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Goodwill and Intangible Assets, Net

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets, Net

Goodwill and Intangible Assets, Net

8. Goodwill and Intangible Assets, Net

Goodwill consists of the following:


		June 30, 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			24			(3)			21			22			(3)			19
Pharma			13			—			13			13			—			13
		$	380		$	(90)		$	290		$	378		$	(90)		$	288

Intangible assets, net consists of the following:


		June 30, 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		$	(258)		$	134		$	392		$	(249)		$	143
Developed technology			254			(132)			122			254			(118)			136
Other			164			(115)			49			164			(110)			54
		$	810		$	(505)		$	305		$	810		$	(477)		$	333

Indefinite-lived intangible assets								$	76								$	76
Intangible assets, net								$	381								$	409

Amortization expense associated with definite-lived intangible assets was $14 million and $15 million for the three months ended June 30, 2025 and 2024, respectively, and $28 million and $29 million for the six months ended June 30, 2025 and 2024, respectively.

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