Goodwill and Other Intangibles

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Changes in the net carrying value of goodwill by segment were as follows (in millions):


	AIT		EVM		Total




Goodwill as of December 31, 2023	$	229	$	3,666	$	3,895
Foreign exchange impact	—		(4)		(4)
Goodwill as of December 31, 2024	$	229	$	3,662	$	3,891

See Note 5, Business Acquisitions for further details related to the Company’s acquisitions and purchase price allocation adjustments.

The Company’s goodwill balance consists of four reporting units. The Company completed its annual goodwill impairment testing during the fourth quarter of 2024 utilizing a quantitative approach. The estimated fair value of each reporting unit exceeded its carrying value by at least 150%. No events occurred during the fiscal years ended 2024, 2023 or 2022 that indicated it was more likely than not that our goodwill was impaired.

Other Intangibles, net

The balances in Other Intangibles, net consisted of the following (in millions):


	As of December 31, 2024						As of December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Amortized intangible assets
Technology and patents	$	949	$	(737)	$	212	$	951	$	(680)	$	271
Customer and other relationships	857		(647)		210		861		(615)		246
Trade names	65		(65)		—		66		(56)		10
Total	$	1,871	$	(1,449)	$	422	$	1,878	$	(1,351)	$	527

Amortization expense was $104 million, $104 million and $136 million for fiscal years ended 2024, 2023 and 2022, respectively.

Estimated future intangible asset amortization expense is as follows (in millions):


Year Ended December 31,
2025	$	93
2026	90
2027	77
2028	60
2029	29
Thereafter	73
Total	$	422