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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | NOTE 3: GOODWILL AND INTANGIBLE ASSETS Goodwill. Changes in our goodwill balances for the year ended December 31, 2024 were as follows:
(dollars in millions) | Balance as of December 31, 2023 |  | Acquisitions and Divestitures |  | Foreign Currency Translation and Other |  | Balance as of December 31, 2024 |  |
Collins Aerospace (1) | $ | 33,135 |  |  | $ | (676) |  |  | $ | (236) |  |  | $ | 32,223 |  |  |
Pratt & Whitney | 1,563 |  |  | — |  |  | — |  |  | 1,563 |  |  |
Raytheon | 18,984 |  |  | — |  |  | 2 |  |  | 18,986 |  |  |
Total Segments | 53,682 |  |  | (676) |  |  | (234) |  |  | 52,772 |  |  |
Eliminations and other | 17 |  |  | — |  |  | — |  |  | 17 |  |  |
Total | $ | 53,699 |  |  | $ | (676) |  |  | $ | (234) |  |  | $ | 52,789 |  |  |
(1) The reduction in Acquisitions and Divestitures includes the reclassification of goodwill to held for sale assets. The Company reviews goodwill for impairment annually or more frequently if events or changes in circumstances indicate the asset might be impaired. We completed our annual goodwill impairment testing as of October 1, 2024 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:
| 2024 |  | 2023
(dollars in millions) | Gross Amount |  | Accumulated Amortization |  | Gross Amount |  | Accumulated Amortization
Amortized: |  |  |  |  |  |  |
Collaboration assets | $ | 6,159 |  |  | $ | (1,996) |  |  | $ | 5,810 |  |  | $ | (1,688) |
Exclusivity assets | 3,692 |  |  | (361) |  |  | 3,460 |  |  | (352) |
Developed technology and other | 1,197 |  |  | (698) |  |  | 1,219 |  |  | (635) |
Customer relationships | 29,388 |  |  | (12,401) |  |  | 29,605 |  |  | (10,683) |
| 40,436 |  |  | (15,456) |  |  | 40,094 |  |  | (13,358) |
Indefinite-lived: |  |  |  |  |  |  |
Trademarks and other | 8,463 |  |  | — |  |  | 8,663 |  |  | — |
Total | $ | 48,899 |  |  | $ | (15,456) |  |  | $ | 48,757 |  |  | $ | (13,358) |
We also completed our annual indefinite-lived intangible assets impairment testing using a qualitative approach as of October 1, 2024 and determined that no adjustments to the carrying value of these assets were necessary. Amortization of intangible assets was $2.2 billion, $2.1 billion, and $2.0 billion in 2024, 2023, and 2022, respectively. The following is the expected amortization of intangible assets for 2025 through 2029:
(dollars in millions) | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029
Amortization expense | $2,104 |  | $2,028 |  | $1,914 |  | $1,838 |  | $1,701

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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