GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Below is a summary of the change in goodwill during 2023 and 2022.


(Dollars in millions)	Advanced Materials		Additives & Functional Products		Chemical Intermediates		Other		Total
Balance at December 31, 2021	$	1,286	$	1,585	$	760	$	10	$	3,641
Acquisitions (1)	15		30		—		—		45
Currency translation and other adjustments	(5)		(14)		(3)		—		(22)
Balance at December 31, 2022	$	1,296	$	1,601	$	757	$	10	$	3,664
Adjustments to net goodwill resulting from reorganization (2)	—		569		(569)		—		—
Acquisition	34		—		—		—		34
Divestiture	—		—		(67)		—		(67)
Currency translation and other adjustments	—		12		3		—		15
Balance at December 31, 2023	$	1,330	$	2,182	$	124	$	10	$	3,646

(1)Measurement period adjustments related to prior year acquisitions.

(2)The amount was determined using the relative fair value approach. Goodwill impacted by the product moves announced in first quarter 2023 was assessed for impairment at the time of the reorganization.

The reported balance of goodwill included accumulated impairment losses of $106 million, $12 million, and $14 million in the AFP segment, CI segment, and other segments, respectively, at both December 31, 2023 and 2022.

The carrying amounts of intangible assets follow:


				December 31, 2023						December 31, 2022
(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	10	-	25	$	1,149	$	592	$	557	$	1,134	$	535	$	599
Technology	10	-	20	527		356		171		505		331		174
Other	18	-	37	87		34		53		110		32		78

Indefinite-lived intangible assets:
Tradenames				350		—		350		349		—		349
Other				7		—		7		10		—		10
Total identified intangible assets				$	2,120	$	982	$	1,138	$	2,108	$	898	$	1,210

Amortization expense of definite-lived intangible assets was $86 million, $87 million, and $108 million for 2023, 2022, and 2021, respectively. Estimated amortization expense for future periods is $86 million in 2024, $81 million in 2025 and 2026, and $69 million in 2027 and 2028.