Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Note 3: Goodwill and Intangible Assets

Goodwill. Changes in our goodwill balances for the nine months ended September 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 September 30, 2024
Collins Aerospace (1)	$	33,135	$	(264)	$	321	$	33,192
Pratt & Whitney	1,563		—		—		1,563
Raytheon	18,984		—		3		18,987
Total Segments	53,682		(264)		324		53,742
Eliminations and other	17		—		—		17
Total	$	53,699	$	(264)	$	324	$	53,759

(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:


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


Collaboration assets	$	6,004	$	(1,910)	$	5,810	$	(1,688)
Exclusivity assets	3,665		(378)		3,460		(352)
Developed technology and other	1,213		(699)		1,219		(635)
Customer relationships	29,606		(12,024)		29,605		(10,683)
	40,488		(15,011)		40,094		(13,358)
Indefinite-lived:
Trademarks and other	8,682		—		8,663		—
Total	$	49,170	$	(15,011)	$	48,757	$	(13,358)

Amortization of intangible assets for the quarters and nine months ended September 30, 2024 and 2023 was $560 million and $1,620 million and $545 million and $1,564 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	$	550	$	2,107	$	2,024	$	1,908	$	1,824	$	1,642