Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets consisted of:


	As of December 31, 2025						As of December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized Intangible Assets
License agreements (a)	$	296	$	243	$	53	$	306	$	244	$	62
Customer relationships (b)	257		240		17		244		221		23
Other (c)	56		51		5		52		47		5
Total	$	609	$	534	$	75	$	602	$	512	$	90

Unamortized Intangible Assets
Goodwill	$	1,129					$	1,071
Trademarks	$	514					$	511

_________

(a)Primarily amortized over a period ranging from 0 to 40 years with a weighted average life of 16 years.

(b)Primarily amortized over a period ranging from 3 to 20 years with a weighted average life of 12 years.

(c)Primarily amortized over a period ranging from 3 to 10 years with a weighted average life of 9 years.

During 2024, we recorded an impairment related to our unamortized Zipcar trademark of $28 million. See Note 2 – Summary of Significant Accounting Policies.

Amortization expense relating to all intangible assets was as follows:


	Year Ended December 31,
	2025		2024		2023
License agreements	$	14	$	17	$	14
Customer relationships	8		9		9
Other	1		4		6
Total	$	23	$	30	$	29

Based on our amortizable intangible assets as of December 31, 2025, we expect amortization expense of approximately $22 million for 2026, $16 million for 2027, $11 million for 2028, $8 million for 2029 and $8 million for 2030, excluding effects of currency exchange rates.

The carrying amounts of goodwill and related changes are as follows:


	Americas		International		Total Company
Goodwill as of January 1, 2024	$	2,138	$	1,079	$	3,217
Accumulated impairment losses as of January 1, 2024	(1,587)		(531)		(2,118)
Goodwill as of January 1, 2024	551		548		1,099
Acquisitions	—		2		2
Currency translation adjustments and other	(3)		(27)		(30)
Goodwill as of December 31, 2024	548		523		1,071


Currency translation adjustments and other	2		56		58
Goodwill as of December 31, 2025	$	550	$	579	$	1,129