Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

Changes in the carrying amount of goodwill during the three months ended March 31, 2022 are summarized as follows (in millions):


	North America		South America		Europe/Middle East		Asia/Pacific/Africa		Consolidated
Balance as of December 31, 2021	$	609.6	$	81.7	$	469.5	$	120.0	$	1,280.8
Acquisition	20.5		—		—		—		20.5

Foreign currency translation	0.1		14.1		(9.5)		(1.3)		3.4
Balance as of March 31, 2022	$	630.2	$	95.8	$	460.0	$	118.7	$	1,304.7

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.

Changes in the carrying amount of acquired intangible assets during the three months ended March 31, 2022 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, 2021	$	189.0	$	568.6	$	139.9	$	7.0	$	904.5
Acquisition	6.3		9.8		6.3		—		22.4


Foreign currency translation	(1.3)		0.9		(1.5)		0.1		(1.8)
Balance as of March 31, 2022	$	194.0	$	579.3	$	144.7	$	7.1	$	925.1


Accumulated amortization:	Trademarks and Tradenames		Customer Relationships		Patents and Technology		Land Use Rights		Total
Balance as of December 31, 2021	$	93.1	$	409.7	$	94.7	$	1.5	$	599.0
Amortization expense	3.4		9.5		2.4		—		15.3

Foreign currency translation	(0.4)		1.4		(1.2)		0.1		(0.1)
Balance as of March 31, 2022	$	96.1	$	420.6	$	95.9	$	1.6	$	614.2


Indefinite-lived intangible assets:	Trademarks and Tradenames

Balance as of December 31, 2021	$	86.7
Foreign currency translation	(0.8)
Balance as of March 31, 2022	$	85.9

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