Intangible assets consist of finite and indefinite-life assets and are reported within Other assets in our consolidated balance sheets.

As of November 30, 2025, we performed our annual trade name impairment review and determined no impairment losses existed at the date of this annual assessment for this indefinite-life intangible asset. We determined the fair value of the Silversea trade name exceeded its carrying value by approximately 90% at the date of this annual assessment.

The determination of our trade name fair values using a probability weighted discounted cash flow model and various valuation methods depending on the nature of the intangible asset, such as the relief-from-royalty method, requires the use of assumptions that are subject to risk and uncertainties. Refer to Note 2. Summary of Significant Accounting Policies for more information on related authoritative guidance on the valuation approach and assumptions used.

The following is a summary of our intangible assets as of December 31, 2025 (in millions, except weighted average amortization period):


	As of December 31, 2025
	Remaining Weighted Average Amortization Period (Years)	Gross Carrying Value		Accumulated Amortization		Accumulated Impairment Losses		Net Carrying Value
Finite-life intangible assets:
Customer relationships	7.6	$	97	$	48	$	—	$	49
Galapagos operating license	18.6	34		14		—		20
Total finite-life intangible assets		131		62		—		69
Indefinite-life intangible assets (1)		352		—		31		321
Total intangible assets, net		$	483	$	62	$	31	$	390

The following is a summary of our intangible assets as of December 31, 2024 (in millions, except weighted average amortization period):


	As of December 31, 2024
	Remaining Weighted Average Amortization Period (Years)	Gross Carrying Value		Accumulated Amortization		Accumulated Impairment Losses		Net Carrying Value
Finite-life intangible assets:
Customer relationships	8.6	$	97	$	42	$	—	$	55
Galapagos operating license	19.6	41		13		—		28
Total finite-life intangible assets		138		55		—		83
Indefinite-life intangible assets (1)		352		—		31		321
Total intangible assets, net		$	490	$	55	$	31	$	404

The estimated future amortization for finite-life intangible assets for each of the next five years is $7.6 million.