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Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets

10. Goodwill and Intangible Assets

 

 

 

December31,

 

GOODWILL (Dollars in millions)

 

2024

 

 

2023

 

Carrying amount at beginning of year

 

$

1,378

 

 

$

1,375

 

Translation differences

 

 

(10

)

 

 

2

 

Carrying amount at end of year

 

$

1,368

 

 

$

1,378

 

Approximately $1.2 billion of the Company’s goodwill is associated with the 1997 merger of Autoliv AB and the Automotive Safety Products Division of Morton International, Inc. No goodwill impairment charges were recognized during 2024, 2023 or 2022.

 

 

 

December 31,

 

AMORTIZABLE INTANGIBLES (Dollars in millions)

 

2024

 

 

2023

 

Gross carrying amount

 

$

386

 

 

$

391

 

Accumulated amortization

 

 

(379

)

 

 

(384

)

Carrying value

 

$

7

 

 

$

7

 

At December 31, 2024, intangible assets subject to amortization mainly relate to acquired technology. No significant impairments of intangible assets were recognized during 2024, 2023 or 2022.

Amortization expense related to intangible assets was $2 million, $2 million and $3 million in 2024, 2023 and 2022, respectively. Estimated future amortization expense is immaterial for all future periods.