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Goodwill and Other Intangible Assets, Net | 12 Months Ended
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Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets, Net | GOODWILL AND OTHER INTANGIBLE ASSETS, NET Goodwill In the first quarter of 2021, in connection to the Merger, the Company reorganized its reporting structure. In connection with this reorganization, goodwill was reassigned among reporting units using a relative fair value approach based on the fair value of the elements transferred and the fair value of the elements remaining within the original reporting units. The Company tested goodwill for impairment on a pre-reorganization basis and determined there was no impairment for the affected reporting units. In connection with the reorganization, $985 million of goodwill previously included in the legacy Taste segment, now the Nourish segment, was moved to the Scent and Health & Biosciences segments amounting to $257 million and $728 million, respectively. Movements in goodwill attributable to each reportable segment during the years ended December 31, 2020 and 2021 were as follows:
(DOLLARS IN MILLIONS) | Nourish |  | Health & Biosciences |  | Scent |  | Pharma Solutions |  | Total
Balance at December 31, 2019 | $ | 4,873 |  |  | $ | — |  |  | $ | 624 |  |  | $ | — |  |  | $ | 5,497 |
Measurement period adjustment(1) | (15) |  |  | — |  |  | — |  |  | — |  |  | (15) |
Foreign exchange | 86 |  |  | — |  |  | 25 |  |  | — |  |  | 111 |
Reallocation | (85) |  |  | — |  |  | 85 |  |  | — |  |  | — |
Balance at December 31, 2020 | 4,859 |  |  | — |  |  | 734 |  |  | — |  |  | 5,593 |
Acquisitions(2) | 2,900 |  |  | 6,712 |  |  | 876 |  |  | 1,329 |  |  | 11,817 |
Transferred to assets held for sale | — |  |  | (536) |  |  | — |  |  | — |  |  | (536) |
Reduction from business divestiture | (27) |  |  | — |  |  | — |  |  | — |  |  | (27) |
Foreign exchange | (192) |  |  | (155) |  |  | (39) |  |  | (47) |  |  | (433) |
Reallocation | (985) |  |  | 728 |  |  | 257 |  |  | — |  |  | — |
Balance at December 31, 2021 | $ | 6,555 |  |  | $ | 6,749 |  |  | $ | 1,828 |  |  | $ | 1,282 |  |  | $ | 16,414 |
_______________________ (1)Measurement period adjustments relate to the 2019 Acquisition Activity. (2)Acquisitions relate to the Merger with N&B. See Note 3 for additional information. Annual Goodwill Impairment Test For the annual impairment test as of November 30, 2021, the Company utilized Step 0 of the guidance in ASC Topic 350, Intangibles – Goodwill and Other, which allows for the assessment of qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If, based on a review of qualitative factors, it is more likely than not that the fair value of a reporting unit is less than its carrying value, a quantitative impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. Based on a review of qualitative factors, the Company determined that for four of the reporting units, a quantitative (Step 1) impairment analysis was not necessary to determine if the carrying values of the reporting unit exceeded their fair values. For the other three reporting units (Nourish, Health & Biosciences and Pharma Solutions), the Company determined that a Step 1 test was necessary. The Company assessed the fair value of the reporting units primarily using an income approach. Under the income approach, the Company determines the fair value by using a discounted cash flow method at a rate of return that reflects the relative risk of the projected future cash flows of each reporting unit, as well as a terminal value. The Company uses the most current actual and forecasted operating data available. Key estimates and assumptions used in these valuations include revenue growth rates and gross margins based on internal forecasts and historical operating trends of the Company, and discount rates. In performing the quantitative impairment test, the Company determined that the fair value of the three reporting units exceeded their carrying values and, taken together with the results of the qualitative test, we determined that there was no impairment of goodwill at any of the Company's seven reporting units in 2021. Based on the quantitative impairment test performed at November 30, 2021, the Company determined that the excess of fair values over their respective carrying values were 62%, 44% and 29% for the Nourish, Health & Biosciences and Pharma Solutions reporting units, respectively. If current long-term projections for these reporting units are not realized or materially decrease, the Company may be required to write-off all or a portion of the goodwill. Such charge could have a material effect on the Consolidated Statements of Operations and Balance Sheets. Other Intangible Assets Other intangible assets, net consisted of the following amounts:
| December 31,
(DOLLARS IN MILLIONS) | 2021 |  | 2020
Asset Type |  |  |
Customer relationships | $ | 8,935 |  |  | $ | 2,728 |
Technological know-how | 2,494 |  |  | 479 |
Trade names & patents | 411 |  |  | 187 |
Other | 50 |  |  | 38 |
Total carrying value | 11,890 |  |  | 3,432 |
Accumulated Amortization |  |  |
Customer relationships | (887) |  |  | (470) |
Technological know-how | (388) |  |  | (168) |
Trade names & patents | (68) |  |  | (38) |
Other | (41) |  |  | (29) |
Total accumulated amortization | (1,384) |  |  | (705) |
Other intangible assets, net | $ | 10,506 |  |  | $ | 2,727 |
Amortization expense, which includes the amortization of all intangible assets, was $732 million for the year ended December 31, 2021 and $193 million for both the years ended December 31, 2020 and 2019. Amortization expense for the next five years and thereafter, based on valuations and determinations of useful lives, is expected to be as follows:
| December 31,
(DOLLARS IN MILLIONS) | 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026
Estimated future intangible amortization expense | $ | 758 |  |  | $ | 749 |  |  | $ | 748 |  |  | $ | 746 |  |  | $ | 743 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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