XML 27 R10.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

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.

X
- References No definition available. + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration