Supplemental Balance Sheet Information

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Inventories

The components of inventories are as follows:


(In millions)	December 31, 2024		December 31, 2023
Raw materials	$	1,803	$	2,057
Work in process	755		705
Finished goods	2,420		2,326
Inventories	$	4,978	$	5,088

Contract-related Balances

Contract asset and liability balances are as follows:



(In millions)	December 31, 2024		December 31, 2023
Current contract assets, net	$	1,435	$	1,443
Noncurrent contract assets, net	6		4
Current contract liabilities	2,852		2,689
Noncurrent contract liabilities	1,138		1,499

Substantially all of the current contract liabilities balance at December 31, 2023 and 2022 was recognized in revenues during 2024 and 2023, respectively. Noncurrent contract liabilities decreased during 2024 primarily due to a customer contract modification.

Remaining Performance Obligations

The aggregate amount of the transaction price allocated to the remaining performance obligations for all open customer contracts as of December 31, 2024 was $24.61 billion. The company will recognize revenues for these performance obligations as they are satisfied, approximately 53% of which is expected to occur within the next twelve months. Amounts expected to occur thereafter generally relate to contract manufacturing, clinical research and extended warranty service agreements, which typically have durations of three to five years.

Property, Plant and Equipment

Property, plant and equipment consists of the following:



(In millions)	December 31, 2024		December 31, 2023
Land	$	439	$	458
Buildings and improvements	3,728		3,593
Machinery, equipment and leasehold improvements	9,858		9,235
Construction in progress	2,034		2,238
Property, plant and equipment, at cost	16,059		15,524
Less: Accumulated depreciation and amortization	6,753		6,076
Property, plant and equipment, net	$	9,306	$	9,448

Acquisition-related Intangible Assets

Acquisition-related intangible assets are as follows:


	Balance at December 31, 2024						Balance at December 31, 2023
(In millions)	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Definite lived:
Customer relationships	$	22,644	$	(10,047)	$	12,596	$	22,762	$	(9,410)	$	13,352
Product technology	5,557		(4,423)		1,134		5,894		(4,591)		1,303
Tradenames	1,706		(1,180)		527		1,634		(1,079)		555
Backlog	1,084		(1,043)		41		1,084		(859)		225
	30,991		(16,693)		14,298		31,374		(15,939)		15,435
Indefinite lived:
Tradenames	1,235		N/A		1,235		1,235		N/A		1,235


Acquisition-related intangible assets	$	32,226	$	(16,693)	$	15,533	$	32,609	$	(15,939)	$	16,670

The estimated future amortization expense of acquisition-related intangible assets with definite lives as of December 31, 2024 is as follows:


(In millions)
2025	$	1,665
2026	1,496
2027	1,467
2028	1,436
2029	1,324
2030 and thereafter	6,911
Estimated future amortization expense of definite-lived intangible assets	$	14,298

At December 31, 2024 and 2023, the company had $34 million and $37 million, respectively, of intangible assets not derived from acquisitions, net of accumulated amortization, which are being amortized using the straight-line method over their estimated useful lives, which range up to 20 years.

Other Assets

At December 31, 2024 and 2023, the company had equity method investments with carrying amounts of $357 million and $489 million, respectively. At December 31, 2024 and 2023, the fair value of investments for which the company has elected the fair value option was $0 million and $5 million, respectively.

At December 31, 2024 and 2023, the company’s equity investments that do not have readily determinable fair values and are not eligible for the NAV practical expedient investments had carrying amounts of $41 million and $12 million, respectively. Investments measured at NAV were $40 million and $28 million at December 31, 2024 and 2023, respectively.

Goodwill

The changes in the carrying amount of goodwill by segment are as follows:


(In millions)	Life Sciences Solutions		Analytical Instruments		Specialty Diagnostics		Laboratory Products and Biopharma Services		Total
Balance at December 31, 2022	$	10,146	$	4,965	$	3,091	$	22,994	$	41,196
Acquisitions	—		31		1,741		627		2,399


Currency translation	5		55		91		274		425

Balance at December 31, 2023	10,151		5,051		4,923		23,895		44,020
Acquisitions	2,302		—		—		—		2,302


Currency translation	(117)		(92)		(139)		(122)		(470)

Balance at December 31, 2024	$	12,336	$	4,959	$	4,784	$	23,773	$	45,853