Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Note C: Goodwill and Other Intangible Assets

The following table shows the changes in goodwill by reportable segment and in total:

December 31	East Group		West Group			Total
(in millions)	2024
Balance at beginning of period	$	764	$	2,625		$	3,389
Acquisitions		267		111			378
Balance at end of period	$	1,031	$	2,736		$	3,767
	2023
Balance at beginning of period	$	764	$	2,885		$	3,649
Goodwill allocated to assets held for sale		—		(260	)		(260	)
Balance at end of period	$	764	$	2,625		$	3,389

Intangible assets subject to amortization consist of the following:

December 31	Gross Amount		Accumulated Amortization			Net Balance
(in millions)	2024
Noncompetition agreements	$	4	$	(4	)	$	—
Customer relationships		462		(101	)		361
Operating permits		370		(62	)		308
Use rights and other		30		(13	)		17
Trade names		23		(17	)		6
Total	$	889	$	(197	)	$	692
	2023
Noncompetition agreements	$	4	$	(4	)	$	—
Customer relationships		421		(80	)		341
Operating permits		369		(56	)		313
Use rights and other		14		(12	)		2
Trade names		24		(16	)		8
Total	$	832	$	(168	)	$	664

Intangible assets deemed to have an indefinite life that are therefore not amortized consist of the following:

December 31	Building Materials Business		Magnesia Specialties		Total
(in millions)	2024
Operating permits	$	7	$	—	$	7
Use rights		29		—		29
Trade names		—		2		2
Total	$	36	$	2	$	38
	2023
Operating permits	$	7	$	—	$	7
Use rights		25		—		25
Trade names		—		2		2
Total	$	32	$	2	$	34

Intangible assets acquired during 2024, of which $46 million were from business combinations, are as follows:

(in millions, except year data)	Amount		Weighted-average amortization period
Subject to amortization:
Customer relationships	$	40	11 years
Use rights and other		16	10 years
Permits		1	40 years
Total subject to amortization	$	57	11 years
Not subject to amortization:
Use rights and other		5	N/A
Total	$	62

Amortization expense for intangible assets for the years ended December 31, 2024, 2023 and 2022 was $29 million, $28 million and $27 million, respectively.

The estimated amortization expense for intangible assets for each of the next five years and thereafter is as follows:

(in millions)
2025	$	33
2026		31
2027		30
2028		30
2029		29
Thereafter		539
Total	$	692