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Goodwill and Intangible Assets, Net
 12 Months Ended
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets, Net Goodwill and Intangible Assets, Net
Goodwill
Engineered
Materials		Acetyl
Chain		Total
(In $ millions)
As of December 31, 2020
768 398 1,166 
Acquisitions299 2 301 
(1)
Exchange rate changes(37)(18)(55)
As of December 31, 2021
1,030 382 1,412 
Acquisitions (Note 4)
5,781 — 5,781 
(2)
Exchange rate changes(36)(15)(51)
As of December 31, 2022(3)
6,775 367 7,142 
______________________________
(1)Primarily represents goodwill related to the acquisition of Santoprene.
(2)Primarily represents goodwill related to the acquisition of M&M.
(3)There were no accumulated impairment losses as of December 31, 2022.
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 (Note 2). No events or changes in circumstances occurred during the three months ended December 31, 2022 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, 202044 724 45 56 869 
Acquisitions (Note 4)
— 307 — — 307 
(1)
Exchange rate changes1 (35)— (1)(35)
As of December 31, 202145 996 45 55 1,141 
Acquisitions (Note 4)
— 1,509 550 — 2,059 
(2)
Disposals— (2)— — (2)
Accumulated impairment losses (Note 4)
— (4)— — (4)
Exchange rate changes(3)(44)6 — (41)
As of December 31, 202242 2,455 601 55 3,153 
Accumulated Amortization
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)
Amortization(1)(51)(9)(1)(62)
Disposals— 2 — — 2 
Accumulated impairment losses (Note 4)
— 2 — — 2 
Exchange rate changes3 23 1 — 27 
As of December 31, 2022(39)(567)(50)(40)(696)
Net book value3 1,888 551 15 2,457 
______________________________
(1)Primarily related to $300 million of intangible assets acquired from Santoprene with a weighted average amortization period of 14 years.
(2)Primarily related to $1.5 billion of customer-related intangible assets and $550 million of developed technology acquired from M&M with weighted average amortization periods of 20 years and 13 years, respectively, and 18 years in total.
Indefinite-lived intangible assets are as follows:
Trademarks
and Trade Names
(In $ millions)
As of December 31, 2020122 
Acquisitions (Note 4)
142 
(1)
Exchange rate changes(5)
As of December 31, 2021259 
Acquisitions (Note 4)
1,400 
(2)
Exchange rate changes(11)
As of December 31, 20221,648 
______________________________
(1)Related to indefinite-lived intangible assets acquired from Santoprene.
(2)Related to indefinite-lived intangible assets acquired from M&M.
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, 2022, 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, 2022 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, 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)
2023161 
2024160 
2025160 
2026160 
2027160