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Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
NOTE 5. Goodwill and Intangible Assets
Goodwill: The change in the carrying amount of goodwill by business segment was as follows:
(Millions)Safety and IndustrialTransportation and ElectronicsConsumer
Corporate and Unallocated and Other
Total Company
Balance as of December 31, 2022$4,509$1,501$265$62$6,337
Divestiture activity———(4)(4)
Translation and other33115—49
Balance as of December 31, 20234,5421,512270586,382
Translation and other(73)(16)(12)— (101)
Balance as of December 31, 2024$4,469$1,496$258$58$6,281
The amounts in the “Translation and other” row in the above table primarily relate to changes in foreign currency exchange rates.
As of December 31, 2024, the Company's accumulated goodwill impairment loss is $0.3 billion.
The Company completed its annual goodwill impairment test in the fourth quarter of 2024 for all reporting units and determined that no impairment existed.
As discussed in Note 18, in December 2022, as a result of 3M's commitment to a plan to exit per- and polyfluoroalkyl substance (PFAS) manufacturing, 3M recorded a goodwill impairment charge of $0.3 billion related to the Advanced Materials reporting unit (within the Transportation and Electronics business) resulting in no remaining goodwill for that reporting unit.
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:
December 31,
(Millions)20242023
Customer related (original lives largely 11 to 19 years)
$1,319 $1,337 
Patents (original lives largely 9 to 13 years)
207 225 
Other technology-based (original lives largely 6 to 20 years)
371 375 
Definite-lived tradenames (original lives largely 6 to 20 years)
487 489 
Other (original lives largely 10 years)
47 48 
Total gross carrying amount
2,431 2,474 
Accumulated amortization — customer related(935)(883)
Accumulated amortization — patents (207)(224)
Accumulated amortization — other technology-based(328)(317)
Accumulated amortization — definite-lived tradenames(300)(276)
Accumulated amortization — other (30)(31)
Total accumulated amortization (1,800)(1,731)
Total finite-lived intangible assets — net 631 743 
Indefinite lived intangible assets (primarily tradenames)
579 580 
Total intangible assets — net$1,210 $1,323 
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.
n December 2022, as a result of 3M's commitment to a plan to exit per- and polyfluoroalkyl substance (PFAS) manufacturing, 3M recorded a charge in the fourth quarter of 2022 related to impairment of long-lived assets and an immaterial charge related to impairment of indefinite-lived assets.
Amortization expense follows:
Year ended December 31,
(Millions)202420232022
Amortization expense $108 $127 $125 
Expected amortization expense for acquired amortizable intangible assets recorded as of December 31, 2024 follows:
(Millions)20252026202720282029
After 2029
Amortization expense$104 $103 $85 $59 $57 $223 
3M expenses the costs incurred to renew or extend the term of intangible assets.