Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

11. Goodwill and Other Intangible Assets

A. Goodwill

The components of, and changes in, the carrying amount of goodwill are as follows:


(MILLIONS OF DOLLARS)	U.S.		International		Total
Balance, December 31, 2023	$	1,532	$	1,227	$	2,759


Other(a)	—		—		—
Balance, March 31, 2024	$	1,532	$	1,227	$	2,759

(a) Includes adjustments for foreign currency translation.

The gross goodwill balance was $3,295 million as of March 31, 2024 and December 31, 2023. Accumulated goodwill impairment losses were $536 million as of March 31, 2024 and December 31, 2023.

B. Other Intangible Assets

The components of identifiable intangible assets are as follows:


	As of March 31, 2024						As of December 31, 2023
					Identifiable						Identifiable
	Gross				Intangible Assets		Gross				Intangible Assets
	Carrying		Accumulated		Less Accumulated		Carrying		Accumulated		Less Accumulated
(MILLIONS OF DOLLARS)	Amount		Amortization		Amortization		Amount		Amortization		Amortization
Finite-lived intangible assets:
Developed technology rights	$	1,986	$	(1,139)	$	847	$	1,986	$	(1,101)	$	885
Brands and tradenames	383		(249)		134		383		(246)		137
Other	270		(192)		78		270		(190)		80
Total finite-lived intangible assets	2,639		(1,580)		1,059		2,639		(1,537)		1,102
Indefinite-lived intangible assets:
Brands and tradenames	88		—		88		88		—		88
In-process research and development	141		—		141		141		—		141
Product rights	7		—		7		7		—		7
Total indefinite-lived intangible assets	236		—		236		236		—		236
Identifiable intangible assets	$	2,875	$	(1,580)	$	1,295	$	2,875	$	(1,537)	$	1,338

C. Amortization

Amortization expense related to finite-lived acquired intangible assets that contribute to our ability to sell, manufacture, research, market and distribute products, compounds and intellectual property is included in Amortization of intangible assets as it benefits multiple business functions. Amortization expense related to finite-lived acquired intangible assets that are associated with a single function is included in Cost of sales, Selling, general and administrative expenses or Research and development expenses, as appropriate. Total amortization expense for finite-lived intangible assets was $44 million and $47 million for the three months ended March 31, 2024 and 2023, respectively.