Intangibles, net

12 Months Ended

Dec. 31, 2023

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangibles, net

9. Intangibles, net

Identified intangible assets with determinable lives consist primarily of customer relationships, trademarks, trade names and patents acquired in acquisitions, and are being amortized on a straight-line basis over the estimated useful lives. Intangible assets that are fully amortized are removed from the disclosures. See Note 21 “Transactions” for additional information.

No impairment for intangible assets was recognized for the years ended December 31, 2023 and 2022. For the year ended December 31, 2021, the Company recognized $2 million of impairment in the U.S. reporting segment for certain customer relationship intangible assets due to a decline in customer activities.

Identified intangible assets by major classification consist of the following (in millions):

			Accumulated			Net Book
	Gross		Amortization			Value
December 31, 2023:
Trade names and patents	$	2	$	(1	)	$	1
Customer relationships		29		(4	)		25
Other		4		(2	)		2
Total identified intangibles	$	35	$	(7	)	$	28
December 31, 2022:
Trade names and patents	$	4	$	—		$	4
Customer relationships		19		(2	)		17
Other		4		—			4
Total identified intangibles	$	27	$	(2	)	$	25

Amortization expense was $5 million, $2 million and $2 million for the years ended December 31, 2023, 2022, and 2021, respectively. The following table represents the total estimated amortization of intangible assets for the five succeeding years (in millions):

For the Year Ending December 31,	Estimated Amortization Expense
2024	$	5
2025		4
2026		3
2027		3
2028		3