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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS In our annual impairment tests of goodwill as of October 31, 2023 and 2022, we performed a quantitative assessment of the Spine reporting unit using a discounted cash flow analysis to estimate the fair value. Significant inputs to the analysis included assumptions for future revenue growth and operating margin. The analysis also included a rate to discount the estimated future cash flow projections to their present value, based on the reporting unit’s estimated weighted average cost of capital. In 2022, the carrying value of the Spine reporting unit exceeded its fair value and a charge of $216 was recognized in the Goodwill impairment line in the Consolidated Statements of Earnings. The impairment charge for the Spine reporting unit was primarily driven by the slower than anticipated recovery of surgery volumes as we emerged from the COVID-19 pandemic, the competitive pressures in the spine market and rising interest rates in the macroeconomic environment at that time. Due to the goodwill impairment charge in 2022, for our annual impairment test in 2023 we also elected to perform a quantitative assessment. As a result of that assessment we concluded that goodwill of the Spine reporting unit was not impaired in 2023 as its fair value exceeded its carrying value. Goodwill attributable to the Spine reporting unit as of December 31, 2023 was $1,034. For our other reporting units, we considered qualitative indicators of impairment as it was considered more likely than not that the fair values of those reporting units exceeded their respective carrying values. No impairment was identified for those reporting units in 2023 or 2022. Future changes in the judgments, assumptions and estimates that are used in our impairment testing for goodwill, including discount and tax rates and future cash flow projections, could result in significantly different estimates of the fair values. A significant reduction in the estimated fair values could result in impairment charges that could materially affect our results of operations.
Changes in the Net Carrying Value of Goodwill by Segment
| MedSurg and Neurotechnology | Orthopaedics and Spine | Total
2021 | $ | 5,669 |  | $ | 7,249 |  | $ | 12,918 |
Goodwill impairment | — |  | (216) |  | (216) |
Additions and adjustments | 2,320 |  | — |  | 2,320 |
Foreign exchange and other | (54) |  | (88) |  | (142) |
2022 | $ | 7,935 |  | $ | 6,945 |  | $ | 14,880 |
Additions and adjustments | 301 |  | — |  | 301 |
Foreign exchange and other | 34 |  | 28 |  | 62 |
2023 | $ | 8,270 |  | $ | 6,973 |  | $ | 15,243 |
Summary of Other Intangible Assets
|  | Gross Carrying Amount | Less Accumulated Amortization | Net Carrying Amount
Developed technologies
2023 |  | $ | 5,769 |  | $ | 2,815 |  | $ | 2,954 |
2022 |  | 5,440 |  | 2,363 |  | 3,077 |
Customer relationships
2023 |  | $ | 2,907 |  | $ | 1,504 |  | $ | 1,403 |
2022 |  | 2,847 |  | 1,322 |  | 1,525 |
Patents
2023 |  | $ | 329 |  | $ | 302 |  | $ | 27 |
2022 |  | 343 |  | 297 |  | 46 |
Trademarks
2023 |  | $ | 427 |  | $ | 246 |  | $ | 181 |
2022 |  | 425 |  | 220 |  | 205 |
In-process research and development
2023 |  | $ | 21 |  | $ | — |  | $ | 21 |
2022 |  | 21 |  | — |  | 21 |
Other
2023 |  | $ | 96 |  | $ | 89 |  | $ | 7 |
2022 |  | 105 |  | 94 |  | 11 |
Total
2023 |  | $ | 9,549 |  | $ | 4,956 |  | $ | 4,593 |
2022 |  | 9,181 |  | 4,296 |  | 4,885 |
Estimated Amortization Expense
2024 | 2025 | 2026 | 2027 | 2028
$ | 622 |  | $ | 587 |  | $ | 530 |  | $ | 510 |  | $ | 462 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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