Quarterly report pursuant to Section 13 or 15(d)

GOODWILL AND INTANGIBLE ASSETS

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GOODWILL AND INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS
The following table indicates the allocation of goodwill by reportable segment as of June 30, 2015 and December 31, 2014 (in millions):
 
U.S. Domestic
Package
 
International
Package
 
Supply Chain &
Freight
 
Consolidated
December 31, 2014:
$
—

 
$
449

 
$
1,735

 
$
2,184

Acquired
—

 
—

 
72

 
72

Currency / Other
—

 
(16
)
 
(26
)
 
(42
)
June 30, 2015:
$
—

 
$
433

 
$
1,781

 
$
2,214


The goodwill acquired in the Supply Chain & Freight segment was related to our March 2015 acquisition of Poltraf Sp. z.o.o. ("Poltraf"), a Polish-based pharmaceutical logistics company recognized for its temperature-sensitive warehousing and transportation solutions, and our June 2015 acquisitions of Parcel Pro, Inc. ("Parcel Pro") and the Insured Parcel Services division of G4S International Logistics ("IPS"), which are businesses that provide services and insurance coverage for the transport of high value luxury goods. The purchase price allocation for acquired companies can be modified for up to one year from the date of acquisition. Our purchase price allocations for Parcel Pro and IPS have not been finalized. These acquisitions were not material to our consolidated financial position or results of operations.
The remaining change in goodwill for both the International Package and Supply Chain & Freight segments was due to the impact of changes in the value of the U.S. Dollar on the translation of non-U.S. Dollar goodwill balances.
The following is a summary of intangible assets as of June 30, 2015 and December 31, 2014 (in millions):
 
Gross Carrying
Amount
 
Accumulated
Amortization
 
Net Carrying
Value
June 30, 2015:
 
 
 
 
 
Capitalized software
$
2,613

 
$
(1,934
)
 
$
679

Licenses
214

 
(152
)
 
62

Franchise rights
121

 
(80
)
 
41

Customer lists
144

 
(71
)
 
73

Trademarks, patents, and other
35

 
(12
)
 
23

Total Intangible Assets, Net
$
3,127


$
(2,249
)
 
$
878

December 31, 2014:
 
 
 
 
 
Capitalized software
$
2,641

 
$
(1,997
)
 
$
644

Licenses
217

 
(133
)
 
84

Franchise rights
117

 
(77
)
 
40

Customer lists
123

 
(66
)
 
57

Trademarks, patents, and other
31

 
(9
)
 
22

Total Intangible Assets, Net
$
3,129

 
$
(2,282
)
 
$
847