v3.24.3
Goodwill and Intangible Assets
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
NOTE 5. Goodwill and Intangible Assets
Goodwill: The change in the carrying amount of goodwill by business segment was as follows:
(Millions)Safety and IndustrialTransportation and ElectronicsConsumer
Corporate and Unallocated
Total Company
Balance as of December 31, 2023$4,542$1,512$270$58$6,382
Translation and other3 9 1 — 13 
Balance as of September 30, 2024$4,545$1,521$271$58$6,395
The amounts in the “Translation and other” row in the above table primarily relate to changes in foreign currency exchange rates.
As of September 30, 2024, the Company's accumulated goodwill impairment loss is $0.3 billion.
Acquired Intangible Assets: The carrying amount and accumulated amortization of acquired finite-lived intangible assets, in addition to the balance of non-amortizable intangible assets follow:
(Millions)September 30, 2024December 31, 2023
Customer related $1,343 $1,337 
Patents225 225 
Other technology-based
376 375 
Definite-lived tradenames
489 489 
Other48 48 
Total gross carrying amount
2,481 2,474 
Accumulated amortization — customer related(939)(883)
Accumulated amortization — patents(225)(224)
Accumulated amortization — other technology-based(329)(317)
Accumulated amortization — definite-lived tradenames(295)(276)
Accumulated amortization — other(30)(31)
Total accumulated amortization(1,818)(1,731)
Total finite-lived intangible assets — net663 743 
Indefinite lived intangible assets (primarily tradenames)
579 580 
Total intangible assets — net$1,242 $1,323 
Certain tradenames acquired by 3M are not amortized because they have been in existence for over 60 years, have a history of leading-market share positions, have been and are intended to be continuously renewed, and the associated products of which are expected to generate cash flows for 3M for an indefinite period of time.
Amortization expense follows:
Three months ended
September 30,		Nine months ended
September 30,
(Millions)2024202320242023
Amortization expense $26 $40 $80 $99 
Expected amortization expense for acquired amortizable intangible assets recorded as of September 30, 2024 follows:
(Millions)
Remainder of 2024
20252026202720282029
After 2029
Amortization expense$27 $106 $105 $85 $59 $57 $224 
3M expenses the costs incurred to renew or extend the term of intangible assets.