42 Eme r s on 2013 Ann u al R e por t The change in the carrying value of goodwill by business segment follows Cumulative pretax impairment charges in Network Power total 11 billion commercial process industrial network climate residential management automation power technologies solutions total Balance September 30 2011 2368 1393 3990 483 537 8771 Acquisitions 5 62 27 94 Divestitures 102 102 Impairment 592 592 Foreign currency translation and other 6 55 93 9 6 145 Balance September 30 2012 2379 1338 3367 501 441 8026 Acquisitions 11 11 Divestitures 40 2 42 Impairment 528 528 Foreign currency translation and other 7 14 33 2 42 Balance September 30 2013 2383 1352 2832 503 439 7509 The gross carrying amount and accumulated amortization of identifable intangible assets by major class follow customer relationships intellectual property capitalized software total 2012 2013 2012 2013 2012 2013 2012 2013 Gross carrying amount 1537 1482 1125 1023 1046 1110 3708 3615 Less Accumulated amortization 459 533 606 565 805 845 1870 1943 Net carrying amount 1078 949 519 458 241 265 1838 1672 Total intangible asset amortization expense for 2013 2012 and 2011 was 298 318 and 345 respectively Based on intangible asset balances as of September 30 2013 amortization expense is expected to approximate 292 in 2014 264 in 2015 224 in 2016 199 in 2017 and 163 in 2018 7 Financial i nstruments h edging a ctivities As of September 30 2013 the notional amount of foreign currency hedge positions was approximately 15 billion while commodity hedge contracts totaled approximately 62 million pounds 175 of copper and aluminum All derivatives receiving deferral accounting are cash fow hedges The majority of hedging gains and losses deferred as of September 30 2013 are expected to be recognized over the next 12 months as the underlying forecasted transactions occur Gains and losses on foreign currency derivatives reported in other deductions net refect hedges of balance sheet exposures that do not receive deferral accounting Amounts included in earnings and other comprehensive income follow gain loss to earnings gain loss to other comprehensive income 2011 2012 2013 2011 2012 2013 Location Commodity Cost of sales 52 42 15 58 43 22 Foreign currency Sales cost of sales 33 8 24 14 58 4 Foreign currency Other deductions net 9 45 5 Total 94 11 4 72 101 18 Regardless of whether derivatives receive deferral accounting the Company expects hedging gains or losses to be essentially offset by losses or gains on the related underlying exposures The amounts ultimately recognized will differ from those presented above for open positions which remain subject to ongoing market price fuctuations until settlement Derivatives receiving deferral accounting are highly effective and no amounts were excluded from the assessment of hedge effectiveness Hedge ineffectiveness was immaterial in 2013 2012 and 2011