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GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended
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Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract] |
Summary of Goodwill | The following table summarizes the changes in the carrying amount of Goodwill:
|  | December 31,
(in millions) |  | 2023 |  | 2022
Beginning balance |  | $ | 8,314 |  |  | $ | 8,332 |
Measurement period adjustments(1) |  | — |  |  | (18) |
Ending balance |  | $ | 8,314 |  |  | $ | 8,314 |
________________________________ (1) In 2022, goodwill decreased by $18 million as a result of finalizing the amount of acquired net operating losses of MYR, which resulted in a decrease to the net deferred tax liability acquired.
Summary of Indefinite-Lived Intangible Assets | The following table summarizes our Intangible assets, net:
|  | December 31, 2023 |  | December 31, 2022
(in millions) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Foreign Currency Translation Adjustment |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Foreign Currency Translation Adjustment |  | Net Carrying Amount
Finite-lived assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intangible asset – sofosbuvir |  | $ | 10,720 |  |  | $ | (7,050) |  |  | $ | — |  |  | $ | 3,670 |  |  | $ | 10,720 |  |  | $ | (6,350) |  |  | $ | — |  |  | $ | 4,370 |
Intangible asset – axicabtagene ciloleucel |  | 7,110 |  |  | (2,314) |  |  | — |  |  | 4,796 |  |  | 7,110 |  |  | (1,908) |  |  | — |  |  | 5,202 |
Intangible asset – Trodelvy(1) |  | 11,730 |  |  | (2,002) |  |  | — |  |  | 9,728 |  |  | 5,630 |  |  | (973) |  |  | — |  |  | 4,657 |
Intangible asset – Hepcludex |  | 845 |  |  | (243) |  |  | — |  |  | 602 |  |  | 845 |  |  | (158) |  |  | — |  |  | 687 |
Other(2) |  | 1,414 |  |  | (827) |  |  | 1 |  |  | 588 |  |  | 1,489 |  |  | (733) |  |  | 1 |  |  | 758 |
Total finite-lived assets |  | 31,819 |  |  | (12,436) |  |  | 1 |  |  | 19,384 |  |  | 25,794 |  |  | (10,121) |  |  | 1 |  |  | 15,674 |
Indefinite-lived assets – IPR&D(1)(3) |  | 7,070 |  |  | — |  |  | — |  |  | 7,070 |  |  | 13,220 |  |  | — |  |  | — |  |  | 13,220 |
Total intangible assets |  | $ | 38,889 |  |  | $ | (12,436) |  |  | $ | 1 |  |  | $ | 26,454 |  |  | $ | 39,014 |  |  | $ | (10,121) |  |  | $ | 1 |  |  | $ | 28,894 |
_______________________________ (1) In February 2023, FDA granted approval of Trodelvy for use in adult patients with unresectable locally advanced or metastatic HR+/HER2- breast cancer who have received endocrine-based therapy and at least two additional systemic therapies in the metastatic setting. Accordingly, the related IPR&D intangible asset of $6.1 billion was reclassified to finite-lived assets in the first quarter of 2023. (2) In the fourth quarter of 2023, in connection with our agreement to terminate our right to receive royalties from Galapagos related to net sales of filgotinib in Europe, we wrote-off the remaining $51 million balance of our related intangible asset. See Note 7. Collaborations and Other Arrangements for additional information. (3) In the fourth quarter of 2023, due to a change in anticipated timing of FDA approval, we recognized a $50 million partial impairment of our bulevirtide IPR&D intangible asset in In-process research and development impairments on our Consolidated Statements of Income. The remaining IPR&D intangible asset balance as of December 31, 2023 was comprised of $5.9 billion for non-small cell lung cancer (“NSCLC”) indications of Trodelvy and $1.1 billion for bulveritide.
Summary of Finite-Lived Intangible Assets | The following table summarizes our Intangible assets, net:
|  | December 31, 2023 |  | December 31, 2022
(in millions) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Foreign Currency Translation Adjustment |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Foreign Currency Translation Adjustment |  | Net Carrying Amount
Finite-lived assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Intangible asset – sofosbuvir |  | $ | 10,720 |  |  | $ | (7,050) |  |  | $ | — |  |  | $ | 3,670 |  |  | $ | 10,720 |  |  | $ | (6,350) |  |  | $ | — |  |  | $ | 4,370 |
Intangible asset – axicabtagene ciloleucel |  | 7,110 |  |  | (2,314) |  |  | — |  |  | 4,796 |  |  | 7,110 |  |  | (1,908) |  |  | — |  |  | 5,202 |
Intangible asset – Trodelvy(1) |  | 11,730 |  |  | (2,002) |  |  | — |  |  | 9,728 |  |  | 5,630 |  |  | (973) |  |  | — |  |  | 4,657 |
Intangible asset – Hepcludex |  | 845 |  |  | (243) |  |  | — |  |  | 602 |  |  | 845 |  |  | (158) |  |  | — |  |  | 687 |
Other(2) |  | 1,414 |  |  | (827) |  |  | 1 |  |  | 588 |  |  | 1,489 |  |  | (733) |  |  | 1 |  |  | 758 |
Total finite-lived assets |  | 31,819 |  |  | (12,436) |  |  | 1 |  |  | 19,384 |  |  | 25,794 |  |  | (10,121) |  |  | 1 |  |  | 15,674 |
Indefinite-lived assets – IPR&D(1)(3) |  | 7,070 |  |  | — |  |  | — |  |  | 7,070 |  |  | 13,220 |  |  | — |  |  | — |  |  | 13,220 |
Total intangible assets |  | $ | 38,889 |  |  | $ | (12,436) |  |  | $ | 1 |  |  | $ | 26,454 |  |  | $ | 39,014 |  |  | $ | (10,121) |  |  | $ | 1 |  |  | $ | 28,894 |
_______________________________ (1) In February 2023, FDA granted approval of Trodelvy for use in adult patients with unresectable locally advanced or metastatic HR+/HER2- breast cancer who have received endocrine-based therapy and at least two additional systemic therapies in the metastatic setting. Accordingly, the related IPR&D intangible asset of $6.1 billion was reclassified to finite-lived assets in the first quarter of 2023. (2) In the fourth quarter of 2023, in connection with our agreement to terminate our right to receive royalties from Galapagos related to net sales of filgotinib in Europe, we wrote-off the remaining $51 million balance of our related intangible asset. See Note 7. Collaborations and Other Arrangements for additional information. (3) In the fourth quarter of 2023, due to a change in anticipated timing of FDA approval, we recognized a $50 million partial impairment of our bulevirtide IPR&D intangible asset in In-process research and development impairments on our Consolidated Statements of Income. The remaining IPR&D intangible asset balance as of December 31, 2023 was comprised of $5.9 billion for non-small cell lung cancer (“NSCLC”) indications of Trodelvy and $1.1 billion for bulveritide.
Summary of Estimated Future Amortization Expense of Finite-Lived Intangible Assets | The following table summarizes the estimated future amortization expense associated with our finite-lived intangible assets as of December 31, 2023:
(in millions) |  | Amount
2024 |  | $ | 2,384 |
2025 |  | 2,378 |
2026 |  | 2,370 |
2027 |  | 2,370 |
2028 |  | 2,309 |
Thereafter |  | 7,571 |
Total |  | $ | 19,384 |

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