Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

Changes in the carrying amount of goodwill during the six months ended June 30, 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
Acquisitions	54.8		—		—		—		54.8

Foreign currency translation	(0.1)		4.9		(34.9)		(7.3)		(37.4)
Balance as of June 30, 2022	$	664.3	$	86.6	$	434.6	$	112.7	$	1,298.2

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 six months ended June 30, 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
Acquisitions	7.1		15.4		15.4		—		37.9


Foreign currency translation	(5.9)		(11.4)		(6.2)		(0.3)		(23.8)
Balance as of June 30, 2022	$	190.2	$	572.6	$	149.1	$	6.7	$	918.6


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	6.7		18.9		5.0		0.1		30.7

Foreign currency translation	(2.2)		(8.6)		(5.0)		(0.1)		(15.9)
Balance as of June 30, 2022	$	97.6	$	420.0	$	94.7	$	1.5	$	613.8


Indefinite-lived intangible assets:	Trademarks and Tradenames

Balance as of December 31, 2021	$	86.7
Foreign currency translation	(2.7)
Balance as of June 30, 2022	$	84.0

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