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GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended
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Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS Changes in the carrying amount of goodwill follow:
(Dollars in millions) | Additives & Functional Products |  | Advanced Materials |  | Chemical Intermediates |  | Other |  | Total
Balance at December 31, 2018 | $ | 2,410 |  |  | $ | 1,283 |  |  | $ | 764 |  |  | $ | 10 |  |  | $ | 4,467 |
Acquisitions | 15 |  |  | — |  |  | — |  |  | — |  |  | 15 |
Impairments recognized | (45) |  |  | — |  |  | — |  |  | — |  |  | (45) |
Currency translation adjustments | (3) |  |  | (1) |  |  | (2) |  |  | — |  |  | (6) |
Balance at December 31, 2019 | 2,377 |  |  | 1,282 |  |  | 762 |  |  | 10 |  |  | 4,431 |
Currency translation adjustments | 20 |  |  | 10 |  |  | 4 |  |  | — |  |  | 34 |
Balance at December 31, 2020 | $ | 2,397 |  |  | $ | 1,292 |  |  | $ | 766 |  |  | $ | 10 |  |  | $ | 4,465 |
The Company uses an income approach and applies a discounted cash flow model in testing the carrying value of goodwill for each reporting unit. Key assumptions and estimates used in the Company's 2020 goodwill impairment testing included projections of revenues and earnings before interest and taxes ("EBIT") determined using the Company's annual multi-year strategic plan, the estimated WACC, and a projected long-term growth rate. As a result of the annual goodwill impairment testing performed during fourth quarter 2020, fair values were determined to substantially exceed the carrying values for each reporting unit tested with the exception of tire additives (part of the Additives & Functional Products ("AFP") segment). In fourth quarter 2019, as a result of the annual impairment test of goodwill, the Company recognized goodwill impairments of $45 million in the crop protection reporting unit. The impairment was primarily due to the impact of regulatory changes in the European Union on current period and forecasted revenue and EBIT and a decrease in the long-term growth rate for the reporting unit assumed in the goodwill impairment model. The crop protection reporting unit's goodwill after the reduction for impairment was $190 million as of December 31, 2019. In first quarter 2020, the crop protection reporting unit combined with the care chemicals reporting unit as a result of business management realignment. As of December 31, 2020 and 2019, the reported balance of goodwill included accumulated impairment losses of $106 million, $12 million, and $14 million in the AFP segment, Chemical Intermediates ("CI") segment, and other segments, respectively. The carrying amounts of intangible assets follow:
|  |  |  | December 31, 2020 |  | December 31, 2019
(Dollars in millions) | Estimated Useful Life in Years | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value |  | Gross Carrying Value |  | Accumulated Amortization |  | Net Carrying Value
Amortizable intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer relationships | 8 | - | 25 | $ | 1,589 |  |  | $ | 571 |  |  | $ | 1,018 |  |  | $ | 1,566 |  |  | $ | 494 |  |  | $ | 1,072 |
Technology | 7 | - | 20 | 687 |  |  | 392 |  |  | 295 |  |  | 677 |  |  | 343 |  |  | 334 |
Tradenames | 25 | 44 |  |  | 2 |  |  | 42 |  |  | — |  |  | — |  |  | — |
Other | 18 | - | 37 | 86 |  |  | 23 |  |  | 63 |  |  | 88 |  |  | 22 |  |  | 66 |
Indefinite-lived intangible assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tradenames |  |  |  | 364 |  |  | — |  |  | 364 |  |  | 529 |  |  | — |  |  | 529 |
Other |  |  |  | 10 |  |  | — |  |  | 10 |  |  | 10 |  |  | — |  |  | 10 |
Total identified intangible assets |  |  |  | $ | 2,780 |  |  | $ | 988 |  |  | $ | 1,792 |  |  | $ | 2,870 |  |  | $ | 859 |  |  | $ | 2,011 |
In second quarter 2020, outside of the annual impairment testing process, the Company reviewed the indefinite-lived intangible assets associated with the tire additives reporting unit for impairment. As a result of the review, the Company recognized intangible asset impairments of $123 million in second quarter 2020 in the tire additives reporting unit to reduce the carrying value of the Crystex™ and Santoflex™ tradenames to the estimated fair value. The impairments are primarily the result of weakened demand in transportation end markets impacted by the COVID-19 coronavirus global pandemic ("COVID-19") and increased competitive pricing pressure as a result of global capacity increases. Amortization began in third quarter 2020 for the remaining value of the Crystex™ tradename of $42 million. Additional declines in the market conditions or forecasted revenue could result in additional impairment of indefinite-lived intangible assets. Amortization expense of definite-lived intangible assets was $128 million, $160 million, and $164 million for 2020, 2019, and 2018, respectively. Estimated amortization expense for future periods is $125 million in 2021, $115 million in each year for 2022 through 2024, and $110 million for 2025. The Company will continue to monitor both goodwill and indefinite-lived intangible assets for any indication of events which might require additional testing before the next annual impairment test and could result in material impairment charges.

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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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