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Goodwill and Other Identifiable Intangible Assets | 6 Months Ended
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Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Identifiable Intangible Assets | Goodwill and Other Identifiable Intangible Assets The Company tests indefinite-lived intangible assets and goodwill for impairment by either performing a qualitative evaluation or a quantitative test at least annually, or more frequently if an indication of impairment arises. The qualitative evaluation is an assessment of factors to determine whether it is more likely than not that the fair value of a reporting unit or asset is less than its carrying amount. During the second quarter, the Company evaluated the effects of the COVID-19 pandemic and its negative impact on the global economy on each of the Company’s reporting units and indefinite-lived intangible assets. Management reviewed key assumptions, including revisions of projected future revenues for reporting units and the results of the previous annual impairment testing performed during the fourth quarter of 2019. The Company did not identify an indication of impairment for each of its reporting units and indefinite-lived intangible assets. Although it was determined that a triggering event had not occurred as of June 30, 2020, we will continue to monitor the impacts of the COVID-19 pandemic on the Company and significant changes in key assumptions that could result in future period impairment charges. The change in the carrying amount of goodwill attributable to each reportable segment for the six months ended June 30, 2020 was as follows:
($ in millions) | Performance Coatings |  | Industrial Coatings |  | Total
January 1, 2020 | $3,442 |  |  | $1,028 |  |  | $4,470 |
Acquisitions, including purchase accounting adjustments | 4 |  |  | 16 |  |  | 20 |
Foreign currency impact | (164) |  |  | (19) |  |  | (183) |
June 30, 2020 | $3,282 |  |  | $1,025 |  |  | $4,307 |
A summary of the carrying value of the Company's identifiable intangible assets is as follows:
| June 30, 2020 |  |  |  |  |  | December 31, 2019 |  |  |  |
($ in millions) | Gross Carrying Amount |  | Accumulated Amortization |  | Net |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net
Indefinite-Lived Identifiable Intangible Assets |  |  |  |  |  |  |  |  |  |  |
Trademarks | $1,034 |  |  | N/A |  | $1,034 |  |  | $1,167 |  |  | N/A |  | $1,167 |
Definite-Lived Identifiable Intangible Assets |  |  |  |  |  |  |  |  |  |  |
Acquired technology | $712 |  |  | ($560) |  |  | $152 |  |  | $710 |  |  | ($549) |  |  | $161 |
Customer-related | 1,527 |  |  | (899) |  |  | 628 |  |  | 1,578 |  |  | (885) |  |  | 693 |
Trade names | 208 |  |  | (114) |  |  | 94 |  |  | 210 |  |  | (111) |  |  | 99 |
Other | 48 |  |  | (40) |  |  | 8 |  |  | 51 |  |  | (40) |  |  | 11 |
Total Definite Lived Intangible Assets | $2,495 |  |  | ($1,613) |  |  | $882 |  |  | $2,549 |  |  | ($1,585) |  |  | $964 |
Total Identifiable Intangible Assets | $3,529 |  |  | ($1,613) |  |  | $1,916 |  |  | $3,716 |  |  | ($1,585) |  |  | $2,131 |
The Company’s identifiable intangible assets with definite lives are being amortized over their estimated useful lives. As of June 30, 2020, estimated future amortization expense of identifiable intangible assets is as follows:
($ in millions) | Future Amortization Expense
Remaining six months of 2020 | $65 |
2021 | $125 |
2022 | $125 |
2023 | $110 |
2024 | $90 |
2025 | $85 |
Thereafter | $282 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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