GOODWILL AND OTHER INTANGIBLES

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL

There were no impairment charges related to goodwill for the years ended December 31, 2023, 2022 and 2021.

The following table presents changes in the goodwill balance as allocated to each business segment:


In millions	Europe		Latin America		North America		Total
Balance as of December 31, 2021
Goodwill	$	11	$	112	$	—	$	123
Accumulated impairment losses	(1)		—		—		(1)
	10		112		—		122
Currency translation			6		—		6
Goodwill additions/reductions	—		—		—		—
Accumulated impairment loss additions/reductions	—		—		—		—

Balance as of December 31, 2022
Goodwill	11		118		—		129
Accumulated impairment losses	(1)		—		—		(1)
	10		118		—		128
Currency translation	—		11		—		11
Goodwill additions/reductions	—		—		—		—
Accumulated impairment loss additions/reductions	—		—		—		—

Balance as of December 31, 2023
Goodwill	11		129		—		140
Accumulated impairment losses	(1)		—		—		(1)
Total	$	10	$	129	$	—	$	139

The Company performed its annual testing of goodwill impairment by applying the qualitative assessment to its Brazil reporting unit as of October 1, 2023. For the current year evaluation, the Company assessed various assumptions, events and circumstances that would have affected the estimated fair value of the reporting unit under the qualitative assessment for the reporting units listed above. The results of the qualitative assessment indicated that it is not more likely than not that the fair values of its Brazil reporting unit was less than its carrying value.

The Company also performed its annual testing of goodwill impairment by applying the quantitative goodwill impairment test to its France reporting unit due to changes in market conditions and the reporting unit's outlook since the previous quantitative goodwill impairment test. The Company calculated the estimated fair value of the France reporting unit using a probability-weighted approach based on discounted future cash flows, market multiples and transaction multiples. As a result, the Company

concluded that the fair value of the France reporting unit was not reduced below carrying value and no goodwill impairment charge was recorded.

In addition, the Company considered whether there were any events or circumstances outside of the annual evaluation, other than those discussed above, that would reduce the fair value of its reporting units below their carrying amounts and necessitate a goodwill impairment evaluation. In consideration of all relevant factors, there were no indicators that would require goodwill impairment evaluation subsequent to October 1, 2023.

During the first quarter of 2022, the Company concluded that significant changes in the business climate in Russia represented an indicator of impairment, which resulted in the performance of an interim goodwill impairment test. The Company performed interim quantitative testing of goodwill attributed to the Europe reporting unit and concluded that the fair value of the reporting unit had not been reduced below carrying value and no goodwill impairment charge was recorded.

OTHER INTANGIBLES

Identifiable intangible assets comprised the following:


	2023						2022
In millions as of December 31,	Gross Carrying Amount		Accumulated Amortization		Net Intangible Assets		Gross Carrying Amount		Accumulated Amortization		Net Intangible Assets
Customer relationships and lists	$	56	$	(51)	$	5	$	56	$	(50)	$	6
Software	3		(3)		—		3		(3)		—
Other	4		(3)		1		4		(3)		1
Total	$	63	$	(57)	$	6	$	63	$	(56)	$	7

The Company recognized the following amounts as amortization expense related to intangible assets:


In millions	2023		2022		2021
Amortization expense related to intangible assets	$	2	$	2	$	2

Based on current intangibles subject to amortization, estimated amortization expense for each of the succeeding years is as follows: 2024 – $2 million, 2025 – $2 million, 2026 – $2 million, 2027 and cumulatively thereafter – $0 million.