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Goodwill and Intangible Assets (Tables) | 9 Months Ended
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Sep. 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 |  | 3 |  |  | 9 |  |  | 1 |  |  | — |  |  | 13 |
Balance as of September 30, 2024 |  | $ | 4,545 |  | $ | 1,521 |  | $ | 271 |  | $ | 58 |  | $ | 6,395
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) |  |  | September 30, 2024 |  | December 31, 2023
Customer related |  |  | $ | 1,343 |  |  | $ | 1,337 |
Patents |  |  | 225 |  |  | 225 |
Other technology-based |  |  | 376 |  |  | 375 |
Definite-lived tradenames |  |  | 489 |  |  | 489 |
Other |  |  | 48 |  |  | 48 |
Total gross carrying amount |  |  | 2,481 |  |  | 2,474 |
Accumulated amortization — customer related |  |  | (939) |  |  | (883) |
Accumulated amortization — patents |  |  | (225) |  |  | (224) |
Accumulated amortization — other technology-based |  |  | (329) |  |  | (317) |
Accumulated amortization — definite-lived tradenames |  |  | (295) |  |  | (276) |
Accumulated amortization — other |  |  | (30) |  |  | (31) |
Total accumulated amortization |  |  | (1,818) |  |  | (1,731) |
Total finite-lived intangible assets — net |  |  | 663 |  |  | 743 |
Indefinite lived intangible assets (primarily tradenames) |  |  | 579 |  |  | 580 |
Total intangible assets — net |  |  | $ | 1,242 |  |  | $ | 1,323 |
Schedule of Amortization Expense for Acquired Intangible Assets | Amortization expense follows:
|  | Three months ended September 30, |  | Nine months ended September 30, |
(Millions) |  | 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Amortization expense |  | $ | 26 |  |  | $ | 40 |  |  | $ | 80 |  |  | $ | 99 |  |  |
Schedule of Expected Amortization Expense for Acquired Amortizable Intangible Assets | Expected amortization expense for acquired amortizable intangible assets recorded as of September 30, 2024 follows:
(Millions) |  | Remainder of 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | After 2029
Amortization expense |  | $ | 27 |  |  | $ | 106 |  |  | $ | 105 |  |  | $ | 85 |  |  | $ | 59 |  |  | $ | 57 |  |  | $ | 224 |

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