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Goodwill and Intangible Assets, Net

3 Months Ended

Mar. 31, 2025

8. Goodwill and Intangible Assets, Net

Goodwill consists of the following:


	March 31, 2025						December 31, 2024
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Amount		Impairment		Value		Amount		Impairment		Value

	(in millions)
Automotive	$	337	$	(87)	$	250	$	337	$	(87)	$	250
Food Packaging		6		—		6		6		—		6
Home Fashion		22		(3)		19		22		(3)		19
Pharma		13		—		13		13		—		13
	$	378	$	(90)	$	288	$	378	$	(90)	$	288

Intangible assets, net consists of the following:


	March 31, 2025						December 31, 2024
	Gross				Net		Gross				Net
	Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
	Amount		Amortization		Value		Amount		Amortization		Value

	(in millions)
Definite-lived intangible assets:
Customer relationships	$	392	$	(254)	$	138	$	392	$	(249)	$	143
Developed technology		254		(125)		129		254		(118)		136
Other		164		(112)		52		164		(110)		54
	$	810	$	(491)	$	319	$	810	$	(477)	$	333

Indefinite-lived intangible assets					$	76					$	76
Intangible assets, net					$	395					$	409

Amortization expense associated with definite-lived intangible assets was $14 million and $14 million for the three months ended March 31, 2025 and 2024, respectively.

We utilize the straight-line method of amortization, recognized over the estimated useful lives of the assets.