GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Below is a summary of the change in goodwill during 2024 and 2023.


(Dollars in millions)	Advanced Materials		Additives & Functional Products		Chemical Intermediates		Other		Total
Balance at December 31, 2022	$	1,296	$	1,601	$	757	$	10	$	3,664
Adjustments to net goodwill resulting from reorganization (1)	—		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

Acquisition (2)	4		—		—		—		4

Currency translation and other adjustments	(3)		(10)		(5)		—		(18)
Balance at December 31, 2024	$	1,331	$	2,172	$	119	$	10	$	3,632

(1)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.

(2)Measurement period adjustments related to prior year acquisition.

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, 2024 and 2023.

The carrying amounts of intangible assets follow:


				December 31, 2024						December 31, 2023
(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	$	1,141	$	649	$	492	$	1,149	$	592	$	557
Technology	10	-	20	519		378		141		527		356		171
Other	16	-	37	86		36		50		87		34		53

Indefinite-lived intangible assets:
Tradenames				349		—		349		350		—		350
Other				—		—		—		7		—		7
Total identified intangible assets				$	2,095	$	1,063	$	1,032	$	2,120	$	982	$	1,138

Amortization expense of definite-lived intangible assets was $82 million, $86 million, and $87 million for 2024, 2023, and 2022, respectively. Estimated amortization expense for future periods is $80 million in 2025, $77 million in 2026, $70 million in 2027, $66 million in 2028, and $61 million in 2029.