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Divestiture, Intangible Assets and Goodwill
 6 Months Ended
Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Divestiture, Intangible Assets and Goodwill Divestiture, Intangible Assets and Goodwill
Divestiture
On June 20, 2022, we entered into a definitive agreement to sell our Borderfree cross-border ecommerce solutions business (Borderfree) for $100 million. This transaction closed on July 1, 2022.
As of June 30, 2022, the assets and liabilities of Borderfree were classified as assets held for sale and liabilities held for sale. The major categories of assets and liabilities of Borderfree included in assets held for sale and liabilities held for sale is shown in the table below.
June 30, 2022
Cash and cash equivalents$5,732 
Accounts and other receivables, net5,021 
Property, plant and equipment, net4,325 
Goodwill55,878 
Intangible assets34,214 
All other assets3,507 
Assets held for sale$108,677 
Accounts payable and accrued liabilities$10,338 
Deferred taxes on income5,971 
All other liabilities2,391 
Liabilities held for sale$18,700 

Intangible Assets
Intangible assets consisted of the following:
June 30, 2022December 31, 2021
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Customer relationships$151,953 $(72,705)$79,248 $268,187 $(141,492)$126,695 
Software & technology21,894 (18,372)3,522 21,981 (16,234)5,747 
Total intangible assets$173,847 $(91,077)$82,770 $290,168 $(157,726)$132,442 

Amortization expense for both the three months ended June 30, 2022 and 2021 was $8 million and amortization expense for both the six months ended June 30, 2022 and 2021 was $15 million.
Future amortization expense as of June 30, 2022 is shown in the table below. Actual amortization expense may differ due to, among other things, fluctuations in foreign currency exchange rates, acquisitions, divestitures and impairment charges.

Remainder 2022$8,614 
202315,327 
202415,327 
202515,123 
202614,134 
Thereafter14,245 
Total$82,770 

Goodwill
Goodwill is tested annually for impairment at the reporting unit level during the fourth quarter or sooner if circumstances indicate an impairment may exist. The impairment test for goodwill determines the fair value of each reporting unit and compares it to the reporting unit's carrying value, including goodwill. If the fair value of a reporting unit exceeds the carrying value of the net assets assigned to that reporting unit, goodwill is not impaired and no further testing is required. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, the goodwill impairment loss is calculated as the difference between these amounts, limited to the amount of goodwill allocated to the reporting unit.
We determined that the agreement to sell Borderfree was a triggering event that indicated an impairment may exist. Accordingly, we performed a goodwill impairment test of the Global Ecommerce reporting unit to assess the recoverability of the carrying value of remaining goodwill. We engaged a third-party to assist in the determination of the fair value of the reporting unit.
The results of our test indicated that no impairment existed; however, the estimated fair value of the Global Ecommerce reporting unit exceeded its carrying value by less than 20%. The determination of fair value relied on internal projections developed using numerous estimates and assumptions that are inherently subject to significant uncertainties. These estimates and assumptions included revenue growth, profitability, cash flows, capital spending and other available information. The determination of fair value also incorporated a risk-adjusted discount rate, terminal growth rates and other assumptions that market participants may use. Changes in any of these estimates or assumptions could materially affect the determination of fair value and potentially result in an impairment charge in the future. These estimates and assumptions are considered Level 3 inputs under the fair value hierarchy.

Changes in the carrying value of goodwill by reporting segment are shown in the table below.
December 31, 2021DispositionCurrency impactJune 30,
2022
Global Ecommerce$395,062 $(55,878)$— $339,184 
Presort Services220,992 — — 220,992 
SendTech Solutions519,049 — (18,773)500,276 
Total goodwill$1,135,103 $(55,878)$(18,773)$1,060,452 

Global Ecommerce goodwill is net of accumulated goodwill impairment charges of $198 million at June 30, 2022 and December 31, 2021.