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Goodwill and Other Intangibles | 12 Months Ended
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Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLES The change in the carrying value of goodwill by segment follows:
|  | Americas |  | Asia Pacific |  | Europe, Middle East & Africa |  | Total
Balance, December 31, 2018 |  | $ | 396.5 |  |  | $ | 50.9 |  |  | $ | 186.6 |  |  | $ | 634.0 |
Foreign currency translation and other |  | (25.0) |  |  | (0.6) |  |  | (2.6) |  |  | (28.2) |
Balance, December 31, 2019 |  | $ | 371.5 |  |  | $ | 50.3 |  |  | $ | 184.0 |  |  | $ | 605.8 |
Foreign currency translation and other |  | $ | (12.3) |  |  | $ | 0.3 |  |  | $ | 13.4 |  |  | $ | 1.4 |
Balance, December 31, 2020 |  | $ | 359.2 |  |  | $ | 50.6 |  |  | $ | 197.4 |  |  | $ | 607.2 |
The gross carrying amount and accumulated amortization of identifiable intangible assets by major class follow:
As of December 31, 2020 |  | Gross |  | Accumulated Amortization |  | Net
Customer relationships |  | $ | 1,114.3 |  |  | $ | (362.5) |  |  | $ | 751.8 |
Developed technology |  | 330.0 |  |  | (144.8) |  |  | 185.2 |
Capitalized software |  | 94.2 |  |  | (44.3) |  |  | 49.9 |
Trademarks |  | 39.0 |  |  | (19.3) |  |  | 19.7 |
Total finite-lived identifiable intangible assets |  | $ | 1,577.5 |  |  | $ | (570.9) |  |  | $ | 1,006.6 |
Indefinite-lived trademarks |  | 295.9 |  |  | — |  |  | 295.9 |
Total intangible assets |  | $ | 1,873.4 |  |  | $ | (570.9) |  |  | $ | 1,302.5 |
As of December 31, 2019 |  | Gross |  | Accumulated Amortization |  | Net
Customer relationships |  | $ | 1,099.2 |  |  | $ | (268.2) |  |  | $ | 831.0 |
Developed technology |  | 328.2 |  |  | (105.4) |  |  | 222.8 |
Capitalized software |  | 103.3 |  |  | (35.8) |  |  | 67.5 |
Trademarks |  | 38.6 |  |  | (12.4) |  |  | 26.2 |
Favorable operating leases |  | 2.1 |  |  | (2.1) |  |  | — |
Total finite-lived identifiable intangible assets |  | $ | 1,571.4 |  |  | $ | (423.9) |  |  | $ | 1,147.5 |
Indefinite-lived trademarks |  | 294.1 |  |  | — |  |  | 294.1 |
Total intangible assets |  | $ | 1,865.5 |  |  | $ | (423.9) |  |  | $ | 1,441.6 |
Total intangible asset amortization expense for the years ended December 31, 2020, 2019 and 2018, was $142.8, $145.8, $156.6, respectively. Based on intangible asset balances as of December 31, 2020, expected amortization expense is as follows:
2021 | 2022 | 2023 | 2024 | 2025
$ | 139.3 |  | $ | 135.9 |  | $ | 131.2 |  | $ | 131.0 |  | $ | 131.0 |
During the year ended December 31, 2020, management changed its strategy on the ERP platform that was being implemented in the Americas segment. As a result, the Company recognized a write-off of approximately $12.3, consisting primarily of capitalized software costs, which is recorded as a corporate expense, within other deductions, net in the consolidated statement of earnings (loss). During the year ended December 31, 2020, in connection with the restructuring program, management determined a certain product line in the Americas segment to be non-core to the business. As a result, the Company recognized an impairment charge of $8.7, consisting primarily of developed technology and trademarks, which is recorded within other deductions, net in the consolidated statement of earnings (loss). The Company considered the overall macroeconomic conditions as a result of the COVID-19 pandemic and the uncertainty surrounding the global economy and performed a quantitative impairment test for all of its reporting units with goodwill during the fourth quarter of 2020. The discounted cash flow approach, the comparable public company approach and the comparable acquisition approach were used to estimate the fair value of each reporting unit using a weighting of 40%, 40% and 20%, respectively. The discounted cash flow model requires several assumptions including future sales growth, EBITDA (earnings before interest, taxes, depreciation, and amortization) margins, capital expenditures, a discount rate and a terminal revenue growth rate (the revenue growth rate for the period beyond the years forecasted by the reporting units) for each reporting unit. The comparable public company and comparable acquisition approaches require several assumptions including EBITDA (earnings before interest, taxes, depreciation and amortization) multiples for comparable companies and transactions that operate in the same markets as the Company’s reporting units. The estimated fair value of all reporting units was in excess of its respective carrying value, which resulted in a conclusion that no impairment existed. The present uncertainty surrounding the global economy due to the COVID-19 pandemic increases the likelihood that adverse changes in key assumptions used to determine the fair value of reporting units like sales estimates, cost factors, discount rates and stock price could result in interim quantitative goodwill impairment tests and non-cash goodwill impairments in future periods. In view of the COVID-19 pandemic the Company also performed a quantitative impairment test for indefinite-lived tradename intangible assets and concluded that it was not more likely than not the fair value of such tradename assets were below its carrying value. However, uncertainty surrounding the impact of the COVID-19 pandemic increases the likelihood that adverse changes in key assumptions used to determine the fair value of indefinite-lived intangibles like sales estimates or discount rates could result in interim quantitative tradename impairments tests and non-cash tradename impairments in future periods. Additionally, uncertainty around the current macroeconomic environment could result in changes to the Company’s marketing and branding strategy which also could impact the carrying value or estimated useful lives of the Company’s tradenames.

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