XML 65 R27.htm IDEA: XBRL DOCUMENT v3.22.4
Goodwill, Net and Intangible Assets, Net
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill, Net and Intangible Assets, Net Goodwill, Net and Intangible Assets, Net
Goodwill, Net
The following table presents the changes in the carrying amount of Goodwill, net:
 202220212020
Goodwill$4,068 $4,071 $3,900 
Accumulated impairment losses(781)— — 
Goodwill, net at January 1$3,287 $4,071 $3,900 
Goodwill Activity:
Foreign currency translation(120)(23)60 
Acquisitions(1):
U.S. Acquisitions— 9 — 
U.K. Acquisitions28 — 98 
Canada Acquisitions34 16 10 
Other3 (5)3 
Goodwill impairment(412)(781)— 
Goodwill$4,013 $4,068 $4,071 
Accumulated impairment losses(1,193)(781)— 
Goodwill, net at December 31$2,820 $3,287 $4,071 
_____________
(1)Refer to Note 6 - Acquisitions and Investments for additional information related to acquisitions.
No Goodwill has been allocated to the Financing (FITTLE) segment for the three years ended December 31, 2022, 2021 or 2020, respectively. Accordingly, amounts above represent the Goodwill allocated to the Print and Other segment, as well as Goodwill on a Total Company basis. Refer to Note 1 - Basis of Presentation for additional information regarding the allocation of Goodwill.
In the third quarter of 2022, we concluded that an interim impairment test of Goodwill was required. Based on that test, we determined that the estimated fair value of the Print and Other reporting unit (the only reporting unit with Goodwill) had declined below its carrying value and, as a result, we recognized an after-tax non-cash impairment charge of $395 ($412 pre-tax) related to our Goodwill for the year ended December 31, 2022.
In the fourth quarter of 2021, after completing our annual impairment test, we concluded that the estimated fair value of the Company had declined below its carrying value. As a result, we recognized an after-tax non-cash impairment charge of $750 ($781 pre-tax) related to our Goodwill for the year ended December 31, 2021.
Refer to Note 1 - Basis of Presentation for additional information related to the Goodwill impairment charges and our annual impairment assessment performed during the fourth quarter 2022.
Intangible Assets, Net
Intangible assets, net were $208 at December 31, 2022, all of which relate to our Print and Other segment. Intangible assets were comprised of the following:
 December 31, 2022December 31, 2021
Weighted Average
Amortization		Gross
Carrying
Amount		Accumulated
Amortization		Net
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Amount
Customer relationships10 years$214 $85 $129 $211 $95 $116 
Distribution network25 years123 113 10 123 108 15 
Trademarks19 years201 135 66 237 164 73 
Technology and non-compete3 years15 12 3 15 8 7 
Total Intangible Assets $553 $345 $208 $586 $375 $211 
Amortization expense related to intangible assets was $42, $55 and $56 for the three years ended December 31, 2022, 2021 and 2020, respectively. The decrease in amortization expense in 2022 primarily related to the write-off of certain XBS trade names in prior years as part of our continued efforts to realign and consolidate this sales unit as part of Project Own It.
Excluding the impact of future acquisitions, amortization expense is expected to approximate $40 in 2023, $37 in 2024 and $32 in 2025, 2026 and in 2027, respectively. Technology and non-compete assets are expected to be fully amortized by 2024 and distribution network assets are expected to be fully amortized by 2025.