Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Note 3: Goodwill and Intangible Assets

Goodwill. Changes in our goodwill balances for the six months ended June 30, 2024 were as follows:


(dollars in millions)	Balance as of December 31, 2023		Acquisitions and Divestitures		Foreign Currency Translation and Other		Balance as of June 30, 2024
Collins Aerospace (1)	$	33,135	$	(263)	$	(91)	$	32,781
Pratt & Whitney	1,563		—		—		1,563
Raytheon	18,984		—		2		18,986
Total Segments	53,682		(263)		(89)		53,330
Eliminations and other	17		—		—		17
Total	$	53,699	$	(263)	$	(89)	$	53,347

(1) The reduction in Acquisitions and Divestitures includes the reclassification of goodwill to held for sale assets.

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


	June 30, 2024				December 31, 2023
(dollars in millions)	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
Amortized:


Collaboration assets	$	5,947	$	(1,816)	$	5,810	$	(1,688)
Exclusivity assets	3,581		(365)		3,460		(352)
Developed technology and other	1,203		(670)		1,219		(635)
Customer relationships	29,516		(11,547)		29,605		(10,683)
	40,247		(14,398)		40,094		(13,358)
Indefinite-lived:
Trademarks and other	8,654		—		8,663		—
Total	$	48,901	$	(14,398)	$	48,757	$	(13,358)

Amortization of intangible assets for the quarters and six months ended June 30, 2024 and 2023 was $534 million and $1,060 million and $510 million and $1,019 million, respectively. The following is the expected amortization of intangible assets for the remainder of 2024 through 2029:


(dollars in millions)	Remaining 2024		2025		2026		2027		2028		2029
Amortization expense	$	1,157	$	2,074	$	1,993	$	1,878	$	1,795	$	1,616