Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

NOTE 5. Goodwill and Intangible Assets

The change in the carrying amount of goodwill by business segment was as follows:

(Millions)	Safety and Industrial		Transportation and Electronics		Consumer		Corporate and Unallocated		Total Company
Balance as of December 31, 2023	$	4,542	$	1,512	$	270	$	58	$	6,382
Translation and other	(42)		(10)		(12)		—		(64)
Balance as of June 30, 2024	$	4,500	$	1,502	$	258	$	58	$	6,318

The amounts in the “Translation and other” row in the above table primarily relate to changes in foreign currency exchange rates.

As of June 30, 2024, the Company's accumulated goodwill impairment loss is $0.3 billion.

Acquired Intangible Assets: The carrying amount and accumulated amortization of acquired finite-lived intangible assets, in addition to the balance of non-amortizable intangible assets follow:

(Millions)	June 30, 2024		December 31, 2023
Customer related	$	1,328	$	1,337
Patents	224		225
Other technology-based	373		375
Definite-lived tradenames	488		489
Other	46		48
Total gross carrying amount	2,459		2,474
Accumulated amortization — customer related	(910)		(883)
Accumulated amortization — patents	(223)		(224)
Accumulated amortization — other technology-based	(322)		(317)
Accumulated amortization — definite-lived tradenames	(288)		(276)
Accumulated amortization — other	(30)		(31)
Total accumulated amortization	(1,773)		(1,731)
Total finite-lived intangible assets — net	686		743
Indefinite lived intangible assets (primarily tradenames)	580		580
Total intangible assets — net	$	1,266	$	1,323

Certain tradenames acquired by 3M are not amortized because they have been in existence for over 60 years, have a history of leading-market share positions, have been and are intended to be continuously renewed, and the associated products of which are expected to generate cash flows for 3M for an indefinite period of time.

Amortization expense follows:

	Three months ended June 30,				Six months ended June 30,
(Millions)	2024		2023		2024		2023
Amortization expense	$	27	$	29	$	54	$	59

Expected amortization expense for acquired amortizable intangible assets recorded as of June 30, 2024 follows:

(Millions)	Remainder of 2024		2025		2026		2027		2028		2029		After 2029
Amortization expense	$	52	$	105	$	104	$	85	$	59	$	57	$	224

3M expenses the costs incurred to renew or extend the term of intangible assets.