Goodwill and Other Intangible Assets, Net |
(11) | Goodwill and Other Intangible Assets, Net |
The following table sets forth changes in goodwill during the years ended December 31, 2022 and 2021: | | | | (in $ millions) | | Amount | Balance as of December 31, 2020 | | $ | 1,028 | Additions(1) | | | 343 | Currency translation adjustments | | | (13) | Balance as of December 31, 2021 | | | 1,358 | Egencia acquisition adjustments(2) | | | (118) | Currency translation adjustments | | | (52) | Balance as of December 31, 2022 | | | 1,188 |
(1) | Relates to acquisition of Ovation ($36 million) and Egencia ($307 million) which was based on preliminary purchase price allocation (see note 10 – Business Acquisitions). |
(2) | Relates to measurement period adjustments for Egencia acquisition (see note 10 – Business Acquisitions – Acquisition of Egencia). |
There were no goodwill impairment losses recorded for the years ended December 31, 2022, 2021 and 2020 and there are no accumulated goodwill impairment losses as of December 31, 2022. The following table sets forth the Company’s other intangible assets with definite lives as of December 31, 2022 and 2021: | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | | December 31, 2021 | | | | | | Accumulated | | | | | | | | Accumulated | | | | (in $ millions) | | Cost | | depreciation | | Net | | Cost | | depreciation | | Net | Trademarks/tradenames | | $ | 116 | | $ | (69) | | $ | 47 | | $ | 115 | | $ | (62) | | $ | 53 | Business client relationships | | | 788 | | | (240) | | | 548 | | | 815 | | | (189) | | | 626 | Supplier relationship | | | 253 | | | (213) | | | 40 | | | 254 | | | (188) | | | 66 | Travel partner network | | | 4 | | | (3) | | | 1 | | | 4 | | | (3) | | | 1 | Other intangible assets, net | | $ | 1,161 | | $ | (525) | | $ | 636 | | $ | 1,188 | | $ | (442) | | $ | 746 |
Amortization expense relating to definite-lived intangible assets was $93 million, $67 million and $62 million for the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022, the estimated amortization expense relating to definite-live intangible assets, assuming no subsequent impairment of the underlying assets, for each of the five succeeding years and periods thereafter is as follows: | | | | (in $ millions) | | Amount | 2023 | | $ | 91 | 2024 | | | 70 | 2025 | | | 49 | 2026 | | | 48 | 2027 | | | 48 | Thereafter | | | 330 | Total | | $ | 636 |
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