Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in carrying amount of goodwill

The changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2022 are as follows:

(In millions)	Developed Markets (1)		Greater China		JANZ (2)		Emerging Markets (3)		Total
Balance at December 31, 2021	$	8,723.4	$	969.5	$	776.3	$	1,644.5	$	12,113.7
Disposition (4)	(743.9)		(2.7)		(32.6)		(140.5)		(919.7)
Impairment	—		—		—		(117.0)		(117.0)
Foreign currency translation	(518.0)		(26.2)		(54.7)		(52.3)		(651.2)
Balance at December 31, 2022	$	7,461.5	$	940.6	$	689.0	$	1,334.7	$	10,425.8
Acquisitions	95.9		—		—		—		95.9
Impairment (4)	(544.0)		—		(30.0)		(7.0)		(581.0)
Reclassification to assets held for sale	(52.0)		—		—		(137.0)		(189.0)
Foreign currency translation	146.0		(7.8)		(13.3)		(9.5)		115.4
Balance at December 31, 2023	$	7,107.4	$	932.8	$	645.7	$	1,181.2	$	9,867.1

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(1)Balance as of December 31, 2023 includes an accumulated impairment loss of $929.0 million. Balances as of December 31, 2022 and 2021 include an accumulated impairment loss of $385.0 million.

(2)Balance as of December 31, 2023 includes an accumulated impairment loss of $30.0 million.

(3)Balance as of December 31, 2023 includes an accumulated impairment loss of $124.0 million. Balance as of December 31, 2022 includes an accumulated impairment loss of $117.0 million.

(4)Reflects goodwill relating to the divestitures. Refer to Note 5 Divestitures for additional information.

Components of intangible assets

Intangible assets consist of the following components at December 31, 2023 and 2022:

(In millions)	Weighted Average Life (Years)	Cost		Accumulated Amortization		Net Book Value
December 31, 2023
Product rights, licenses and other (1)	13	$	34,178.1	$	15,316.4	$	18,861.7
In-process research and development		319.4		—		319.4
		$	34,497.5	$	15,316.4	$	19,181.1
December 31, 2022
Product rights, licenses and other (1)	15	$	37,490.5	$	14,923.6	$	22,566.9
In-process research and development		40.2		—		40.2
		$	37,530.7	$	14,923.6	$	22,607.1

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(1)Represents amortizable intangible assets. Other intangible assets consist principally of customer lists and contractual rights.

Product rights and licenses by therapeutic category

These product rights and licenses relate to numerous individual products, the net book value of which, by product category, is as follows:

(In millions)	Developed Markets		Greater China		JANZ		Emerging Markets		December 31, 2023
Brands	$	7,723.4	$	5,206.8	$	961.0	$	2,855.9	$	16,747.1
Generics	1,708.2		9.7		216.2		179.8		2,113.9
Total Product Rights and Licenses	$	9,431.6	$	5,216.5	$	1,177.2	$	3,035.7	$	18,861.0

(In millions)	Developed Markets		Greater China		JANZ		Emerging Markets		December 31, 2022
Brands	$	8,762.2	$	5,632.3	$	1,061.3	$	3,122.5	$	18,578.3
Generics	3,448.9		10.6		264.2		263.9		3,987.6
Total Product Rights and Licenses	$	12,211.1	$	5,642.9	$	1,325.5	$	3,386.4	$	22,565.9

Finite-lived Intangible Assets Amortization Expense

Amortization expense and intangible asset disposal & impairment charges (which are included as a component of amortization expense) are classified primarily within Cost of Sales in the consolidated statements of operations, and were as follows for the years ended December 31, 2023, 2022 and 2021:

	Year ended December 31,
(In millions)	2023		2022		2021
Intangible asset amortization expense	$	2,317.1	$	2,504.6	$	2,702.2
IPR&D intangible asset impairment charges	—		0.6		19.4
Finite-lived intangible asset disposal & impairment charges	32.0		172.9		83.4
Total intangible asset amortization expense (including disposal & impairment charges)	$	2,349.1	$	2,678.1	$	2,805.0

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

Intangible asset amortization expense for the years ending December 31, 2024 through 2028 is estimated to be as follows:

(In millions)
2024	$	2,314
2025	2,235
2026	2,183
2027	2,102
2028	1,859