I think if you look at the definition of goodwill, it explicitly does not include brand value. https://en.wikipedia.org/wiki/Goodwill_(accounting) https://en.wi

I think if you look at the definition of goodwill, it explicitly does not include brand value. https://en.wikipedia.org/wiki/Goodwill_(accounting) https://en.wikipedia.org/wiki/Goodwill_(accounting): "Examples of identifiable assets that are not goodwill include a company’s brand name, customer relationships, artistic intangible assets, and any patents or proprietary technology" edit: https://www.economist.com/business/2014/08/30/untouchable-intangibles https://www.economist.com/business/2014/08/30/untouchable-in... - we're both right. Brand is on balance sheet as an intangible, but it doesn't reflect all brand value (and in an acquistition that's frequently reflected in the goodwill). I know that goodwill can reflect expected cross-selling synergy, expense reduction from redundancy layoffs, less pricing pressure, etc, also.