful lives are amortized over their estimated useful lives. The following table summarizes our other intangible assets:
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December 31, |
| In millions |
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2024 |
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2023 |
| Amortizable intangible assets |
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| Software |
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$ |
793
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$ |
622 |
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| Less: Accumulated amortization |
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(372) |
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(323) |
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| Software, net |
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421
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299 |
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| Trademarks, patents, customer relationships and other |
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2,685
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2,866 |
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| Less: Accumulated amortization |
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(819) |
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(666) |
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| Trademarks, patents, customer relationships and other, net |
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1,866
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2,200 |
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| Unamortizable other intangible assets |
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64
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20 |
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| Other intangible assets, net |
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$ |
2,351
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$ |
2,519 |
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Amortization expense for software and other intangibles totaled $324 million, $324 million and $223 million for the years ended December 31, 2024, 2023 and 2022, respectively. The projected amortization expense of our intangible assets, assuming no further acquisitions or dispositions, is as follows:
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| In millions |
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2025 |
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2026 |
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2027 |
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2028 |
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2029 |
| Projected amortization expense |
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$ |
320 |
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$ |
308 |
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$ |
293 |
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$ |
266 |
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$ |
232 |
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