Goodwill and Other Intangible Assets

The following is a summary of the activity in our goodwill balance for the six months ended June 30, 2023 (in millions):


Goodwill balance at December 31, 2022	$	21,111

Foreign currency translation	22
Other activity, net	1
Goodwill balance at June 30, 2023	$	21,134

The following is a summary of the activity in our other intangible assets balance for the six months ended June 30, 2023 (in millions):


Other intangible assets balance at December 31, 2022	$	13,090
Acquisitions	5
Foreign currency translation	20
Amortization of other intangible assets	(301)

Other intangible assets balance at June 30, 2023	$	12,814

Foreign currency translation adjustments result from a portion of our goodwill and other intangible assets being held at our U.K., EU and Canadian subsidiaries, whose functional currencies are not the U.S. dollar. The changes in other activity, net, in the table above primarily relate to adjustments to the fair value of the net tangible and intangible assets made within one year of acquisitions, with a corresponding adjustment to goodwill.

During the six months ended June 30, 2023, we considered potential indicators of impairment to goodwill and other intangible assets for each of our reporting units, which included continued global inflation concerns and rising interest rates, including their effect on our forecasts, among other things. As such, we performed this assessment to determine whether it was more-likely-than-not that goodwill and indefinite lived intangibles within each of our reportable business segments were impaired. Additionally, we evaluated whether the carrying value of the finite lived intangible assets within our reportable business segments may not be recoverable. After evaluating events, circumstances and factors which could affect the significant inputs used in our evaluation of cash flows and related fair value, we determined it was not more-likely-than-not that an impairment existed in our goodwill and indefinite lived intangible assets or that the carrying amount of our finite lived intangible assets was not recoverable. We plan to perform our annual impairment testing in the fourth quarter.