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Intangible Assets, Goodwill and Other (Policies)
 3 Months Ended
Sep. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets, Goodwill, Policy GOODWILL AND INTANGIBLE ASSETS
The changes in the carrying amount of goodwill for the nine months ended September 30, 2020, are as follows:
LCDCDDTotal
Balance as of December 31, 2019$3,721.5 $4,143.5 $7,865.0 
Goodwill acquired during the period66.1 73.0 139.1 
Impairment(3.7)(418.7)(422.4)
Foreign currency impact and other adjustments to goodwill(2.2)34.3 32.1 
Balance as of September 30, 2020$3,781.7 $3,832.1 $7,613.8 
The Company assesses goodwill and indefinite-lived intangibles for impairment at least annually or whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Based upon the revised forecasted revenues and operating income following the declaration of the COVID-19 global pandemic, management concluded there was a triggering event and updated its annual 2019 goodwill impairment testing as of March 31, 2020, for its CDD reporting units and its LCD reporting units. Based on the quantitative impairment assessment, the Company concluded that the fair value was less than carrying value for two of its reporting units, including one where the 2019 fair value exceeded carrying value by approximately 10.0%, and recorded a goodwill impairment of $418.7 for the CDD segment and $3.7 for LCD segment.
The Company utilized a combination of income and market approaches to determine the fair value of the CDD reporting units. Based upon the results of the quantitative assessments, the Company concluded that the fair value was less than its carrying value for one of the CDD reporting units. A non-cash charge of $418.7 was recognized and included in goodwill and other asset impairments on the Consolidated Statement of Operations to reduce the carrying amount of goodwill for the CDD reporting unit to fair value. Following the impairment charge, the carrying value of goodwill for this reporting unit is $1,627.5 as of September 30, 2020. The other CDD reporting unit evaluated indicated a fair value that exceeded carrying value by less than 10.0%. Management notes that a +1.0% change in the discount rate in the March 31, 2020 analysis would reduce the headroom to approximately 2.0%. Goodwill for this reporting unit as of September 30, 2020 is $646.2.
The Company utilized the income approach to determine the fair value of the LCD reporting units. Based upon the results of the quantitative assessments, the Company concluded the fair value of one of the reporting units was less than its carrying value. A non-cash charge of $3.7 was recognized and included in goodwill and other asset impairments on the Consolidated Statement of Operations to reduce the carrying amount of goodwill for this LCD reporting unit to zero. The other LCD reporting unit evaluated indicated a fair value that exceeded carrying value by less than 10.0%. Management notes that a +1.0% change in the discount rate in the March 31, 2020 analysis would cause the fair value to be less than carrying value and would result in an impairment of approximately $40.0. Goodwill and indefinite-lived intangibles of Canadian licenses for this reporting unit as of September 30, 2020, were $86.0 and $468.4, respectively.
Although the Company believes that the current assumptions and estimates used in its goodwill analysis are reasonable, supportable, and appropriate, continued efforts to maintain or improve the performance of these businesses could be impacted by unfavorable or unforeseen changes which could impact the existing assumptions used in the impairment analysis. Various factors could reasonably be expected to unfavorably impact existing assumptions: primarily delays in new customer bookings and the related delay in revenue from new customers, increases in customer termination activity or increases in operating costs. In addition, given the ongoing and rapidly changing nature of the COVID-19 pandemic, there is significant uncertainty
regarding the duration and severity of the pandemic as well as any future government restrictions, which may unfavorably impact existing assumptions. Accordingly, there can be no assurance that the estimates and assumptions made for the purposes of the goodwill impairment analysis will prove to be accurate predictions of future performance. 
The Company will continue to monitor the financial performance of and assumptions for its reporting units. Management's impairment analysis utilizes significant judgments and assumptions related to the market comparable method analysis, such as selected market multiples, and those related to cash flow projections, such as revenue and terminal growth rates, projected operating margin, and the discount rate. A significant increase in the discount rate, decrease in the revenue and terminal growth rates, decreased operating margin, or substantial reductions in end markets and volume assumptions, could have a negative impact on the estimated fair value of the reporting units. A future impairment charge for goodwill or intangible assets could have a material effect on the Company's consolidated financial position and results of operations.
The components of identifiable intangible assets are as follows:
 September 30, 2020December 31, 2019
Gross Carrying AmountAccumulated AmortizationNetGross Carrying AmountAccumulated AmortizationNet
Customer relationships$4,530.7 $(1,473.1)$3,057.6 $4,441.7 $(1,329.5)$3,112.2 
Patents, licenses and technology427.7 (245.3)182.4 453.6 (235.7)217.9 
Non-compete agreements105.3 (67.6)37.7 90.9 (60.5)30.4 
Trade name410.2 (240.1)170.1 408.2 (219.9)188.3 
Land use right10.8 (6.5)4.3 10.9 (5.5)5.4 
Canadian licenses468.4 — 468.4 480.3 — 480.3 
 $5,953.1 $(2,032.6)$3,920.5 $5,885.6 $(1,851.1)$4,034.5 
The Company recorded non-cash charges of $30.5 for the impairment of identifiable intangible assets during the nine months ended September 30, 2020, within CDD. During the three months ended March 31, 2020, a $2.7 impairment charge was recorded for a tradename. During the three months ended September 30, 2020, additional impairment charges of $10.1 and $17.7 for customer relationships and technology intangible assets, respectively were recorded due to the loss of a contract from a prior acquisition.
Amortization of intangible assets for the three months ended September 30, 2020, and 2019, was $62.2 and $61.7, respectively and for the nine months ended September 30, 2020, and 2019 was $184.6 and $179.0, respectively. Amortization expense for the net carrying amount of intangible assets is estimated to be $60.0 for the remainder of fiscal 2020, $238.5 in fiscal 2021, $232.6 in fiscal 2022, $229.5 in fiscal 2023, $224.6 in fiscal 2024, and $2,380.2 thereafter.