Goodwill and intangible assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

. Goodwill and intangible assets

Intangible assets

The composition of goodwill and intangible assets is as follows:


	September 30, 2023		December 31, 2022
	(In millions)
Goodwill	$	159	$	153
Intangible assets with indefinite lives
- Trademarks	3		4
'- Digital assets (1)	9		9
Amortizable intangible assets
- Licenses and others	14		13
- Non-compete agreements	4		4
- Customer lists	12		12
- Trademarks	13		12
- Hubs network	4		4
- Others	3		3
Total intangible assets	$	62	$	61
Accumulated amortization	(41)		(36)
Total intangible assets, net	$	21	$	25

(1)Digital assets are net of $21 million of impairment losses as of both September 30, 2023 and December 31, 2022.

Goodwill

The changes in the carrying amount of goodwill for the nine-month period ended September 30, 2023 and the year ended December 31, 2022 are as follows:


	Nine Months Ended September 30, 2023
	Brazil		Argentina		Mexico		Chile		Colombia		Other countries		Total
	(In millions)
Balance, beginning of the period	$	60	$	10	$	39	$	37	$	5	$	2	$	153
Effect of exchange rates changes	2		—		5		(2)		1		—		6
Balance, end of the period	$	62	$	10	$	44	$	35	$	6	$	2	$	159

	Year Ended December 31, 2022
	Brazil		Argentina		Mexico		Chile		Colombia		Other countries		Total
	(In millions)
Balance, beginning of the period	$	56	$	10	$	37	$	37	$	6	$	2	$	148
Effect of exchange rates changes	4		—		2		—		(1)		—		5
Balance, end of the period	$	60	$	10	$	39	$	37	$	5	$	2	$	153

Amortizable intangible assets

Intangible assets with definite useful life are comprised of customer lists, non-compete and non-solicitation agreements, hubs network, acquired software licenses and other acquired intangible assets including developed technologies and trademarks. Aggregate amortization expense for intangible assets for the nine-month periods ended September 30, 2023 and 2022 amounted to $4 million and $4 million, respectively, while aggregate amortization expense for intangible assets totaled $1 million and $1 million for the three-month periods ended September 30, 2023 and 2022, respectively.

The following table summarizes the remaining amortization of intangible assets (in millions of U.S. dollars) with definite useful life as of September 30, 2023:


For year to be ended December 31, 2023	$	1
For year to be ended December 31, 2024	3
For year to be ended December 31, 2025	1
For year to be ended December 31, 2026	1
Thereafter	3
	$	9