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Acquisition, Divestiture, Intangible Assets and Goodwill
 9 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Acquisition, Divestiture, Intangible Assets and Goodwill Acquisition, Divestiture, Intangible Assets and Goodwill
Acquisition/Divestiture
In the second quarter of 2022, we entered into a definitive agreement to sell the Borderfree business. The sale closed on July 1, 2022 and we received proceeds of $93 million, net of cash transferred, and recognized a pre-tax gain of $4 million (see Note 16). During the quarter, we also received additional proceeds of $7 million related to the 2021 sale of a business and recognized a pre-tax gain of $4 million and acquired Pittsburgh Mailing Systems, Inc. for $1 million, which is reported in our Presort Services segment.
Intangible Assets
Intangible assets consisted of the following:
September 30, 2022December 31, 2021
Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount		Gross
Carrying
Amount		Accumulated
Amortization		Net
Carrying
Amount
Customer relationships$153,436 $(76,408)$77,028 $268,187 $(141,492)$126,695 
Software & technology21,798 (19,427)2,371 21,981 (16,234)5,747 
Total intangible assets$175,234 $(95,835)$79,399 $290,168 $(157,726)$132,442 

Amortization expense for the three months ended September 30, 2022 and 2021 was $5 million and $8 million, respectively and amortization expense for the nine months ended September 30, 2022 and 2021 was $20 million and $23 million, respectively.
Future amortization expense as of September 30, 2022 is shown in the table below. Actual amortization expense may differ due to, among other things, fluctuations in foreign currency exchange rates, acquisitions, divestitures and impairment charges.

Remainder 2022$3,854 
202315,416 
202415,416 
202515,212 
202614,223 
Thereafter15,278 
Total$79,399 
Goodwill
Goodwill is tested annually for impairment at the reporting unit level during the fourth quarter or sooner if circumstances indicate an impairment may exist. The impairment test for goodwill determines the fair value of each reporting unit and compares it to the reporting unit's carrying value, including goodwill. If the fair value of a reporting unit exceeds the carrying value of the net assets assigned to that reporting unit, goodwill is not impaired and no further testing is required. If the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, the goodwill impairment loss is calculated as the difference between these amounts, limited to the amount of goodwill allocated to the reporting unit.
We determined that the agreement to sell Borderfree was a triggering event that indicated an impairment may exist. Accordingly, we performed a goodwill impairment test of the Global Ecommerce reporting unit to assess the recoverability of goodwill. We engaged a third-party to assist in the determination of the fair value of the reporting unit.
The results of our test indicated that no impairment existed; however, the estimated fair value of the Global Ecommerce reporting unit exceeded its carrying value by less than 20%. The determination of fair value relied on internal projections developed using numerous estimates and assumptions that are inherently subject to significant uncertainties. These estimates and assumptions included revenue growth, profitability, cash flows, capital spending and other available information. The determination of fair value also incorporated a risk-adjusted discount rate, terminal growth rates and other assumptions that market participants may use. Changes in any of these estimates or assumptions could materially affect the determination of fair value and potentially result in an impairment charge in the future. These estimates and assumptions are considered Level 3 inputs under the fair value hierarchy.

Changes in the carrying value of goodwill by reporting segment are shown in the table below.
December 31, 2021DispositionCurrency impactSeptember 30,
2022
Global Ecommerce$395,062 $(55,878)$— $339,184 
Presort Services220,992 — — 220,992 
SendTech Solutions519,049 — (33,285)485,764 
Total goodwill$1,135,103 $(55,878)$(33,285)$1,045,940 

The disposition of $56 million represents goodwill allocated to Borderfree. Global Ecommerce goodwill is net of accumulated goodwill impairment charges of $198 million at September 30, 2022 and December 31, 2021.