Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2023

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 nine months ended September 30, 2023 are summarized as follows (in millions):

	North America		South America		Europe/Middle East		Asia/Pacific/Africa		Consolidated
Balance as of December 31, 2022	$	667.3	$	86.0	$	444.3	$	113.2	$	1,310.8
Foreign currency translation	0.2		4.7		(3.7)		(3.5)		(2.3)
Balance as of September 30, 2023	$	667.5	$	90.7	$	440.6	$	109.7	$	1,308.5

    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 year.

    Changes in the carrying amount of acquired intangible assets during the nine months ended September 30, 2023 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, 2022	$	191.8	$	574.5	$	150.6	$	6.5	$	923.4
Foreign currency translation	(0.7)		(0.9)		(0.7)		(0.4)		(2.7)
Balance as of September 30, 2023	$	191.1	$	573.6	$	149.9	$	6.1	$	920.7

Accumulated amortization:	Trademarks and Tradenames		Customer Relationships		Patents and Technology		Land Use Rights		Total
Balance as of December 31, 2022	$	103.3	$	440.8	$	101.5	$	1.6	$	647.2
Amortization expense	7.5		27.6		8.1		0.1		43.3
Foreign currency translation	(0.3)		(0.6)		(0.9)		(0.1)		(1.9)
Balance as of September 30, 2023	$	110.5	$	467.8	$	108.7	$	1.6	$	688.6

Indefinite-lived intangible assets:	Trademarks and Tradenames
Balance as of December 31, 2022	$	84.8
Foreign currency translation	(0.4)
Balance as of September 30, 2023	$	84.4

    The Company amortizes certain acquired identifiable intangible assets primarily on a straight-line basis over their estimated useful lives, which range from four to 50 years. Amortization expense related to identifiable intangible assets was $14.4 million and $43.3 million for the three and nine months ended September 30, 2023, respectively, and $14.7 million and $45.4 million for the same periods ended September 30, 2022. External-use software, net, developed by the Company and marketed externally, was approximately $6.3 million as of September 30, 2023 and classified within “Intangible assets, net.” Amortization expense related to external-use software was approximately $0.3 million and $1.4 million for the three and nine months ended September 30, 2023, respectively, and was classified within “Cost of goods sold.”