Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Note 5 - Goodwill and Intangible Assets

Goodwill by reportable segment was as follows:

	Reynolds Cooking & Baking		Hefty Waste & Storage		Hefty Tableware		Presto Products		Total
	(in millions)
Balance as of December 31, 2019	$	794	$	505	$	282	$	298	$	1,879
Movements		—		—		—		—		—
Balance as of December 31, 2020		794		505		282		298		1,879
Movements		—		—		—		—		—
Balance as of December 31, 2021	$	794	$	505	$	282	$	298	$	1,879

Intangible assets, net consisted of the following:

	As of December 31, 2021							As of December 31, 2020
	Gross carrying amount		Accumulated amortization			Net		Gross carrying amount		Accumulated amortization			Net
	(in millions)
Finite-lived intangible assets
Customer relationships	$	580	$	(371	)	$	209	$	580	$	(342	)	$	238
Trade names		25		(23	)		2		25		(21	)		4
Total finite-lived intangible assets		605		(394	)		211		605		(363	)		242
Indefinite-lived intangible assets
Trade names		850		—			850		850		—			850
Total intangible assets	$	1,455	$	(394	)	$	1,061	$	1,455	$	(363	)	$	1,092

Amortization expense for intangible assets was $31 million, $31 million and $32 million for the years ended December 31, 2021, 2020 and 2019, respectively, and has been recognized in selling, general and administrative expenses. For the next five years, we estimate annual amortization expense of approximately $28 million each year.