Cencora, Inc. Goodwill & Intangibles Disclosure
| (in thousands) | U.S. Healthcare Solutions | International Healthcare Solutions | Total | |||||||||||||||||
Goodwill as of September 30, 2023 | $ | 6,205,774 | $ | 3,368,343 | $ | 9,574,117 | ||||||||||||||
| Purchase accounting adjustments | — | (12,904) | (12,904) | |||||||||||||||||
| Goodwill recognized in connection with acquisitions | — | 18,712 | 18,712 | |||||||||||||||||
| Goodwill impairment | — | (418,000) | (418,000) | |||||||||||||||||
| Foreign currency translation | 2,748 | 153,354 | 156,102 | |||||||||||||||||
Goodwill as of September 30, 2024 | 6,208,522 | 3,109,505 | 9,318,027 | |||||||||||||||||
| Goodwill recognized in connection with acquisitions | 4,896,085 | 123,112 | 5,019,197 | |||||||||||||||||
| Goodwill impairment | — | (723,884) | (723,884) | |||||||||||||||||
| Foreign currency translation | 383 | 62,797 | 63,180 | |||||||||||||||||
| Goodwill as of September 30, 2025 | $ | 11,104,990 | $ | 2,571,530 | $ | 13,676,520 | ||||||||||||||
| (in thousands) | U.S. Healthcare Solutions | International Healthcare Solutions | ||||||||||||
Accumulated impairment losses as of September 30, 2025 | $ | — | $ | 1,217,820 | ||||||||||
Accumulated impairment losses as of September 30, 2024 | $ | — | $ | 493,936 | ||||||||||
| September 30, 2025 | September 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||
| (dollars in thousands) | Weighted Average Remaining Useful Life | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||||||||||||||||||||
| Indefinite-lived trade name | $ | 17,000 | $ | — | $ | 17,000 | $ | 17,000 | $ | — | $ | 17,000 | ||||||||||||||||||||||||||||||||
| Finite-lived: | ||||||||||||||||||||||||||||||||||||||||||||
| Customer relationships | 12 years | 5,250,912 | (1,860,484) | 3,390,428 | 5,090,864 | (1,536,081) | 3,554,783 | |||||||||||||||||||||||||||||||||||||
| Trade names and other | 11 years | 1,457,176 | (1,090,423) | 366,753 | 1,259,954 | (830,691) | 429,263 | |||||||||||||||||||||||||||||||||||||
| Total other intangible assets | $ | 6,725,088 | $ | (2,950,907) | $ | 3,774,181 | $ | 6,367,818 | $ | (2,366,772) | $ | 4,001,046 | ||||||||||||||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Nov 25, 2025 | Showing above |
| 2024 | Nov 26, 2024 | |
| 2023 | Nov 21, 2023 | |
| 2022 | Nov 22, 2022 | |
| 2021 | Nov 23, 2021 | |
| 2020 | Nov 19, 2020 | |
| 2019 | Nov 19, 2019 | |
| 2018 | Nov 20, 2018 | |
| 2017 | Nov 21, 2017 | |
| 2016 | Nov 22, 2016 | |
| 2015 | Nov 24, 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.