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Goodwill and Intangible Assets, net
 9 Months Ended
Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Disclosure
Goodwill and Intangible Assets, Net
Goodwill
 
Engineered
Materials
 
Acetate Tow
 
Industrial
Specialties
 
Acetyl
Intermediates
 
Total
 
(In $ millions)
As of December 31, 2017
643

 
149

 
40

 
171

 
1,003

Acquisitions (Note 3)
84

 
—

 
—

 
—

 
84

Exchange rate changes
(16
)
 
—

 
(1
)
 
(6
)
 
(23
)
As of September 30, 2018(1)
711

 
149

 
39

 
165

 
1,064

______________________________
(1) 
There were $0 million of accumulated impairment losses as of September 30, 2018.
The Company assesses the recoverability of the carrying amount of its reporting unit goodwill either qualitatively or quantitatively annually during the third quarter of its fiscal year using June 30 balances or whenever events or changes in circumstances indicate that the carrying amount of the asset may not be fully recoverable. In connection with the Company's annual goodwill impairment assessment, the Company did not record an impairment loss to goodwill during the nine months ended September 30, 2018 as the estimated fair value for each of the Company's reporting units exceeded the carrying amount of the underlying assets by a substantial margin.
Intangible Assets, Net
Finite-lived intangible assets are as follows:
 
Licenses
 
Customer-
Related
Intangible
Assets
 
Developed
Technology
 
Covenants
Not to
Compete
and Other
 
Total
 
 
(In $ millions)
 
Gross Asset Value
 
 
 
 
 
 
 
 
 
 
As of December 31, 2017
38

 
640

 
45

 
54

 
777

 
Acquisitions (Note 3)
—

 
32

 
—

 
3

 
35

(1) 
Renewals
6

(2) 
—

 
—

 
—

 
6

 
Exchange rate changes
(2
)
 
(17
)
 
(1
)
 
—

 
(20
)
 
As of September 30, 2018
42

 
655

 
44

 
57

 
798

 
Accumulated Amortization
 
 
 
 
 
 
 
 
 
 
As of December 31, 2017
(33
)
 
(496
)
 
(30
)
 
(32
)
 
(591
)
 
Amortization
(2
)
 
(12
)
 
(3
)
 
(1
)
 
(18
)
 
Exchange rate changes
2

 
13

 
1

 
—

 
16

 
As of September 30, 2018
(33
)
 
(495
)
 
(32
)
 
(33
)
 
(593
)
 
Net book value
9

 
160

 
12

 
24

 
205

 
______________________________
(1) 
Represents intangible assets acquired related to Omni Plastics (Note 3) with a weighted average amortization period of 11 years.
(2) 
During the nine months ended September 30, 2018, the Company extended a research and development technology agreement license, which will be amortized over a period of 5 years.
Indefinite-lived intangible assets are as follows:
 
Trademarks
and Trade Names
 
(In $ millions)
As of December 31, 2017
115

Acquisitions (Note 3)
—

Accumulated impairment losses
—

Exchange rate changes
(3
)
As of September 30, 2018
112


The Company assesses the recoverability of the carrying amount of its indefinite-lived intangible assets either qualitatively or by utilizing the relief from royalty method under the income approach annually during the third quarter of its fiscal year using June 30 balances or whenever events or change in circumstances indicate that the carrying amount of the assets may not be fully recoverable. In connection with the Company's annual indefinite-lived intangible assets impairment assessment, the Company did not record an impairment loss to indefinite-lived intangible assets during the nine months ended September 30, 2018 as the estimated fair value of each of the Company's indefinite-lived intangible assets exceeded the carrying amount of the underlying assets by a substantial margin.
Estimated amortization expense for the succeeding five fiscal years is as follows:
 
(In $ millions)
2019
22

2020
20

2021
19

2022
17

2023
14