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	(121)
Balance as of June 30, 2026	$	35,519

The following table summarizes intangible assets:


	June 30, 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	$	81,968	$	(37,891)	$	44,077	$	81,239	$	(34,849)	$	46,390
License agreements	8,359		(7,698)		661		8,353		(7,383)		970
Total definite-lived intangible assets	90,327		(45,589)		44,738		89,592		(42,232)		47,360
Indefinite-lived intangible assets	4,401		—		4,401		5,281		—		5,281
Total intangible assets, net	$	94,728	$	(45,589)	$	49,139	$	94,873	$	(42,232)	$	52,641

Amortization expense was $1.7 billion for the three months and $3.4 billion for the six months ended June 30, 2026 and $1.9 billion for the three months and $3.7 billion for the six months ended June 30, 2025. Amortization expense was included in cost of products sold in the condensed consolidated statements of earnings.