v3.25.4
GOODWILL AND INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
An analysis of changes in the Company’s goodwill by business segment is as follows (in millions):
 
ES
MP
Aerials
Total
Balance at December 31, 2023, gross
$— $218 $139 $357 
Accumulated impairment — (23)(39)(62)
Balance at December 31, 2023, net
— 195 100 295 
Acquisitions803 — — 803 
Foreign exchange effect and other— (4)(1)(5)
Balance at December 31, 2024, gross
803 214 138 1,155 
Accumulated impairment— (23)(39)(62)
Balance at December 31, 2024, net
803 191 99 1,093 
Acquisitions measurement period adjustments
(7)— — (7)
Divestiture— (7)— (7)
Foreign exchange effect and other— 10 2 12 
Balance at December 31, 2025, gross
796 217 140 1,153 
Accumulated impairment— (23)(39)(62)
Balance at December 31, 2025, net
$796 $194 $101 $1,091 

During the year ended December 31, 2025, the Company recorded a $7 million decrease to goodwill as a measurement period adjustment related to its ESG acquisition. During the year ended December 31, 2024, the Company recognized goodwill of $803 million in connection with the ESG acquisition based on the preliminary purchase price allocation. During the year ended December 31, 2023, the Company recognized goodwill of $2 million in connection with the MARCO acquisition.

The goodwill associated with these transactions was attributable primarily to the assembled workforce and expected synergies from the business combinations. The goodwill in connection with the ESG acquisition is assigned to ES segment. The goodwill in connection with the MARCO acquisition is assigned to the MP segment. The goodwill recognized for ESG and MARCO is expected to be deductible for income tax purposes. See Note D – “Acquisitions and Divestitures” for additional information regarding the acquisitions.
Intangible assets, net were comprised of the following (in millions):
December 31, 2025December 31, 2024
Weighted Average Life
(in years)		Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Definite-lived intangible assets:
Technology12$153 $(19)$134 $159 $(12)$147 
Customer relationships
15860 (103)757 858 (44)814 
Trade names
14153 (21)132 152 (10)142 
Land use rights
784 (1)3 4 (1)3 
Other917 (16)1 18 (17)1 
Total definite-lived intangible assets
$1,187 $(160)$1,027 $1,191 $(84)$1,107 

During the year ended December 31, 2024, the Company recognized total definite-lived intangible assets of $1,114 million including customer relationships, trade names and technology in connection with the ESG acquisition. See Note D – “Acquisitions and Divestitures” for additional information regarding the intangible assets recognized upon completion of the purchase price accounting in 2025. See Note D – “Acquisitions and Divestitures” for additional information regarding these acquisitions.

For the Year Ended December 31,
(in millions)202520242023
Aggregate Amortization Expense$82 $21 $3 

Estimated aggregate intangible asset amortization expense for each of the next five years is as follows (in millions):
2026$82 
202781 
202881 
202980 
203080