Acquisitions, Dispositions, Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure

Note 2: Acquisitions, Dispositions, Goodwill and Intangible Assets

Goodwill. Changes in our goodwill balances for the six months ended June 30, 2023 were as follows:


(dollars in millions)	Balance as of December 31, 2022		Acquisitions and Divestitures		Foreign Currency Translation and Other		Balance as of June 30, 2023
Collins Aerospace	$	30,719	$	—	$	282	$	31,001
Pratt & Whitney	1,563		—		—		1,563
Raytheon Intelligence & Space	9,841		—		—		9,841
Raytheon Missiles & Defense	11,700		—		—		11,700
Total Segments	53,823		—		282		54,105
Eliminations and other	17		—		—		17
Total	$	53,840	$	—	$	282	$	54,122

Intangible Assets. Identifiable intangible assets are comprised of the following:


	June 30, 2023				December 31, 2022
(dollars in millions)	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Amortized:


Collaboration assets	$	5,663	$	(1,531)	$	5,536	$	(1,408)
Exclusivity assets	3,151		(343)		2,911		(323)
Developed technology and other	1,220		(593)		1,202		(544)
Customer relationships	29,839		(9,836)		29,775		(8,967)
	39,873		(12,303)		39,424		(11,242)
Indefinite-lived:
Trademarks and other	8,664		—		8,641		—
Total	$	48,537	$	(12,303)	$	48,065	$	(11,242)

Amortization of intangible assets for the quarters and six months ended June 30, 2023 and 2022 was $510 million and $1,019 million and $467 million and $954 million, respectively. The following is the expected amortization of intangible assets for the remainder of 2023 through 2028:


(dollars in millions)	Remaining 2023		2024		2025		2026		2027		2028
Amortization expense	$	973	$	2,203	$	2,089	$	2,007	$	1,891	$	1,776

On July 20, 2023, we entered into a definitive agreement to sell our actuation systems portfolio within our Collins segment for approximately $1.8 billion in cash. The closing of the transaction is subject to regulatory approvals and other customary closing conditions.