UNITEDHEALTH GROUP INC
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
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6. Goodwill and Other Intangible Assets
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- Goodwill and Other Intangible Assets
Changes in the carrying amount of goodwill, by reportable segment, were as follows:
| (in millions) | UnitedHealthcare | Optum Health | Optum Insight | Optum Rx | Consolidated |
|---|---|---|---|---|---|
| Balance at January 1, 2022 | $27,389 | $24,224 | $8,619 | $15,563 | $75,795 |
| Acquisitions | 19 | 5,158 | 8,623 | 3,910 | 17,710 |
| Foreign currency effects and other adjustments, net | (13) | (144) | 2 | 2 | (153) |
| Balance at December 31, 2022 | 27,395 | 29,238 | 17,244 | 19,475 | 93,352 |
| Acquisitions | 296 | 8,023 | 1,802 | — | 10,121 |
| Foreign currency effects and other adjustments, net | 187 | (182) | 261 | (7) | 259 |
| Balance at December 31, 2023 | $27,878 | $37,079 | $19,307 | $19,468 | $103,732 |
The gross carrying value, accumulated amortization and net carrying value of other intangible assets were as follows:
| December 31, 2023 | December 31, 2022 | |||||
|---|---|---|---|---|---|---|
| (in millions) | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | Gross Carrying Value | Accumulated Amortization | Net Carrying Value |
| Customer-related | $16,636 | $(5,909) | $10,727 | $16,303 | $(5,179) | $11,124 |
| Trademarks and technology | 2,508 | (958) | 1,550 | 2,398 | (704) | 1,694 |
| Operating licenses and certificates, trademarks and other indefinite-lived | 2,116 | — | 2,116 | 661 | — | 661 |
| Other | 1,213 | (412) | 801 | 1,176 | (254) | 922 |
| Total | $22,473 | $(7,279) | $15,194 | $20,538 | $(6,137) | $14,401 |
The acquisition date fair values and weighted-average useful lives assigned to intangible assets acquired in business combinations consisted of the following by year of acquisition:
| 2023 | 2022 | |||
|---|---|---|---|---|
| (in millions, except years) | Fair Value | Weighted-Average Useful Life | Fair Value | Weighted-Average Useful Life |
| Customer-related | $477 | 12 years | $3,927 | 15 years |
| Trademarks and technology | 226 | 5 years | 1,058 | 6 years |
| Other | 44 | 9 years | 776 | 13 years |
| Total acquired finite-lived | $747 | 9 years | $5,761 | 13 years |
| Total acquired indefinite-lived - operating licenses and certificates, trademarks and other | 1,427 | 53 | ||
| Total acquired intangible assets | $2,174 | $5,814 | ||
Estimated full year amortization expense relating to intangible assets for each of the next five years ending December 31 is as follows:
| (in millions) | |
|---|---|
| 2024 | $1,609 |
| 2025 | 1,480 |
| 2026 | 1,328 |
| 2027 | 1,265 |
| 2028 | 1,187 |
Amortization expense relating to intangible assets for the years ended December 31, 2023, 2022 and 2021 was $1.6 billion, $1.3 billion and $1.2 billion, respectively.
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