Axalta Coating Systems Ltd.
For the period ended Jun 30, 2025. Filed Jul 30, 2025.
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Jun 30, 2025 · Filed Jul 30, 2025
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(3) GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS
During the six months ended June 30, 2025, we completed a strategic acquisition in our Performance Coatings segment. This acquisition was accounted for as a business combination with aggregate consideration of $9 million, of which $6 million was paid, net of $1 million of cash acquired, during the six months ended June 30, 2025. The overall impacts to our unaudited condensed consolidated financial statements were not considered to be material. The fair value attributable to identifiable intangible assets was $5 million, comprised of customer relationship assets, which will be amortized over a weighted average term of approximately 10 years.
Goodwill
The following table shows changes in the carrying amount of goodwill from December 31, 2024 to June 30, 2025 by reportable segment:
| PerformanceCoatings | MobilityCoatings | Total | |
|---|---|---|---|
| Balance at December 31, 2024 | $1,566 | $74 | $1,640 |
| Goodwill from acquisitions | 2 | — | 2 |
| Purchase accounting adjustments | 1 | — | 1 |
| Foreign currency translation | 126 | 6 | 132 |
| Balance at June 30, 2025 | $1,695 | $80 | $1,775 |
Identifiable Intangible Assets
The following tables summarize the gross carrying amounts and accumulated amortization of identifiable intangible assets by major class:
| June 30, 2025 | Gross CarryingAmount | AccumulatedAmortization | Net BookValue | Weighted averageamortization periods (years) |
|---|---|---|---|---|
| Technology | $154 | $(96) | $58 | 11.1 |
| Trademarks—indefinite-lived | 273 | — | 273 | Indefinite |
| Trademarks—definite-lived | 164 | (80) | 84 | 14.1 |
| Customer relationships | 1,344 | (592) | 752 | 19.0 |
| Total | $1,935 | $(768) | $1,167 |
| December 31, 2024 | Gross CarryingAmount | AccumulatedAmortization | Net BookValue | Weighted averageamortization periods (years) |
|---|---|---|---|---|
| Technology | $152 | $(88) | $64 | 11.1 |
| Trademarks—indefinite-lived | 252 | — | 252 | Indefinite |
| Trademarks—definite-lived | 154 | (70) | 84 | 14.0 |
| Customer relationships | 1,280 | (531) | 749 | 19.1 |
| Total | $1,838 | $(689) | $1,149 |
The estimated amortization expense related to the fair value of acquired intangible assets for the remainder of 2025 and each of the succeeding five years is:
| Remainder of 2025 | $50 |
| 2026 | 100 |
| 2027 | 99 |
| 2028 | 85 |
| 2029 | 80 |
| 2030 | 80 |
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