GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Below is a summary of the change in goodwill during 2021 and 2020.


(Dollars in millions)	Additives & Functional Products		Advanced Materials		Chemical Intermediates		Other		Total
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
Divestiture	(398)		—		—		—		(398)
Held for sale	(399)		—		—		—		(399)

Currency translation adjustments	(15)		(6)		(6)		—		(27)
Balance at December 31, 2021	$	1,585	$	1,286	$	760	$	10	$	3,641

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, at both December 31, 2021 and 2020.

The carrying amounts of intangible assets follow:


				December 31, 2021						December 31, 2020
(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	$	1,144	$	479	$	665	$	1,589	$	571	$	1,018
Technology	7	-	20	581		304		277		687		392		295
Tradenames	--			—		—		—		44		2		42
Other	18	-	37	87		26		61		86		23		63

Indefinite-lived intangible assets:
Tradenames				349		—		349		364		—		364
Other				10		—		10		10		—		10
Total identified intangible assets				$	2,171	$	809	$	1,362	$	2,780	$	988	$	1,792

In second quarter 2020, outside of the annual impairment testing process, the Company reviewed the indefinite-lived intangible assets associated with the now divested 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.

Amortization expense of definite-lived intangible assets was $108 million, $128 million, and $160 million for 2021, 2020, and 2019, respectively. Estimated amortization expense for future periods is $85 million in 2022 and 2023, $80 million in 2024, and $75 million in 2025 and 2026.

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.