XML 24 R9.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Goodwill and Intangible Assets | 12 Months Ended
--- | ---
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 3: GOODWILL AND INTANGIBLE ASSETS Goodwill. Changes in our goodwill balances for the year ended December 31, 2023 were as follows:
(dollars in millions) | Balance as of December 31, 2022 |  | Acquisitions and Divestitures |  | Foreign currency translation and other |  | Balance as of December 31, 2023 |  |
Collins Aerospace | $ | 32,846 |  |  | $ | (3) |  |  | $ | 292 |  |  | $ | 33,135 |  |  |
Pratt & Whitney | 1,563 |  |  | — |  |  | — |  |  | 1,563 |  |  |
Raytheon (1) | 19,414 |  |  | (430) |  |  | — |  |  | 18,984 |  |  |
Total Segments | 53,823 |  |  | (433) |  |  | 292 |  |  | 53,682 |  |  |
Eliminations and other | 17 |  |  | — |  |  | — |  |  | 17 |  |  |
Total | $ | 53,840 |  |  | $ | (433) |  |  | $ | 292 |  |  | $ | 53,699 |  |  |
(1) The $430 million reduction in Acquisition and Divestitures reflects the reclassification of goodwill to held for sale assets as a result of our definitive agreement to sell our CIS business. See “Note 2: Acquisitions and Dispositions” for additional information. The Company reviews goodwill for impairment annually or more frequently if events or changes in circumstances indicate the asset might be impaired. Effective July 1, 2023, we implemented a new organizational structure resulting in a change from four principal business segments to three principal business segments. As a result, we reassigned goodwill and customer relationship intangibles to our new segment structure. Goodwill was reassigned on a relative fair value basis, and we tested goodwill related to the impacted reporting units immediately before and after the reassignment and determined that no impairment existed. We completed our annual goodwill impairment testing as of October 1, 2023 and determined that no adjustments to the carrying value of goodwill were necessary. We assessed all of our reporting units using qualitative factors to determine whether it was more likely than not that any individual reporting unit’s fair value is less than its carrying value (step 0) and determined that no further testing was required. Intangible Assets. Identifiable intangible assets are comprised of the following:
| 2023 |  | 2022
(dollars in millions) | Gross Amount |  | Accumulated Amortization |  | Gross Amount |  | Accumulated Amortization
Amortized: |  |  |  |  |  |  |
Collaboration assets | $ | 5,810 |  |  | $ | (1,688) |  |  | $ | 5,536 |  |  | $ | (1,408) |
Exclusivity assets | 3,460 |  |  | (352) |  |  | 2,911 |  |  | (323) |
Developed technology and other | 1,219 |  |  | (635) |  |  | 1,202 |  |  | (544) |
Customer relationships | 29,605 |  |  | (10,683) |  |  | 29,775 |  |  | (8,967) |
| 40,094 |  |  | (13,358) |  |  | 39,424 |  |  | (11,242) |
Indefinite-lived: |  |  |  |  |  |  |
Trademarks and other | 8,663 |  |  | — |  |  | 8,641 |  |  | — |
Total | $ | 48,757 |  |  | $ | (13,358) |  |  | $ | 48,065 |  |  | $ | (11,242) |
We also completed our annual indefinite-lived intangible assets impairment testing as of October 1, 2023 and determined that no adjustments to the carrying value of these assets were necessary. Amortization of intangible assets was $2,085 million, $1,957 million, and $2,439 million in 2023, 2022, and 2021, respectively. The following is the expected amortization of intangible assets for 2024 through 2028:
(dollars in millions) | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028
Amortization expense | $2,193 |  | $2,079 |  | $2,005 |  | $1,887 |  | $1,811

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