|12 Months Ended|
Dec. 31, 2022
|Goodwill and Intangible Assets Disclosure [Abstract]|
|Intangible Assets||Intangible Assets
Intangible assets consisted of (in millions):
(a)Comprised of trademarks and trade names the Company has acquired that are expected to generate future cash flows for an indefinite period of time. During 2022, the Company recorded a $2 million trade name impairment at the Travel and Membership segment.
(b)Amortized between 4 to 15 years with a weighted average life of 12 years.
(c)Amortized between 5 to 25 years with a weighted average life of 17 years.
(d)Amortized between 7 to 8 years with a weighted average life of 8 years.
(e)Includes business contracts, which are amortized between 10 to 69 years with a weighted average life of 58 years.
During the fourth quarters of 2022, 2021, and 2020, the Company performed its annual goodwill impairment test and determined no impairment existed as the fair value of goodwill at its reporting units was in excess of the carrying value.
The changes in the carrying amount of goodwill are as follows (in millions):
Amortizable Intangible Assets
Amortization expense relating to amortizable intangible assets is included as a component of Depreciation and amortization on the Consolidated Statements of Income/(Loss) and was as follows (in millions):
Based on the Company’s amortizable intangible assets as of December 31, 2022, the Company expects related amortization expense for the next five years as follows (in millions):
No definition available.
The entire disclosure for goodwill and intangible assets.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef