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Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

4. Intangible Assets

Goodwill represents the excess of the cost of an acquired entity over the fair value assigned to identifiable assets acquired and liabilities assumed.

The original carrying value of goodwill and accumulated impairment charges by reportable business segment at September 30, 2023 are as follows:


(in millions)	North America		South America		Asia-Pacific		EMEA		Total
Goodwill before impairment charges	$	623	$	49	$	311	$	72	$	1,055
Accumulated impairment charges	(1)		(33)		(121)		—		(155)
Balance at December 31, 2022	622		16		190		72		900
Acquisition	—		—		19		—		19
Currency translation	—		1		(11)		(1)		(11)
Balance at September 30, 2023	$	622	$	17	$	198	$	71	$	908

The following table summarizes the balances of Ingredion’s indefinite-lived intangible assets as of:


(in millions)	September 30, 2023		December 31, 2022
Trademarks/tradenames	$	143	$	143

Ingredion assesses goodwill and indefinite-lived intangible assets for impairment annually (or more frequently if impairment indicators arise). Based on the results of our assessment as of July 1, 2023, there were no impairments in our goodwill or indefinite-lived intangible assets.