The following table summarizes the changes in the carrying amount of goodwill:


(in millions)
Balance as of December 31, 2025	$	35,640

Foreign currency translation adjustments	(70)
Balance as of March 31, 2026	$	35,570

The following table summarizes intangible assets:


	March 31, 2026						December 31, 2025
(in millions)	Gross carrying amount		Accumulated amortization		Net carrying amount		Gross carrying amount		Accumulated amortization		Net carrying amount
Definite-lived intangible assets
Developed product rights	$	81,165	$	(36,380)	$	44,785	$	81,239	$	(34,849)	$	46,390
License agreements	8,359		(7,543)		816		8,353		(7,383)		970
Total definite-lived intangible assets	89,524		(43,923)		45,601		89,592		(42,232)		47,360
Indefinite-lived intangible assets	5,272		—		5,272		5,281		—		5,281
Total intangible assets, net	$	94,796	$	(43,923)	$	50,873	$	94,873	$	(42,232)	$	52,641

Amortization expense was $1.7 billion for the three months ended March 31, 2026 and $1.9 billion for the three months ended March 31, 2025. Amortization expense was included in cost of products sold in the condensed consolidated statements of earnings.