Intangible Assets
Intangible assets at September 30 consisted of:
 20252024
(Millions of dollars)Gross
Carrying
Amount
Accumulated
Amortization
Net Carrying AmountGross
Carrying
Amount
Accumulated
Amortization
Net Carrying Amount
Amortized intangible assets
Developed technology$15,876 $(9,225)$6,651 $15,827 $(8,094)$7,733 
Customer relationships5,522 (3,291)2,231 5,513 (2,878)2,635 
Patents, trademarks and other1,251 (745)507 1,185 (682)503 
Amortized intangible assets$22,649 $(13,261)$9,389 $22,525 $(11,654)$10,871 
Unamortized intangible assets
Acquired in-process research and development$14 $44 
Trademarks
Unamortized intangible assets$16 $46 
Intangible amortization expense was $1.586 billion, $1.468 billion, and $1.465 billion in 2025, 2024 and 2023, respectively. The estimated aggregate amortization expense for the fiscal years ending September 30, 2026 to 2030 are as follows: 2026 — $1.538 billion; 2027 — $1.462 billion; 2028 — $1.370 billion; 2029 — $1.257 billion; 2030 — $904 million.
The following is a reconciliation of goodwill by business segment:
(Millions of dollars)MedicalLife SciencesInterventionalTotal
Goodwill as of September 30, 2023
$10,955 $897 $12,670 $24,522 
Acquisitions (a)1,833 — — 1,833 
Currency translation43 59 109 
Goodwill as of September 30, 2024
$12,832 $904 $12,729 $26,465 
Acquisitions (b)— — 
Purchase price allocation adjustments 67 — — 67 
Currency translation34 35 75 
Goodwill as of September 30, 2025
$12,934 $914 $12,764 $26,612 
(a)Represents goodwill recognized in the Medical segment upon the Company's acquisition of Advanced Patient Monitoring, which is further discussed in Note 11
(b)Represents goodwill recognized relative to a certain acquisition in fiscal year 2025, which was not material.
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Historical Timeline

Fiscal YearFiled
2025Nov 25, 2025Showing above
2024Nov 27, 2024
2023Nov 21, 2023
2022Nov 22, 2022
2021Nov 24, 2021
2020Nov 25, 2020
2019Nov 27, 2019
2018Nov 21, 2018
2017Nov 22, 2017
2016Nov 23, 2016
2015Nov 25, 2015

About Goodwill & Intangibles Disclosures

Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.

Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.