Goodwill and Intangible Assets, net

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill


	Engineered Materials	Acetate Tow	Acetyl Chain	Total
	(In $ millions)
As of December 31, 2021	1,030	149	233	1,412
Acquisitions (Note 3)	(5)	—	—	(5)	(1)
Exchange rate changes	(80)	(2)	(31)	(113)
As of September 30, 2022(2)	945	147	202	1,294

______________________________

(1)Related to the acquisition of Santoprene.

(2)There were no accumulated impairment losses as of September 30, 2022.

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, 2022 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, 2021	45	996	45	55	1,141
Acquisitions (Note 3)	—	9	—	—	9	(1)

Accumulated impairment losses	—	(4)	—	—	(4)
Exchange rate changes	(3)	(96)	(2)	(1)	(102)
As of September 30, 2022	42	905	43	54	1,044
Accumulated Amortization
As of December 31, 2021	(41)	(543)	(42)	(39)	(665)
Amortization	—	(29)	(2)	(1)	(32)
Accumulated impairment losses	—	2	—	—	2
Exchange rate changes	4	54	2	1	61
As of September 30, 2022	(37)	(516)	(42)	(39)	(634)
Net book value	5	389	1	15	410

______________________________

(1)Represents intangible assets related to the acquisition of Santoprene.

Indefinite-lived intangible assets are as follows:


			Trademarks and Trade Names
			(In $ millions)
As of December 31, 2021			259


Exchange rate changes			(24)
As of September 30, 2022			235

The Company assesses the recoverability of the carrying amount of its indefinite-lived intangible assets 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 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, 2022 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, 2022, the Company did not renew or extend any intangible assets.

Estimated amortization expense for the succeeding five fiscal years is as follows:


			(In $ millions)
2023			39
2024			39
2025			39
2026			39
2027			38