Long-Lived Asset Impairments and Other Long-Lived Asset Impairments and Other

3 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Long-Lived Asset Impairments and Other

Long-lived Asset Impairments

We did not recognize any long-lived asset impairments in the three and six months ended June 30, 2021.

During the first half of 2020, the global economic and industry conditions resulting from the decline in demand and impact from the COVID-19 pandemic were identified as impairment indicators. As a result, we performed interim impairment assessments of our property, plant and equipment, definite-lived intangible assets, and right of use assets with the assistance of third-party valuation advisors. Based on our impairment tests, we determined the carrying amount of certain long-lived assets exceeded their respective fair values and recognized long-lived asset impairments presented in the table below.

The fair values of our long-lived assets were determined using discounted cash flows under the income approach, a Level 3 fair value analysis. The income approach required significant assumptions to determine the fair value of an asset or asset group including the estimated discounted future cash flows, specifically the forecasted revenue, forecasted operating margins and the discount rate.

The table below details the long-lived asset impairments by asset class and segment recognized for the three and six months ended June 30, 2020:

	Three Months Ended June 30, 2020						Six Months Ended June 30, 2020
(Dollars in millions)	Western Hemisphere		Eastern Hemisphere		Total		Western Hemisphere		Eastern Hemisphere		Total
Property, Plant and Equipment	$	94	$	47	$	141	$	316	$	255	$	571
Intangible Assets	13		9		22		44		115		159
Right of Use Assets	7		8		15		56		32		88
Total Long-Lived Asset Impairments	$	114	$	64	$	178	$	416	$	402	$	818