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Goodwill and Other Intangible Assets
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets GOODWILL AND OTHER INTANGIBLE ASSETS
As discussed in Note 2, goodwill arises from the purchase price for acquired businesses exceeding the fair value of tangible and intangible assets acquired less assumed liabilities and noncontrolling interests. Management assesses the goodwill of each of its reporting units for impairment at least annually at the beginning of the fourth quarter and as “triggering” events occur that indicate that it is more likely than not that an impairment exists. The Company elected to bypass the optional qualitative goodwill assessment allowed by applicable accounting standards and performed a quantitative impairment test for all reporting units as this was determined to be the most effective method to assess for impairment across the reporting units.
The Company estimates the fair value of its reporting units primarily using a market approach, based on current trading multiples of EBITDA for companies operating in businesses similar to each of the Company’s reporting units, in addition to recent available market sale transactions of comparable businesses. In determining the estimated fair value of each
reporting unit, the Company also applies a control premium. If the estimated fair value of the reporting unit is less than its carrying value, the Company must perform additional analysis to determine if the reporting unit’s goodwill has been impaired.
As of December 31, 2023, the Company had five reporting units for goodwill impairment testing. As of the date of the 2023 annual impairment test, the carrying value of the goodwill included in each individual reporting unit ranged from approximately $1.2 billion to $21.6 billion. No goodwill impairment charges were recorded for any of the years ended December 31, 2023, 2022 and 2021 and no “triggering” events have occurred subsequent to the performance of the 2023 annual impairment test. The factors used by management in its impairment analysis are inherently subject to uncertainty. If actual results are not consistent with management’s estimates and assumptions, goodwill and other intangible assets may be overstated and a charge would need to be taken against net earnings.
As a result of the Company’s change to its reportable segments in the fourth quarter of 2022 (refer to Note 6 for additional information), the Company also changed its reporting units for goodwill aggregation and impairment testing. The Company used the relative fair value method to reallocate goodwill to the associated reporting units impacted by the change in reportable segments in the fourth quarter of 2022, resulting in the allocation of goodwill of approximately $21.0 billion (including the impact of 2022 acquisitions prior to the allocation date) to the Biotechnology reportable segment from the Life Sciences reportable segment.
The following is a rollforward of the Company’s goodwill by segment ($ in millions):  
BiotechnologyLife SciencesDiagnosticsTotal
Balance, January 1, 2022$— $31,638 $7,044 $38,682 
Attributable to acquisitions (a)
— 157 — 157 
Adjustments due to finalization of purchase price adjustments— 26 (9)17 
Foreign currency translation and other— (2,676)(330)(3,006)
Balance, before resegmentation— 29,145 6,705 35,850 
Reallocation among new reporting units (a)
21,019 (21,019)— — 
Attributable to acquisitions176 43 13 232 
Adjustments due to finalization of purchase price allocations— (2)— (2)
Foreign currency translation and other892 147 157 1,196 
Balance, December 31, 202222,087 8,314 6,875 37,276 
Attributable to 2023 acquisitions— 3,851 — 3,851 
Adjustments due to finalization of purchase price allocations2 5 — 7 
Foreign currency translation and other388 51 35 474 
Balance, December 31, 2023$22,477 $12,221 $6,910 $41,608 
(a) A total of approximately $21.0 billion of goodwill was allocated to the Biotechnology reportable segment, of which $116 million is shown on the Attributable to acquisitions line before resegmentation as it relates to a 2022 acquisition that occurred prior to the allocation date.
Finite-lived intangible assets are amortized over their legal or estimated useful life. The following summarizes the gross carrying value and accumulated amortization for each major category of intangible assets as of December 31 ($ in millions): 
20232022
 Gross Carrying
Amount		Accumulated
Amortization		Gross Carrying
Amount		Accumulated
Amortization
Finite-lived intangibles:
Patents and technology$15,175 $(3,832)$13,366 $(2,907)
Customer relationships, trade names and other intangibles10,131 (4,303)9,466 (3,644)
Total finite-lived intangibles25,306 (8,135)22,832 (6,551)
Indefinite-lived intangibles:
Trademarks and trade names3,575 — 3,540 — 
Total intangibles$28,881 $(8,135)$26,372 $(6,551)
During 2023, the Company acquired finite-lived intangible assets, consisting primarily of developed technology, trade names and customer relationships, with a weighted average life of 14 years as a result of the Abcam Acquisition. During
2022, the Company acquired finite-lived intangible assets, consisting primarily of developed technology, customer relationships and trade names, with a weighted average life of 12 years. Refer to Note 2 for additional information on the intangible assets acquired.
The Company reviews identified intangible assets for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Indefinite-lived intangibles are subject to impairment testing at least annually or more frequently if events or changes in circumstances indicate that potential impairment exists. The Company identified impairment triggers during the second quarter of 2023 in the Biotechnology segment, the fourth quarter of 2023 in the Diagnostics and Biotechnology segments and the first quarter of 2021 in the Diagnostics segment which resulted in the impairment of certain long-lived assets, including technology-based intangible assets and other assets. In 2023 and 2021, the Company recorded impairment charges totaling $77 million and $10 million, respectively, related to these long-lived assets in selling, general and administrative expenses in the accompanying Consolidated Statements of Earnings. During 2022 there were no impairments of intangible assets.
Total intangible amortization expense in 2023, 2022 and 2021 was $1,491 million, $1,434 million and $1,388 million, respectively. Based on the intangible assets recorded as of December 31, 2023, amortization expense is estimated to be approximately $1.6 billion during 2024, $1.6 billion during 2025, $1.6 billion during 2026, $1.5 billion during 2027 and $1.5 billion during 2028.