Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The following table summarizes gross carrying amounts and changes in the carrying amount of goodwill for the years ended December 31, 2022 and 2021.


	Performance and Essential Materials Segment		Housing and Infrastructure Products Segment		Total
Balance at December 31, 2020	$	901	$	182	$	1,083
Goodwill acquired during the year	—		943		943
Effects of changes in foreign exchange rates	1		(3)		(2)
Balance at December 31, 2021	902		1,122		2,024

Goodwill acquired during the year	119		5		124
Measurement period adjustment	8		16		24
Effects of changes in foreign exchange rates	(9)		(2)		(11)
Balance at December 31, 2022	$	1,020	$	1,141	$	2,161

The Company performed its annual impairment analysis for the Performance and Essential Materials and the Housing and Infrastructure Products reporting units during the fourth quarter of 2022. The Company elected to perform a qualitative assessment for the purposes of its annual goodwill impairment analysis for the reporting units under both segments. Based upon this assessment, the Company determined that it is more likely than not that the fair value of each of the reporting units exceeds its carrying value. Factors considered in the qualitative assessment included macroeconomic conditions, industry and market considerations, cost factors related to raw materials and labor, current and projected financial performance, changes in management or strategy and market capitalization.

During 2021, as part of the reorganization of operating segments, the Company assessed and re-defined reporting units effective as of the beginning of the fourth quarter of 2021, including reallocation of goodwill on a relative fair value basis as applicable to affected reporting units. Goodwill impairment analyses were performed as of the effective reorganization date both before and after the reorganization. The fair values of the reporting units were determined using both a discounted cash flow methodology and a market value methodology. Based upon this assessment, the Company determined that it was more likely than not that the fair value of the reporting units exceeds its carrying value both prior to the reorganization and after the reorganization.

Intangible Assets

Intangible assets consist of the following at December 31:


	2022						2021						Weighted Average Life
	Cost		Accumulated Amortization		Net		Cost		Accumulated Amortization		Net
Customer relationships	$	1,589	$	(596)	$	993	$	1,581	$	(498)	$	1,083	15
Other intangible assets:
Licenses and intellectual property	306		(124)		182		311		(109)		202		16
Trade name	411		(86)		325		342		(63)		279		18
Other	84		(19)		65		34		(18)		16		14
Total other intangible assets	$	801	$	(229)	$	572	$	687	$	(190)	$	497

Scheduled amortization of intangible assets for the next five years is as follows: $147, $117, $116, $106 and $106 in 2023, 2024, 2025, 2026 and 2027, respectively.