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Goodwill and Intangible Assets, net
 9 Months Ended
Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Disclosure Goodwill and Intangible Assets, Net
Goodwill
 
Engineered
Materials
 
Acetate Tow
 
Acetyl Chain
 
Total
 
(In $ millions)
As of December 31, 2018
707

 
148

 
202

 
1,057

Acquisitions
29

(1) 
—

 
—

 
29

Exchange rate changes
(22
)
 
(1
)
 
(9
)
 
(32
)
As of September 30, 2019
714

 
147

 
193

 
1,054

______________________________
(1) 
Represents goodwill related to the acquisition of Next Polymers Ltd.
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, 2019 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, 2018
42

 
651

 
44

 
56

 
793

 
Acquisitions
—

 
25

 
—

 
—

 
25

(1) 
Exchange rate changes
(1
)
 
(22
)
 
(1
)
 
—

 
(24
)
 
As of September 30, 2019
41

 
654

 
43

 
56

 
794

 
Accumulated Amortization
 
 
 
 
 
 
 
 
 
 
As of December 31, 2018
(33
)
 
(495
)
 
(32
)
 
(35
)
 
(595
)
 
Amortization
(1
)
 
(12
)
 
(3
)
 
(2
)
 
(18
)
 
Exchange rate changes
2

 
18

 
—

 
—

 
20

 
As of September 30, 2019
(32
)
 
(489
)
 
(35
)
 
(37
)
 
(593
)
 
Net book value
9

 
165

 
8

 
19

 
201

 
______________________________
(1) 
Represents intangible assets acquired related to Next Polymers Ltd. with a weighted average amortization period of 13 years.
Indefinite-lived intangible assets are as follows:
 
Trademarks
and Trade Names
 
 
(In $ millions)
 
As of December 31, 2018
112

 
Acquisitions
4

(1) 
Accumulated impairment losses
—

 
Exchange rate changes
(3
)
 
As of September 30, 2019
113

 

______________________________
(1) 
Represents indefinite-lived intangible assets related to the acquisition of Next Polymers Ltd.
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 changes 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, 2019 as the estimated fair value of each of the Company's indefinite-lived intangible assets exceeded the carrying value of the underlying assets by a substantial margin.
During the nine months ended September 30, 2019, the Company did not renew or extend any intangible assets.
Estimated amortization expense for the succeeding five fiscal years is as follows:
 
(In $ millions)
2020
21

2021
21

2022
19

2023
17

2024
16