GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets

The composition of goodwill and intangible assets is as follows:


	March 31, 2024		December 31, 2023
	(In millions)
Goodwill	$	158	$	163
Intangible assets with indefinite lives
Trademarks	3		4
Amortizable intangible assets
Licenses and others	17		14
Non-compete agreements	4		4
Customer lists	12		12
Trademarks	12		12
Hubs network	4		4
Others	3		3
Total intangible assets	55		53
Accumulated amortization	(43)		(42)
Total intangible assets, net	$	12	$	11

Goodwill

The changes in the carrying amount of goodwill for the three-month period ended March 31, 2024 and the year ended December 31, 2023 are as follows:


	Three Months Ended March 31, 2024
	Brazil		Argentina		Mexico		Chile		Colombia		Other countries		Total
	(In millions)
Balance, beginning of the period	$	64	$	10	$	44	$	37	$	6	$	2	$	163
Effect of exchange rates changes	(2)		—		1		(4)		—		—		(5)
Balance, end of the period	$	62	$	10	$	45	$	33	$	6	$	2	$	158

	Year Ended December 31, 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	4		—		5		—		1		—		10
Balance, end of the period	$	64	$	10	$	44	$	37	$	6	$	2	$	163

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 three-month periods ended March 31, 2024 and 2023 amounted to $1 million and $2 million, respectively.

The following table summarizes the remaining amortization of intangible assets (in millions) with definite useful life as of March 31, 2024:


For year to be ended December 31, 2024	$	2
For year to be ended December 31, 2025	2
For year to be ended December 31, 2026	2
For year to be ended December 31, 2027	1
Thereafter	2
	$	9