Goodwill and Other Intangibles

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Changes in the net carrying value of goodwill by segment were as follows (in millions):


	AIT		EVM		Total
Goodwill as of December 31, 2021	$	169	$	3,096	$	3,265
Matrox acquisition	—		640		640
Fetch purchase price allocation adjustments	—		2		2
Antuit purchase price allocation adjustments	—		(4)		(4)
Foreign exchange impact	—		(4)		(4)
Goodwill as of December 31, 2022	$	169	$	3,730	$	3,899
Advanced location technology business move to AIT, effective April 2, 2023	60		(60)		—
Matrox purchase price allocation adjustments	—		(1)		(1)
Foreign exchange impact	—		(3)		(3)
Goodwill as of December 31, 2023	$	229	$	3,666	$	3,895

See Note 5, Business Acquisitions for further details related to the Company’s acquisitions and purchase price allocation adjustments.

The Company’s goodwill balance consists of four reporting units. The Company completed its annual goodwill impairment testing during the fourth quarter of 2023 utilizing a quantitative approach. The estimated fair value of each reporting unit exceeded its carrying value by at least 40%. No events occurred during the fiscal years ended 2023, 2022 or 2021 that indicated it was more likely than not that our goodwill was impaired.

Other Intangibles, net

The balances in Other Intangibles, net consisted of the following (in millions):


	As of December 31, 2023						As of December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Amortized intangible assets
Technology and patents	$	951	$	(680)	$	271	$	951	$	(621)	$	330
Customer and other relationships	861		(615)		246		860		(576)		284
Trade names	66		(56)		10		66		(50)		16
Total	$	1,878	$	(1,351)	$	527	$	1,877	$	(1,247)	$	630

Amortization expense was $104 million, $136 million and $115 million for fiscal years ended 2023, 2022 and 2021, respectively.

Estimated future intangible asset amortization expense is as follows (in millions):


Year Ended December 31,
2024	$	101
2025	95
2026	92
2027	77
2028	60
Thereafter	102
Total	$	527