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GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

Intangible assets

The composition of goodwill and intangible assets is as follows:

			June 30, 2024						December 31, 2023
			(In millions)
Goodwill			$	149					$	163
Intangible assets with indefinite lives
Trademarks			4						4
Amortizable intangible assets
Licenses and others			14						14
Non-compete agreements			3						4
Customer lists			15						12
Trademarks			12						12
Hubs network			4						4
Others			3						3
Total intangible assets			55						53
Accumulated amortization			(42)						(42)
Total intangible assets, net			$	13					$	11

Goodwill

The changes in the carrying amount of goodwill for the six-month period ended June 30, 2024 and the year ended December 31, 2023 are as follows:

			Six Months Ended June 30, 2024
			Brazil						Argentina						Mexico						Chile						Colombia						Other countries						Total
			(In millions)
Balance, beginning of the year			$	64					$	10					$	44					$	37					$	6					$	2					$	163
Effect of exchange rates changes			(8)						—						(3)						(3)						—						—						(14)
Balance, end of the period			$	56					$	10					$	41					$	34					$	6					$	2					$	149
			Year Ended December 31, 2023
			Brazil						Argentina						Mexico						Chile						Colombia						Other countries						Total
			(In millions)
Balance, beginning of the year			$	60					$	10					$	39					$	37					$	5					$	2					$	153
Effect of exchange rates changes			4						—						5						—						1						—						10
Balance, end of the year			$	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 six-month periods ended June 30, 2024 and 2023 amounted to $2 million and $3 million, respectively, while aggregate amortization expense for intangible assets totaled $1 million for each of the three-month periods ended June 30, 2024 and 2023, respectively.

The following table summarizes the remaining amortization of intangible assets (in millions) with definite useful life as of June 30, 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

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- References

No definition available.

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-30/tableOfContent

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-20/tableOfContent

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