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Intangible Assets and Goodwill | 6 Months Ended
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Jul. 02, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Intangible Assets and Goodwill | INTANGIBLE ASSETS AND GOODWILL Intangible assets that have finite useful lives are amortized over their estimated useful lives. The latest annual impairment assessment of goodwill and indefinite lived intangible assets was completed in the fiscal fourth quarter of 2022. Future impairment tests for goodwill and indefinite lived intangible assets will be performed annually in the fiscal fourth quarter, or sooner, if warranted.
(Dollars in Millions) |  | July 2, 2023 |  | January 1, 2023
Intangible assets with definite lives: |  |  |  |
Patents and trademarks — gross |  | $ | 44,637 |  |  | 44,012 |
Less accumulated amortization |  | (24,460) |  |  | (22,266) |
Patents and trademarks — net |  | 20,177 |  |  | 21,746 |
Customer relationships and other intangibles — gross |  | 23,055 |  |  | 22,987 |
Less accumulated amortization |  | (13,516) |  |  | (12,901) |
Customer relationships and other intangibles — net(1) |  | 9,539 |  |  | 10,086 |
Intangible assets with indefinite lives: |  |  |  |
Trademarks |  | 6,834 |  |  | 6,807 |
Purchased in-process research and development |  | 9,696 |  |  | 9,686 |
Total intangible assets with indefinite lives |  | 16,530 |  |  | 16,493 |
Total intangible assets — net |  | $ | 46,246 |  |  | 48,325 |
(1)The majority is comprised of customer relationships Goodwill as of July 2, 2023 was allocated by segment of business as follows:
(Dollars in Millions) |  | Consumer Health |  | Pharmaceutical |  | MedTech |  | Total
Goodwill at January 1, 2023 |  | $ | 9,184 |  |  | 10,184 |  |  | 25,863 |  |  | 45,231 |
Goodwill, related to acquisitions |  | — |  |  | — |  |  | — |  |  | — |
Goodwill, related to divestitures |  | — |  |  | — |  |  | — |  |  | — |
Currency translation/Other |  | (103) |  |  | 137 |  |  | 175 |  | * | 209 |
Goodwill at July 2, 2023 |  | $ | 9,081 |  |  | 10,321 |  |  | 26,038 |  |  | 45,440 |
*Includes purchase price allocation adjustment for Abiomed The weighted average amortization period for patents and trademarks is 12 years. The weighted average amortization period for customer relationships and other intangible assets is 21 years. The amortization expense of amortizable intangible assets included in cost of products sold was $1.2 billion and $1.1 billion for the fiscal second quarters ended July 2, 2023 and July 3, 2022, respectively. The amortization expense of amortizable intangible assets included in cost of products sold was $2.4 billion and $2.2 billion for the fiscal six months ended July 2, 2023 and July 3, 2022, respectively. Intangible asset write-downs are included in Other (income) expense, net, with the exception of In-Process research and development which are included in the In-Process research and development impairments line. The estimated amortization expense for approved products, before tax, for the five succeeding years is approximately:
(Dollars in Millions) |  |  |  |  |  |
2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027
$4,800 |  | 4,600 |  | 3,800 |  | 3,200 |  | 2,600
See Note 10 to the Consolidated Financial Statements for additional details related to acquisitions and divestitures.

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