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Goodwill and Other Intangible Assets | 12 Months Ended
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Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | NOTE C – GOODWILL AND OTHER INTANGIBLE ASSETS The gross carrying amount of goodwill and other intangible assets and the related accumulated amortization for intangible assets subject to amortization and accumulated goodwill impairment charges are as follows:
| As of December 31, 2024 |  | As of December 31, 2023
(in millions) | Gross Carrying Amount |  | Accumulated Amortization/ Write-offs |  | Gross Carrying Amount |  | Accumulated Amortization/ Write-offs
Technology-related | $ | 14,327 |  |  | $ | (8,605) |  |  | $ | 13,207 |  |  | $ | (8,101) |
Patents | 481 |  |  | (381) |  |  | 480 |  |  | (387) |
Other intangible assets | 2,380 |  |  | (1,612) |  |  | 2,130 |  |  | (1,500) |
Amortizable intangible assets | $ | 17,188 |  |  | $ | (10,598) |  |  | $ | 15,817 |  |  | $ | (9,988) |
Goodwill | $ | 26,989 |  |  | $ | (9,900) |  |  | $ | 24,287 |  |  | $ | (9,900) |
IPR&D | 94 |  |  |  |  | 54 |  |  |
Technology-related | — |  |  |  |  | 120 |  |  |
Indefinite-lived intangible assets | $ | 94 |  |  |  |  | $ | 174 |  |  |
The increase in our balance of goodwill and amortizable intangible assets is related primarily to our acquisitions of Silk Road Medical and Axonics in the third and fourth quarters of 2024, respectively. Intangible asset impairment charges were $386 million in 2024, $58 million in 2023 and $132 million in 2022. The impairment charges recorded in 2024 were primarily associated with amortizable intangible assets established in connection with our acquisitions of Cryterion Medical, Inc. (Cryterion) and Devoro Medical, Inc. (Devoro), which were integrated into our Electrophysiology and Peripheral Interventions business units, respectively. Intangible assets acquired from Cryterion were impaired due to strong commercial adoption of our Farapulse™ Pulsed Field Ablation System in our Electrophysiology business unit and the resulting lower revenue projections and cannibalization of our cryoablation business. Intangible assets acquired from Devoro were impaired following management's decision to cancel the related program in the second quarter of 2024. The impairment charges recorded in 2023 were primarily associated with the cancellation of an IPR&D program due to the incremental time and cost to complete the program and bring the technology to market. During the third quarter of 2024, we performed our annual IPR&D impairment test and evaluated our indefinite-lived intangible assets for impairment and concluded the assets were not impaired. We also reclassified our indefinite-lived technology-related intangible assets to amortizable intangible assets after determining they no longer have an indefinite useful life and verified that the classification of IPR&D projects recognized within our unaudited consolidated balance sheets continues to be appropriate. The following represents a roll forward of our goodwill balance by reportable segment:
(in millions) | MedSurg |  | Cardiovascular |  | Total
Balance as of December 31, 2022 | $ | 4,237 |  |  | $ | 8,684 |  |  | $ | 12,920 |
Goodwill acquired | 1,110 |  |  | 337 |  |  | 1,447 |
Impact of foreign currency fluctuations and other changes | — |  |  | 20 |  |  | 20 |
Balance as of December 31, 2023 | $ | 5,347 |  |  | $ | 9,041 |  |  | $ | 14,387 |
Goodwill acquired | 2,172 |  |  | 615 |  |  | 2,787 |
Impact of foreign currency fluctuations and purchase price and other adjustments | (35) |  |  | (51) |  |  | (86) |
Balance as of December 31, 2024 | $ | 7,483 |  |  | $ | 9,606 |  |  | $ | 17,089 |
In the second quarter of 2024, we performed our annual goodwill impairment test utilizing both the qualitative and quantitative approach described in FASB ASC Topic 350. The qualitative approach was used for testing reporting units where fair value has historically exceeded carrying value by greater than 100 percent, and all other reporting units were tested using the quantitative approach. For the reporting units tested using the quantitative approach, we determined that the fair value of the reporting units exceeded the carrying value and concluded that goodwill was not impaired or at risk of impairment. Refer to Note A – Significant Accounting Policies for further discussion of our goodwill and intangible asset impairment testing. Estimated Amortization expense for each of the five succeeding fiscal years based upon our amortizable intangible asset portfolio, consisting of intangible assets acquired in a business combination or asset acquisition, as well as internally developed patents, as of December 31, 2024 is as follows:
Fiscal Year | (in millions)
2025 | $ | 893 |
2026 | 874 |
2027 | 835 |
2028 | 787 |
2029 | 769 |
These estimates do not include amortization expense associated with future acquisitions that have been announced but not yet completed as of December 31, 2024.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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