Goodwill and other intangible assets

6 Months Ended

Jun. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Note 13. Goodwill and other intangible assets

A reconciliation of the change in the carrying value of goodwill is as follows (in millions).


	June 30, 2017		December 31, 2016
Balance at beginning of year	$	79,486	$	62,708
Acquisitions of businesses		616		17,650
Other, including foreign currency translation		73		(872	)

Balance at end of period	$	80,175	$	79,486

Other intangible assets are summarized as follows (in millions).


	June 30, 2017				December 31, 2016
	Gross carrying amount		Accumulated amortization		Gross carrying amount		Accumulated amortization
Insurance and other		$40,419		$7,199		$39,976		$6,495
Railroad, utilities and energy		903		312		898		293

		$41,322		$7,511		$40,874		$6,788

Trademarks and trade names		$ 5,275		$ 653		$ 5,175		$ 616
Patents and technology		4,435		2,512		4,341		2,328
Customer relationships		28,457		3,299		28,243		2,879
Other		3,155		1,047		3,115		965

		$41,322		$7,511		$40,874		$6,788

Amortization expense in the first six months was $740 million in 2017 and $716 million in 2016. Intangible assets with indefinite lives were approximately $18.8 billion as of June 30, 2017 and $18.7 billion as of December 31, 2016.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details