Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill balances attributable to consolidated businesses, by segment, are set forth in the following table.


	December 31, 2023		December 31, 2022
	(In millions)
Ag Services and Oilseeds	$	235	$	193

Carbohydrate Solutions	224		224
Nutrition	3,640		3,731
Other Business	4		14
Total	$	4,103	$	4,162

The changes in goodwill during the year ended December 31, 2023 were primarily related to impairment of $137 million in the Animal Nutrition reporting unit of Nutrition, partially offset by an increase due to an acquisition of $20 million principally in the Ag Services and Oilseeds segment and foreign currency translation gains of $65 million primarily in the Nutrition segment. As of December 31, 2023 and 2022, accumulated amortization loss was $156 million and $19 million, respectively.

The following table sets forth the other intangible assets:


				December 31, 2023						December 31, 2022
	Useful			Gross		Accumulated				Gross		Accumulated
	Life			Amount		Amortization		Net		Amount		Amortization		Net
	(In years)			(In millions)
Intangible assets with indefinite lives:
Trademarks/brands				$	375	$	—	$	375	$	397	$	—	$	397

Other				58		—		58		—		—		—

Intangible assets with definite lives:
Trademarks/brands	5	to	20	53		(35)		18		70		(28)		42
Customer lists	1	to	30	1,544		(627)		917		1,544		(542)		1,002

Capitalized software and related costs	5	to	8	950		(523)		427		721		(449)		272
Land rights	2	to	50	107		(30)		77		109		(25)		84
Other intellectual property	6	to	20	211		(135)		76		228		(112)		116
Recipes and other	1	to	35	511		(304)		207		547		(274)		273
Intangible assets in process				83		—		83		196		—		196
Total				$	3,892	$	(1,654)	$	2,238	$	3,812	$	(1,430)	$	2,382

The changes in the gross amounts during the year ended December 31, 2023 were primarily related to additions to capitalized software and related costs, net of the decrease in intangible assets in process and increases related to foreign currency translation of $53 million, partially offset by impairments of $64 million and reclassifications. The changes in accumulated amortization during the year ended December 31, 2023 were related to amortization expense and foreign currency translation of $15 million, partially offset by reclassifications. Aggregate amortization expense was $234 million, $235 million, and $177 million for the years ended December 31, 2023, 2022, and 2021, respectively, of which $72 million, $69 million, and $33 million, respectively, were for amortization of capitalized software and related costs. The estimated future aggregate amortization expense for the next five years is $338 million, $345 million, $337 million, $330 million, and $310 million, respectively.