Intangible Assets
Goodwill
The carrying value of goodwill by reportable segment and All Other as of December 31, 2025 is presented below. There were no accumulated impairment charges by reportable segment and All Other.
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| | T&HS | | F&II–LATAM | | F&II–U.S./Canada | | All Other | | Total |
| Balance as of December 31, 2024 | | $ | 382 | | | $ | 142 | | | $ | 295 | | | $ | 87 | | | $ | 906 | |
| Currency translation adjustment | | 12 | | | 2 | | | 1 | | | 1 | | | 16 | |
| Balance as of December 31, 2025 | | $ | 394 | | | $ | 144 | | | $ | 296 | | | $ | 88 | | | $ | 922 | |
We concluded that as of our July 1, 2025 impairment assessment, there were no impairments to goodwill.
Other Intangible Assets
A summary of other intangible assets was as follows:
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| December 31, 2025 | | Gross | | Accumulated Amortization | | Net |
| Trademarks/trade names (indefinite-lived) | | $ | 143 | | | $ | — | | | $ | 143 | |
| Patents | | 34 | | | (16) | | | 18 | |
| Customer relationships | | 366 | | | (212) | | | 154 | |
| Technology | | 118 | | | (105) | | | 13 | |
| Other | | 40 | | | (21) | | | 19 | |
| Total other intangible assets | | $ | 701 | | | $ | (354) | | | $ | 347 | |
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| December 31, 2024 | | Gross | | Accumulated Amortization | | Net |
| Trademarks/trade names (indefinite-lived) | | $ | 143 | | | $ | — | | | $ | 143 | |
| Patents | | 31 | | | (12) | | | 19 | |
| Customer relationships | | 356 | | | (188) | | | 168 | |
| Technology | | 111 | | | (104) | | | 7 | |
| Other | | 41 | | | (20) | | | 21 | |
| Total other intangible assets | | $ | 682 | | | $ | (324) | | | $ | 358 | |
Amortization expense related to our other intangible assets was $27 million in 2025, and $26 million in both 2024 and 2023. We concluded that as of our July 1, 2025 impairment assessment, there were no impairments to our indefinite-lived other intangible assets.
Estimated future amortization expense related to intangible assets is as follows:
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| 2026 | | $ | 27 |
| 2027 | | 27 |
| 2028 | | 27 |
| 2029 | | 27 |
| 2030 | | 26 |
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.