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Goodwill and Intangible Assets (Tables) | 6 Months Ended
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Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Schedule of Goodwill | 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
Schedule of 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 |
Schedule of Amortization Expense for Acquired Intangible Assets | Amortization expense follows:
|  | Three months ended June 30, |  | Six months ended June 30, |
(Millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Amortization expense |  | $ | 27 |  |  | $ | 29 |  |  | $ | 54 |  |  | $ | 59 |  |  |
Schedule of Expected Amortization Expense for Acquired Amortizable Intangible Assets | 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 |

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