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Goodwill and Intangible Assets, Net
 12 Months Ended
Dec. 31, 2023
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, 2021
1,030 382 1,412 
Acquisitions (Note 4)
5,781 — 5,781 
Exchange rate changes(36)(15)(51)
As of December 31, 2022
6,775 367 7,142 
Acquisitions (Note 4)
(107)— (107)
Dispositions(1)
(80)— (80)
Exchange rate changes14 8 22 
As of December 31, 2023(2)
6,602 375 6,977 
______________________________
(1)Related to the formation of the Nutrinova joint venture (Note 4).
(2)There were no accumulated impairment losses as of December 31, 2023.
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, 2023, 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, 2023 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, 202145 996 45 55 1,141 
Acquisitions(1)
— 1,509 550 — 2,059 
Disposition— (2)— — (2)
Accumulated impairment losses— (4)— — (4)
Exchange rate changes(3)(44)6 — (41)
As of December 31, 202242 2,455 601 55 3,153 
Disposition(2)
— (60)(1)— (61)
Exchange rate changes(1)42 1 — 42 
As of December 31, 202341 2,437 601 55 3,134 
Accumulated Amortization
As of December 31, 2021(41)(543)(42)(39)(665)
Amortization(1)(51)(9)(1)(62)
Disposition— 2 — — 2 
Accumulated impairment losses— 2 — — 2 
Exchange rate changes3 23 1 — 27 
As of December 31, 2022(39)(567)(50)(40)(696)
Amortization— (120)(43)(1)(164)
Disposition(2)
— 59 1 — 60 
Exchange rate changes1 (11)(3)(1)(14)
As of December 31, 2023(38)(639)(95)(42)(814)
Net book value3 1,798 506 13 2,320 
______________________________
(1)Primarily related to $1.5 billion of customer-related intangible assets and $550 million of developed technology acquired as part of the M&M Acquisition with weighted average amortization periods of 20 years and 13 years, respectively, and 18 years in total (Note 4).
(2)Primarily related to the formation of the Nutrinova joint venture (Note 4).
Indefinite-lived intangible assets are as follows:
Trademarks
and Trade Names
(In $ millions)
As of December 31, 2021259 
Acquisitions (Note 4)
1,400 
Exchange rate changes(11)
As of December 31, 20221,648 
Dispositions(1)
(14)
Exchange rate changes21 
As of December 31, 20231,655 
______________________________
(1)Related to the formation of the Nutrinova joint venture (Note 4).
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, 2023, 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, 2023 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, 2023, the Company did not renew or extend any intangible assets.
Estimated amortization expense for the succeeding five fiscal years is as follows:
 (In $ millions)
2024161 
2025161 
2026160 
2027160 
2028160