Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

The changes in the carrying amount of goodwill for the years ended December 31, 2019 and 2018 are presented in the table below:

(in Millions)	Total
Balance, December 31, 2017	$	1,198.9
Foreign currency and other adjustments	(13.7)
Purchase price allocation adjustments (1)	282.9
Balance, December 31, 2018	$	1,468.1
Foreign currency and other adjustments	(0.6)
Balance, December 31, 2019	$	1,467.5

____________________ 

(1)Represents the cumulative effect of all measurement-period adjustments to the goodwill recorded as part of the DuPont Crop Protection Business Acquisition. Refer to Note 5 for further details.

Our fiscal year 2019 annual goodwill and indefinite life impairment test was performed during the third quarter ended September 30, 2019. We determined no goodwill impairment existed and that the fair value was substantially in excess of the carrying value. There were no events or circumstances indicating that goodwill might be impaired as of December 31, 2019. Additionally, the estimated fair values also substantially exceeded the carrying value for each of our indefinite-lived intangible assets.

Our intangible assets, other than goodwill, consist of the following:

		December 31, 2019						December 31, 2018
(in Millions)	Weighted avg. useful life at December 31, 2019	Gross		Accumulated Amortization		Net		Gross		Accumulated Amortization		Net
Intangible assets subject to amortization (finite life)
Customer relationships	17 years	$	1,139.7	$	(184.7)	$	955.0	$	1,146.2	$	(128.7)	$	1,017.5
Patents	6 years	1.7		(0.9)		0.8		1.7		(0.8)		0.9
Brands (1) (3)	8 years	16.7		(6.7)		10.0		17.0		(5.9)		11.1
Purchased and licensed technologies	10 years	60.2		(35.2)		25.0		61.3		(32.1)		29.2
Other intangibles	1 year	1.9		(1.8)		0.1		1.9		(1.8)		0.1
		$	1,220.2	$	(229.3)	$	990.9	$	1,228.1	$	(169.3)	$	1,058.8

Intangible assets not subject to amortization (indefinite life)
Crop Protection Brands (2)	$	1,259.1			$	1,259.1	$	1,259.1			$	1,259.1
Brands (1) (3)	379.0				379.0		384.8				384.8
In-process research and development	—				—		0.7				0.7
	$	1,638.1			$	1,638.1	$	1,644.6			$	1,644.6
Total intangible assets	$	2,858.3	$	(229.3)	$	2,629.0	$	2,872.7	$	(169.3)	$	2,703.4

____________________ 

(1) Represents trademarks, trade names and know-how.

(2) Represents the proprietary brand portfolios, consisting of trademarks, trade names and know-how, acquired from the DuPont Crop Protection Business Acquisition.

(3) The majority of the Brands relate to our proprietary brand portfolios acquired from the Cheminova acquisition.

	Year Ended December 31,
(in Millions)	2019		2018		2017
Amortization expense	$	62.6	$	62.2	$	26.8

The estimated pre-tax amortization expense for each of the five years ending December 31, 2020 to 2024 is $62.4 million, $62.3 million, $62.3 million, $62.0 million, and $60.6 million, respectively.