What is the practical difference, post-deal, between value allocated to identifiable intangibles versus value left in goodwill?

Both come out of the same purchase price, but the EARNINGS impact differs. Value allocated to FINITE-lived identifiable intangibles gets amortized over its useful life — a recurring non-cash expense that depresses GAAP net income (and EPS) for years after the deal, hurting accretion/dilution. Value left in GOODWILL is NOT amortized, so it has no ongoing P&L drag — it only hits earnings if and when it's impaired (lumpy, unpredictable). So allocating more to goodwill (vs. amortizable intangibles) flatters reported EPS. This is partly why acquirers emphasize 'cash EPS' (adding back deal amortization) and why analysts scrutinize the PPA split. Neither affects EBITDA, since both amortization and impairment sit below EBITDA.