Goodwill and Other Identifiable Intangible Assets

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Identifiable Intangible Assets

The Company tests indefinite-lived intangible assets and goodwill for impairment by either performing a qualitative evaluation or a quantitative test at least annually, or more frequently if an indication of impairment arises. The qualitative evaluation is an assessment of factors to determine whether it is more likely than not that the fair value of a reporting unit or asset is less than its carrying amount.

Throughout the year, the Company has evaluated the effects of the COVID-19 pandemic and its negative impact on the global economy on each of the Company’s reporting units and indefinite-lived intangible assets. Management reviews key assumptions, including revisions of projected future revenues for reporting units and the results of the previous annual impairment testing performed during the fourth quarter of 2019. The Company did not identify an indication of impairment for each of its reporting units and indefinite-lived intangible assets. Although it was determined that a triggering event had not occurred as of September 30, 2020, the Company will continue to monitor the impacts of the COVID-19 pandemic on the Company and significant changes in key assumptions that could result in future period impairment charges.

The change in the carrying amount of goodwill attributable to each reportable segment for the nine months ended September 30, 2020 was as follows:


($ in millions)	Performance Coatings	Industrial Coatings	Total
January 1, 2020	$3,442	$1,028	$4,470
Acquisitions, including purchase accounting adjustments	11	15	26

Foreign currency impact	(82)	5	(77)
September 30, 2020	$3,371	$1,048	$4,419

A summary of the carrying value of the Company's identifiable intangible assets is as follows:


	September 30, 2020					December 31, 2019
($ in millions)	Gross Carrying Amount	Accumulated Amortization	Net	Gross Carrying Amount	Accumulated Amortization	Net
Indefinite-Lived Identifiable Intangible Assets
Trademarks	$1,064	N/A	$1,064	$1,167	N/A	$1,167
Definite-Lived Identifiable Intangible Assets
Acquired technology	$718	($572)	$146	$710	($549)	$161
Customer-related	1,574	(949)	625	1,578	(885)	693
Trade names	208	(120)	88	210	(111)	99
Other	49	(42)	7	51	(40)	11
Total Definite Lived Intangible Assets	$2,549	($1,683)	$866	$2,549	($1,585)	$964
Total Identifiable Intangible Assets	$3,613	($1,683)	$1,930	$3,716	($1,585)	$2,131

The Company’s identifiable intangible assets with definite lives are being amortized over their estimated useful lives.

As of September 30, 2020, estimated future amortization expense of identifiable intangible assets is as follows:


($ in millions)			Future Amortization Expense
Remaining three months of 2020			$35
2021			$125
2022			$125
2023			$110
2024			$90
2025			$85
Thereafter			$296