GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

Changes in the carrying amount of goodwill by segment are as follows:

(In millions)	January 1, 2022		Additions		Translation		December 31, 2022		Translation		December 31, 2023
Electrical Americas	$	7,417	$	5	$	(19)	$	7,402	$	13	$	7,415
Electrical Global	4,183		2		(255)		3,929		109		4,038
Aerospace	2,781		184		(122)		2,844		57		2,901
Vehicle	290		—		(2)		287		2		289
eMobility	80		255		(1)		334		1		334
Total	$	14,751	$	445	$	(400)	$	14,796	$	181	$	14,977

The 2022 additions to goodwill relate primarily to the anticipated synergies of acquiring Royal Power Solutions and Mission Systems.

A summary of other intangible assets is as follows:

	December 31
	2023				2022
(In millions)	Historical cost		Accumulated amortization		Historical cost		Accumulated amortization
Intangible assets not subject to amortization
Trademarks	$	1,207			$	1,201
Intangible assets subject to amortization
Customer relationships	$	4,742	$	2,423	$	4,677	$	2,156
Patents and technology	1,990		948		1,987		830
Trademarks	1,123		642		1,113		570
Other	176		133		175		111
Total intangible assets subject to amortization	$	8,031	$	4,146	$	7,952	$	3,667

Amortization expense related to intangible assets subject to amortization in 2023, and estimated amortization expense for each of the next five years, is as follows:

(In millions)
2023	$	432
2024	406
2025	401
2026	385
2027	376
2028	315