i)	Reconciliation of carrying amount


	Software			Goodwill		Non-compete agreement		Other intangible assets		Total
(in $ millions)	$			$		$		$		$

Cost
At January 1, 2020		66			709		1,644		17		2,436
Additions		6			—		—		*		6
Acquisitions – internally developed		12			—		—		—		12
Acquisition through business combination		2			3		—		—		5
Disposals/Write-off		(2	)		—		—		—		(2	)
Effects of movements in exchange rates		*			—		—		*		*
At December 31, 2020		84			712		1,644		17		2,457
Additions		2			—		—		1		3
Acquisitions – internally developed		9			—		—		—		9
Disposals/Write-off/Derecognition		(1	)		—		—		—		(1	)
Effects of movements in exchange rates		(5	)		—		—		*		(5	)
At December 31, 2021		89			712		1,644		18		2,463

Amount less than $1 million


	Software			Goodwill		Non-compete agreement		Other intangible assets		Total
(in $ millions)	$			$		$		$		$



Accumulated amortization and impairment losses
At January 1, 2020		27			28		1,188		13		1,256
Amortization for the year		18			—		242		1		261
Disposal		(2	)		—		—		—		(2	)
Impairment loss		—			28		—		—		28
Effects of movements in exchange rates		*			—		—		1		1
At December 31, 2020		43			56		1,430		15		1,544
Amortization for the year		21			—		214		1		236
Disposal/Derecognition		(1	)		—		—		—		(1	)
Impairment loss		—			8		—		—		8
Effects of movements in exchange rates		*			1		—		*		1
At December 31, 2021		63			65		1,644		16		1,788
Carrying amounts
At January 1, 2020		39			681		456		4		1,180
At December 31, 2020		41			656		214		2		913
At December 31, 2021		26			647		—		2		675

Amount less than $1 million

ii)	Development costs

Included in the software is an amount of $9 million (2020: $12 million) that represents software development costs capitalized which primarily comprise staff costs.

iii)	Amortization

The amortization of intangible assets is predominantly included in ‘Cost of revenue’ (see Note 20(iii)).


	2021		2020		2019
(in $ millions)	$		$		$

Amortization of intangible assets		236		261		538

iv)	Impairment testing for CGUs containing goodwill

For the purposes of impairment testing, goodwill has been allocated (net of impairment loss recognized) to the Group’s CGUs as follows:


	Note		2021		2020
(in $ millions)	reference		$		$

Goodwill allocated
Southeast Asia Ride Hailing CGUs		6(iv)(a)		606		606
Indonesia Payment CGU		6(iv)(b)		34		34
Multiple units without significant goodwill				7		16

Impairment losses on goodwill are included in ‘Other expenses’ (see Note 20(ii)).


	2021		2020		2019
(in $ millions)	$		$		$

Impairment loss on goodwill		8		28		28

Southeast Asia ride hailing cash generating units (“Ride Hailing CGUs”)

For the purpose of impairment testing, goodwill of $606 million has been allocated to the Group’s ride hailing business operations across countries in Southeast Asia, each of which is considered a CGU (“Ride Hailing CGU”). The goodwill

has been

allocated in proportion to the

non-compete

benefits attributable to each Ride Hailing CGU. These benefits are represented by the fair value of the

non-compete

agreement on initial recognition attributable to each Ride Hailing CGU, which was based on a valuation technique that reflected the present value of differential cash flows between “with” and “without”

non-compete

agreement scenarios.

The estimated recoverable amount of each Ride Hailing CGU has exceeded its carrying amount and therefore no impairment loss has been recognized (2020: Nil).

In 2021 and 2020, the recoverable amount of the Ride Hailing CGUs was based on fair value less cost of disposal. To arrive at the fair value less cost of disposal, the Group applied a revenue based multiple of 5.35 from comparable companies to the amount of revenue plus consumer incentives of each Ride Hailing CGUs (2020: revenue based multiple of 6.24 derived from comparable companies to the amount of revenue plus consumer incentives of each Ride Hailing CGUs). The fair value measurement is categorized as a level 3 fair value (2020: level 3 fair value) based on the inputs in the valuation technique used (see Note 3.4). It has been identified that only changes beyond reasonably possible levels of revenue based multiple could cause the carrying amount to exceed the recoverable amount.

Indonesian mobile payments and rewards cash generating unit (“Indonesia Payment CGU”)

For the purpose of impairment testing, goodwill of $34 million has been allocated to the Group’s Indonesia Payment CGU.

The estimated recoverable amount of the Indonesia Payment CGU exceeded its carrying amount and therefore no impairment loss was recognized (2020: Nil).

In 2021 and 2020 the recoverable amount of the Indonesia Payment CGU was based on fair value less cost of disposal. To arrive at the fair value less cost of disposal, the Group applied a revenue based multiple of 8.50 derived from comparable companies to the revenue of its Indonesia Payment CGUs (2020: revenue based multiple of 10.88 derived from comparable companies to the revenue of its Indonesia Payment CGUs ). The fair value measurement is categorized as a level 3 fair value (2020: level 3 fair value) based on the inputs in the valuation technique used (see Note 3.4). It has been identified that only changes beyond reasonably possible levels of revenue based multiple could cause the carrying amount to exceed the recoverable amount.