Axalta Coating Systems Ltd
For the period ended Mar 31, 2024. Filed May 1, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 1, 2024
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(3) GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS
Goodwill
The following table shows changes in the carrying amount of goodwill from December 31, 2023 to March 31, 2024 by reportable segment:
| PerformanceCoatings | MobilityCoatings | Total | |
|---|---|---|---|
| Balance at December 31, 2023 | $1,513 | $78 | $1,591 |
| Foreign currency translation | (35) | (2) | (37) |
| Balance at March 31, 2024 | $1,478 | $76 | $1,554 |
Identifiable Intangible Assets
The following tables summarize the gross carrying amounts and accumulated amortization of identifiable intangible assets by major class:
| March 31, 2024 | Gross CarryingAmount | AccumulatedAmortization | Net BookValue | Weighted averageamortization periods (years) |
|---|---|---|---|---|
| Technology | $161 | $(91) | $70 | 11.2 |
| Trademarks—indefinite-lived | 258 | — | 258 | Indefinite |
| Trademarks—definite-lived | 139 | (62) | 77 | 14.5 |
| Customer relationships | 1,176 | (494) | 682 | 19.0 |
| Total | $1,734 | $(647) | $1,087 |
| December 31, 2023 | Gross CarryingAmount | AccumulatedAmortization | Net BookValue | Weighted averageamortization periods (years) |
|---|---|---|---|---|
| Technology | $162 | $(88) | $74 | 11.2 |
| Trademarks—indefinite-lived | 264 | — | 264 | Indefinite |
| Trademarks—definite-lived | 142 | (60) | 82 | 14.5 |
| Customer relationships | 1,194 | (484) | 710 | 19.0 |
| Total | $1,762 | $(632) | $1,130 |
The estimated amortization expense related to the fair value of acquired intangible assets for the remainder of 2024 and each of the succeeding five years is:
| Remainder of 2024 | $66 |
| 2025 | 87 |
| 2026 | 87 |
| 2027 | 86 |
| 2028 | 73 |
| 2029 | 68 |
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