Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Amount of Goodwill

The following table summarizes the changes in the carrying amount of goodwill (in millions):

	Americas			Europe			Asia Pacific			Total
Balance at January 1, 2013
Goodwill	$	1,623.9		$	1,128.6		$	192.3		$	2,944.8
Accumulated impairment losses		(373.0	)		–			–			(373.0	)
		1,250.9			1,128.6			192.3			2,571.8
Acquisitions		11.0			24.0			–			35.0
Currency translation		(5.0	)		34.5			(25.1	)		4.4
Balance at December 31, 2013
Goodwill		1,629.9			1,187.1			167.2			2,984.2
Accumulated impairment losses		(373.0	)		–			–			(373.0	)
		1,256.9			1,187.1			167.2			2,611.2
Acquisitions		40.6			–			–			40.6
Currency translation		(4.3	)		(119.4	)		(13.9	)		(137.6	)
Balance at December 31, 2014
Goodwill		1,666.2			1,067.7			153.3			2,887.2
Accumulated impairment losses		(373.0	)		–			–			(373.0	)
	$	1,293.2		$	1,067.7		$	153.3		$	2,514.2

Components of Identifiable Intangible Assets

The components of identifiable intangible assets were as follows (in millions):

	Technology			Intellectual Property Rights			Trademarks and Trade Names			Customer Relationships			Other			Total
As of December 31, 2014:
Intangible assets subject to amortization:
Gross carrying amount	$	727.2		$	173.4		$	74.2		$	213.8		$	93.9		$	1,282.5
Accumulated amortization		(458.3	)		(157.7	)		(34.1	)		(99.6	)		(58.3	)		(808.0	)
Intangible assets not subject to amortization:
Gross carrying amount		–			–			129.0			–			–			129.0
Total identifiable intangible assets	$	268.9		$	15.7		$	169.1		$	114.2		$	35.6		$	603.5
As of December 31, 2013:
Intangible assets subject to amortization:
Gross carrying amount	$	700.4		$	173.4		$	43.3		$	216.2		$	95.1		$	1,228.4
Accumulated amortization		(401.4	)		(142.5	)		(33.9	)		(76.4	)		(43.9	)		(698.1	)
Intangible assets not subject to amortization:
Gross carrying amount		–			–			177.4			–			–			177.4
Total identifiable intangible assets	$	299.0		$	30.9		$	186.8		$	139.8		$	51.2		$	707.7

Intangible Amortization Expense

Intangible amortization expense was recorded as follows (in millions):

For the Years Ended December 31,	2014		2013		2012
Cost of products sold	$	15.2	$	18.3	$	24.0
Selling, general and administrative		92.0		77.6		73.1
Total intangible amortization	$	107.2	$	95.9	$	97.1

Estimated Annual Amortization Expense Based on Intangible Assets Recognized

Estimated annual amortization expense based upon intangible assets recognized as of December 31, 2014 for the years ending December 31, 2015 through 2019 is (in millions):

For the Years Ending December 31,
2015	$	88.5
2016		81.6
2017		66.2
2018		50.9
2019		36.3