Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

NOTE E. GOODWILL AND OTHER INTANGIBLE ASSETS

As of June 30, 2020 and December 31, 2019, the carrying amount of the Company’s Goodwill was $2,062 million and $2,041 million, respectively.

The following presents a summary of other intangible assets (dollars in millions):

	June 30, 2020							December 31, 2019
	Intangible assets, gross		Accumulated amortization			Intangible assets, net		Intangible assets, gross		Accumulated amortization			Intangible assets, net
Other intangible assets:
Trade name	$	791	$	—		$	791	$	791	$	—		$	791
In process research and development		25		—			25		50		—			50
Customer relationships — commercial		839		(686	)		153		839		(664	)		175
Proprietary technology		478		(477	)		1		481		(473	)		8
Customer relationships — defense		62		(46	)		16		62		(44	)		18
Total	$	2,195	$	(1,209	)	$	986	$	2,223	$	(1,181	)	$	1,042

As of June 30, 2020 and December 31, 2019, the net carrying value of the Company’s Goodwill and other intangible assets, net was $3,048 million and $3,083 million, respectively.

Amortization expense related to other intangible assets for the next five fiscal years is expected to be (dollars in millions):

		2021				2022				2023				2024				2025
Amortization expense		$	46			$	45			$	43			$	8			$	4

The following presents a summary of the changes in the goodwill of the Company’s single operating and reporting segment (dollars in millions):

	Goodwill
Balance at December 31, 2018	$	1,941
Acquisitions		78
Net current period impact to goodwill	$	78
Balance at June 30, 2019	$	2,019

Balance at December 31, 2019	$	2,041
Measurement period adjustment		25
Walker Die Casting net working capital settlement		(4	)
Net current period impact to goodwill	$	21
Balance at June 30, 2020	$	2,062

See NOTE T, "Acquisitions" for more information on certain changes in the Company's goodwill and other intangible assets.