XML 84 R10.htm IDEA: XBRL DOCUMENT v3.20.1
Goodwill and Other Intangible Assets
 3 Months Ended
Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets GOODWILL AND OTHER INTANGIBLE ASSETS

Changes in the carrying amount of goodwill during the three months ended March 31, 2020 are summarized as follows (in millions):
 
North America
 
South America
 
Europe/Middle East
 
Asia/Pacific/Africa
 
Consolidated
Balance as of December 31, 2019
$
606.0

 
$
112.2

 
$
463.3

 
$
116.8

 
$
1,298.3

Foreign currency translation
—

 
(24.8
)
 
(9.9
)
 
(2.7
)
 
(37.4
)
Balance as of March 31, 2020
$
606.0

 
$
87.4

 
$
453.4

 
$
114.1

 
$
1,260.9



Goodwill is tested for impairment on an annual basis and more often if indications of impairment exist. The Company conducts its annual impairment analyses as of October 1 each fiscal year. The COVID-19 pandemic has adversely impacted the global economy as a whole. Based on current macroeconomic conditions, the Company assessed its goodwill and other intangible assets for indications of impairment as of March 31, 2020 and concluded there were no indicators of impairment during the three months ended March 31, 2020.

Changes in the carrying amount of acquired intangible assets during the three months ended March 31, 2020 are summarized as follows (in millions):
Gross carrying amounts:
Trademarks and Tradenames
 
Customer Relationships
 
Patents and Technology
 
Land Use Rights
 
Total
Balance as of December 31, 2019
$
199.3

 
$
579.0

 
$
151.1

 
$
8.5

 
$
937.9

Foreign currency translation
(2.6
)
 
(11.2
)
 
(1.9
)
 
(0.1
)
 
(15.8
)
Balance as of March 31, 2020
$
196.7

 
$
567.8

 
$
149.2

 
$
8.4

 
$
922.1

Accumulated amortization:
Trademarks and Tradenames
 
Customer Relationships
 
Patents and Technology
 
Land Use Rights
 
Total
Balance as of December 31, 2019
$
83.3

 
$
347.4

 
$
88.7

 
$
3.1

 
$
522.5

Amortization expense
2.5

 
10.1

 
2.4

 
—

 
15.0

Foreign currency translation
(1.1
)
 
(9.2
)
 
(1.4
)
 
—

 
(11.7
)
Balance as of March 31, 2020
$
84.7

 
$
348.3

 
$
89.7

 
$
3.1

 
$
525.8


Indefinite-lived intangible assets:
Trademarks and
Tradenames
Balance as of December 31, 2019
$
86.3

Foreign currency translation
(0.8
)
Balance as of March 31, 2020
$
85.5


The Company currently amortizes certain acquired intangible assets, primarily on a straight-line basis, over their estimated useful lives, which range from five to 50 years.