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Goodwill and Intangible Assets, Net
 12 Months Ended
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets, Net Goodwill and Intangible Assets, Net
Goodwill
Engineered
Materials		Acetate TowAcetyl
Chain		Total
(In $ millions)
As of December 31, 2019
727 148 199 1,074 
Acquisitions— — 30 30 
(1)
Exchange rate changes41 1 20 62 
As of December 31, 2020
768 149 249 1,166 
Acquisitions (Note 4)
299 — 2 301 
(2)
Exchange rate changes(37)— (18)(55)
As of December 31, 2021(3)
1,030 149 233 1,412 
______________________________
(1)Represents goodwill related to the acquisition of Nouryon's redispersible polymer powders business offered under the Elotex® brand ("Elotex").
(2)Primarily represents goodwill related to the acquisition of Santoprene.
(3)There were no accumulated impairment losses as of December 31, 2021.
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, 2021, 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 (Note 2). No events or changes in circumstances occurred during the three months ended December 31, 2021 that indicated the carrying amount of the assets may not be fully recoverable. Accordingly, no additional impairment analysis was performed during that period.
Intangible Assets, Net
Finite-lived intangible assets are as follows:
LicensesCustomer-
Related
Intangible
Assets		Developed
Technology		Covenants
Not to
Compete
and Other		Total
(In $ millions)
Gross Asset Value
As of December 31, 201942 667 44 56 809 
Acquisitions— 16 — — 16 
(1)
Exchange rate changes2 41 1 — 44 
As of December 31, 202044 724 45 56 869 
Acquisitions (Note 4)
— 307 — — 307 
(2)
Exchange rate changes1 (35)— (1)(35)
As of December 31, 202145 996 45 55 1,141 
Accumulated Amortization
As of December 31, 2019(35)(504)(35)(38)(612)
Amortization(1)(17)(3)(1)(22)
Exchange rate changes(2)(34)(2)— (38)
As of December 31, 2020(38)(555)(40)(39)(672)
Amortization(2)(19)(3)(1)(25)
Exchange rate changes(1)31 1 1 32 
As of December 31, 2021(41)(543)(42)(39)(665)
Net book value4 453 3 16 476 
______________________________
(1)Related to intangible assets acquired from Elotex with a weighted average amortization period of 14 years.
(2)Primarily related to $300 million of intangible assets acquired from Santoprene with a weighted average amortization period of 14 years.
Indefinite-lived intangible assets are as follows:
Trademarks
and Trade Names
(In $ millions)
As of December 31, 2019115 
Acquisitions2 
(1)
Impairment loss (Note 2)
(1)
Exchange rate changes6 
As of December 31, 2020122 
Acquisitions (Note 4)
142 
(2)
Exchange rate changes(5)
As of December 31, 2021259 
______________________________
(1)Related to indefinite-lived intangible assets acquired from Elotex.
(2)Related to indefinite-lived intangible assets acquired from Santoprene.
In connection with the Company's annual indefinite-lived intangible assets impairment assessment, the Company did not record an impairment loss during the nine months ended September 30, 2021, as the estimated fair value for each of the Company's indefinite-lived intangible assets exceeded the carrying value of the underlying asset by a substantial margin (Note 2). No events or changes in circumstances occurred during the three months ended December 31, 2021 that indicated the carrying amount of the assets may not be fully recoverable. Accordingly, no additional impairment analysis was performed during that period.
During the year ended December 31, 2021, the Company did not renew or extend any intangible assets.
Estimated amortization expense for the succeeding five fiscal years is as follows:
 (In $ millions)
202243 
202340 
202440 
202540 
202640