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Goodwill and Other Intangible Assets
 6 Months Ended
Jun. 30, 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 six months ended June 30, 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

Impairment charge
(20.0
)
 
—

 
—

 
—

 
(20.0
)
Foreign currency translation
—

 
(29.2
)
 
(1.2
)
 
(1.3
)
 
(31.7
)
Balance as of June 30, 2020
$
586.0

 
$
83.0

 
$
462.1

 
$
115.5

 
$
1,246.6



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 June 30, 2020. As of June 30, 2020, the Company concluded there were indicators of impairment during the three months ended June 30, 2020 related to one of its smaller reporting units, which is a 50%-owned tillage and seeding joint venture. The Company consolidates the reporting unit as it was determined to be the primary beneficiary of the joint venture. Deteriorating market conditions for the products the joint venture
sells have been negatively impacted by the COVID-19 pandemic in the second quarter, greater than initially expected. As a result, recently updated strategic reviews with revised forecasts indicated an impairment of the entire goodwill balance of this reporting unit was necessary as of June 30, 2020. During the three months ended June 30, 2020, an impairment charge of approximately $20.0 million was recorded as "Goodwill impairment charge" within the Company's Condensed Consolidated Statements of Operations, with an offsetting benefit of approximately $10.0 million included within "Net loss attributable to noncontrolling interests."

Changes in the carrying amount of acquired intangible assets during the six months ended June 30, 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
(1.1
)
 
(9.9
)
 
(0.3
)
 
(0.1
)
 
(11.4
)
Balance as of June 30, 2020
$
198.2

 
$
569.1

 
$
150.8

 
$
8.4

 
$
926.5

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
5.0

 
20.2

 
4.6

 
0.1

 
29.9

Foreign currency translation
(0.7
)
 
(8.7
)
 
(0.2
)
 
—

 
(9.6
)
Balance as of June 30, 2020
$
87.6

 
$
358.9

 
$
93.1

 
$
3.2

 
$
542.8


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

Foreign currency translation
—

Balance as of June 30, 2020
$
86.3


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.