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Amortizable Intangible Assets
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Amortizable Intangible Assets

NOTE 7 Amortizable Intangible Assets

Amortizable intangible assets consisted of the following:

 

 

 

June 30, 2024

 

 

December 31, 2023

 

(in millions)

 

Gross
carrying
value

 

 

Accumulated
amortization

 

 

Net
carrying
value

 

 

Weighted
average
life
(years) (1)

 

 

Gross
carrying
value

 

 

Accumulated
amortization

 

 

Net
carrying
value

 

 

Weighted
average
life
(years) (1)

 

Purchased customer accounts and other

 

$

3,207

 

 

$

(1,636

)

 

$

1,571

 

 

 

15

 

 

$

3,138

 

 

$

(1,549

)

 

$

1,589

 

 

 

15

 

Foreign currency translation adjustments during the year

 

 

(7

)

 

 

1

 

 

 

(6

)

 

 

 

 

 

34

 

 

 

(2

)

 

 

32

 

 

 

 

Total

 

$

3,200

 

 

$

(1,635

)

 

$

1,565

 

 

 

 

 

$

3,172

 

 

$

(1,551

)

 

$

1,621

 

 

 

 

 

(1)
Weighted average life calculated as of the date of acquisition.

Amortization expense for intangible assets for the years ending December 31, 2024, 2025, 2026, 2027 and 2028 is estimated to be $172 million, $168 million, $162 million, $150 million, and $143 million, respectively.