Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

NOTE 4. 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		Health Care		Consumer		Total Company
Balance as of December 31, 2023	$	4,542	$	1,512	$	6,603	$	270	$	12,927
Translation and other	(33)		(7)		(71)		(7)		(118)
Balance as of March 31, 2024	$	4,509	$	1,505	$	6,532	$	263	$	12,809

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

As of March 31, 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)	March 31, 2024		December 31, 2023
Customer related	$	4,061	$	4,073
Patents	419		420
Other technology-based	2,075		2,077
Definite-lived tradenames	1,165		1,166
Other	75		78
Total gross carrying amount	7,795		7,814
Accumulated amortization — customer related	(2,009)		(1,966)
Accumulated amortization — patents	(418)		(419)
Accumulated amortization — other technology-based	(1,222)		(1,178)
Accumulated amortization — definite-lived tradenames	(591)		(575)
Accumulated amortization — other	(56)		(57)
Total accumulated amortization	(4,296)		(4,195)
Total finite-lived intangible assets — net	3,499		3,619
Indefinite lived intangible assets (primarily tradenames)	606		607
Total intangible assets — net	$	4,105	$	4,226

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 March 31,
(Millions)	2024		2023
Amortization expense	$	114	$	122

Expected amortization expense for acquired amortizable intangible assets recorded as of March 31, 2024 follows:

(Millions)	Remainder of 2024		2025		2026		2027		2028		2029		After 2029
Amortization expense	$	339	$	422	$	417	$	393	$	366	$	329	$	1,233

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