Goodwill and other intangible assets

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The change in the carrying amount of goodwill was as follows (in millions):


	Three months ended March 31, 2023
Beginning balance	$	15,529
Adjustments to goodwill resulting from acquisitions and divestitures, net(1)	(4)
Currency translation adjustment	6
Ending balance	$	15,531

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(1) For the three months ended March 31, 2023, adjustments to goodwill consisted of a measurement period adjustment related to our acquisition of ChemoCentryx. See Note 3, Acquisitions and divestitures.

Other intangible assets

Other intangible assets consisted of the following (in millions):


	March 31, 2023						December 31, 2022
	Gross carrying amounts		Accumulated amortization		Other intangible assets, net		Gross carrying amounts		Accumulated amortization		Other intangible assets, net
Finite-lived intangible assets:
Developed-product-technology rights	$	29,038	$	(15,679)	$	13,359	$	29,028	$	(15,045)	$	13,983
Licensing rights	3,864		(3,160)		704		3,864		(3,123)		741
Marketing-related rights	1,326		(1,188)		138		1,326		(1,167)		159
Research and development technology rights	1,387		(1,204)		183		1,378		(1,190)		188
Total finite-lived intangible assets	35,615		(21,231)		14,384		35,596		(20,525)		15,071
Indefinite-lived intangible assets:
In-process research and development	1,009		—		1,009		1,009		—		1,009
Total other intangible assets	$	36,624	$	(21,231)	$	15,393	$	36,605	$	(20,525)	$	16,080

Developed-product-technology rights consists of rights related to marketed products. Licensing rights primarily consists of contractual rights to receive future milestone, royalty and profit-sharing payments; capitalized payments to third parties for milestones related to regulatory approvals to commercialize products; and upfront payments associated with royalty obligations for marketed products. Marketing-related rights primarily consists of rights related to the sale and distribution of marketed products. R&D technology rights pertains to technologies used in R&D that have alternative future uses.

IPR&D consists of R&D projects acquired in a business combination that are not complete at the time of acquisition due to remaining technological risks and/or lack of receipt of required regulatory approvals. We review IPR&D projects for impairment annually, whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable and upon the establishment of technological feasibility or regulatory approval.

During the three months ended March 31, 2023 and 2022, we recognized amortization associated with our finite-lived intangible assets of $693 million and $637 million, respectively. Amortization of intangible assets is primarily included in Cost of sales in the Condensed Consolidated Statements of Income. The total estimated amortization of our finite-lived intangible assets for the remaining nine months ending December 31, 2023, and the years ending December 31, 2024, 2025, 2026, 2027 and 2028, are $2.1 billion, $2.7 billion, $2.5 billion, $2.2 billion, $2.1 billion and $1.1 billion, respectively.