Lineage Inc
For the period ended Jun 30, 2024. Filed Aug 21, 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.
Jun 30, 2024 · Filed Aug 21, 2024
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Goodwill and other intangible assets, net
(6)Goodwill and other intangible assets, net
Changes in the carrying amount of goodwill for each reportable segment for the six months ended June 30, 2024 are as follows:
| (in millions) | Global Warehousing | Global Integrated Solutions | Total |
|---|---|---|---|
| Balance, December 31, 2023 | $2,750 | $644 | $3,394 |
| Goodwill acquired1 | 22 | — | 22 |
| Measurement period adjustments1 | (7) | — | (7) |
| Foreign currency translation | (42) | (6) | (48) |
| Balance, June 30, 2024 | $2,723 | $638 | $3,361 |
(1)See Note 4, Business combinations and asset acquisitions for details.
The following are the Company’s total other intangible assets as of:
| June 30, 2024 · December 31, 2023 | |||||||
|---|---|---|---|---|---|---|---|
| (in millions) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Useful Life (Years) |
| Customer relationships | $1,500 | $(389) | $1,111 | $1,507 | $(343) | $1,164 | 5 - 28 |
| In-place leases | 94 | (23) | 71 | 98 | (21) | 77 | 2 - 31 |
| Technology | 32 | (7) | 25 | 32 | (5) | 27 | 10 |
| Trade names | 9 | (6) | 3 | 24 | (21) | 3 | 1 - 15 |
| Other | 20 | (12) | 8 | 20 | (11) | 9 | 4 - 17 |
| Other intangible assets | $1,655 | $(437) | $1,218 | $1,681 | $(401) | $1,280 | |
During the three and six months ended June 30, 2024, the Company derecognized fully-amortized intangible assets and the associated accumulated amortization totaling $5 millionand$20 million, respectively. During the three and six months ended June 30, 2023, the Company derecognized fully-amortized intangible assets and the associated accumulated amortization totaling$5 million and$7 million, respectively.
Customer relationships intangible assets acquired during the six months ended June 30, 2024 have a weighted-average amortization period of 13 years.
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