The components of goodwill by segment were as follows:


(In millions)	Balance as of December 30, 2023		Acquisition		Foreign Currency Rate Impact			Balance as of December 28, 2024
ODP Business Solutions Division	$	149	$	9	$	(1	)	$	157
Office Depot Division		219		—		—			219
Veyer Division		35		—		—			35
Total	$	403	$	9	$	(1	)	$	411

Additions to goodwill relate to the acquisition made during 2024. Refer to Note 2 for additional information.

Goodwill and indefinite-lived intangible assets are tested for impairment annually as of the first day of fiscal December or more frequently when events or changes in circumstances indicate that impairment may have occurred. The Company performed its fourth quarter 2024 annual goodwill impairment test using a quantitative assessment for all reporting units. The quantitative assessment combined the income approach and the market approach valuation methodologies and concluded that the carrying value of each reporting unit exceeded its fair value. Therefore, no impairment was recorded as result of this assessment.

The re-alignment of the Company’s reportable segments in 2022 resulted in four reporting units. In 2023, the Company had an impairment charge of $68 million related to its Varis reporting unit, which comprised its Varis Division segment. As a result of this impairment, the Varis reporting unit did not have any remaining goodwill at December 30, 2023. This non-cash impairment charge is presented within discontinued operations for 2023 in the accompanying Consolidated Statement of Operations, as the Varis Division was classified as a discontinued operation in 2024 and sold on October 18, 2024. The remaining three reporting units presented in the table above do not have accumulated impairment losses.

The Company will continue to evaluate the recoverability of goodwill at the reporting unit level on an annual basis and whenever events or changes in circumstances indicate there may be a potential impairment. If the operating results of the Company’s reporting units deteriorate in the future, it may cause the fair value of one or more of the reporting units to fall below their carrying value, resulting in additional goodwill impairment charges.

The Company had $13 million of trade names as of both December 28, 2024 and December 30, 2023. These indefinite-lived intangible assets are included in Other intangible assets, net in the Consolidated Balance Sheets. There were no impairments identified related to the trade names as part of the Company’s annual indefinite-lived intangible assets impairment test on the first day of fiscal month December in 2024.

Definite-lived intangible assets, which are included in Other intangible assets, net in the Consolidated Balance Sheets, are as follows:


	Customer Relationships
(In millions)	December 28, 2024			December 30, 2023
Gross carrying amount	$	132		$	125
Accumulated amortization		(97	)		(93	)
Net carrying amount	$	35		$	32

Definite-lived intangible assets generally are amortized using the straight-line method. The remaining weighted average amortization periods for customer relationships is 10 years.

Amortization of intangible assets was $4 million in 2024, $3 million in 2023 and $6 million in 2022. Intangible assets amortization expenses are included in the Consolidated Statements of Operations in Selling, general and administrative expenses.

Estimated future amortization expense for the intangible assets is as follows:


(In millions)
2025	$	4
2026		4
2027		4
2028		4
2029		4
Thereafter		15
Total	$	35

Definite-lived intangible assets are reviewed whenever events and circumstances indicate the carrying amount may not be recoverable and the remaining useful lives are appropriate. No impairment charges related to definite-lived intangible assets were recognized during 2024, 2023 and 2022.