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Goodwill and Other Intangible Assets | 9 Months Ended
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Sep. 30, 2020
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, 2020 are summarized as follows (in millions):
| North America |  | South America |  | Europe/Middle East |  | Asia/Pacific/Africa |  | Consolidated
Balance as of December 31, 2019 | $ | 606.0 |  |  | $ | 112.2 |  |  | $ | 463.3 |  |  | $ | 116.8 |  |  | $ | 1,298.3 |
Acquisition | 7.2 |  |  | — |  |  | — |  |  | — |  |  | 7.2 |
Impairment charge | (20.0) |  |  | — |  |  | — |  |  | — |  |  | (20.0) |
Foreign currency translation | (0.1) |  |  | (31.5) |  |  | 16.7 |  |  | 2.7 |  |  | (12.2) |
Balance as of September 30, 2020 | $ | 593.1 |  |  | $ | 80.7 |  |  | $ | 480.0 |  |  | $ | 119.5 |  |  | $ | 1,273.3 |
On September 10, 2020, the Company acquired 151 Research, Inc., a company specializing in agricultural technology, for approximately $2.8 million. The Company agreed to further contingent consideration related to the acquisition, and therefore recorded a liability of approximately $4.4 million as of September 30, 2020 to reflect estimated achievement of agreed upon targets. The acquisition did not have a material impact on the Company. 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. The COVID-19 pandemic has adversely impacted the global economy as a whole. Based on current macroeconomic conditions, the Company assessed its goodwill and other intangible assets for indications of impairment as of March 31, 2020, June 30, 2020 and September 30, 2020. As of June 30, 2020, the Company concluded there were indicators of impairment during the three months ended June 30, 2020 related to one of its smaller reporting units, which is a 50%-owned tillage and seeding equipment joint venture. The Company consolidates the reporting unit as it was determined to be the primary beneficiary of the joint venture. Deteriorating market conditions for the products the joint venture sells were negatively impacted by the COVID-19 pandemic in the second quarter, greater than initially expected. As a result, updated strategic reviews with revised forecasts indicated an impairment of the entire goodwill balance of this reporting unit was necessary as of June 30, 2020. During the three months ended June 30, 2020, an impairment charge of approximately $20.0 million was recorded as "Goodwill impairment charge" within the Company's Condensed Consolidated Statements of Operations, with an offsetting benefit of approximately $10.0 million included within "Net loss attributable to noncontrolling interests." Changes in the carrying amount of acquired intangible assets during the nine months ended September 30, 2020 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, 2019 | $ | 199.3 |  |  | $ | 579.0 |  |  | $ | 151.1 |  |  | $ | 8.5 |  |  | $ | 937.9 |
Foreign currency translation | 2.3 |  |  | (3.7) |  |  | 3.0 |  |  | 0.2 |  |  | 1.8 |
Balance as of September 30, 2020 | $ | 201.6 |  |  | $ | 575.3 |  |  | $ | 154.1 |  |  | $ | 8.7 |  |  | $ | 939.7 |
Accumulated amortization: | Trademarks and Tradenames |  | Customer Relationships |  | Patents and Technology |  | Land Use Rights |  | Total
Balance as of December 31, 2019 | $ | 83.3 |  |  | $ | 347.4 |  |  | $ | 88.7 |  |  | $ | 3.1 |  |  | $ | 522.5 |
Amortization expense | 7.6 |  |  | 30.0 |  |  | 7.0 |  |  | 0.1 |  |  | 44.7 |
Foreign currency translation | 0.5 |  |  | (4.7) |  |  | 2.1 |  |  | 0.1 |  |  | (2.0) |
Balance as of September 30, 2020 | $ | 91.4 |  |  | $ | 372.7 |  |  | $ | 97.8 |  |  | $ | 3.3 |  |  | $ | 565.2 |
Indefinite-lived intangible assets: | Trademarks and Tradenames
Balance as of December 31, 2019 | $ | 86.3 |
Foreign currency translation | 1.4 |
Balance as of September 30, 2020 | $ | 87.7 |
The Company currently amortizes certain acquired intangible assets, primarily on a straight-line basis, over their estimated useful lives, which range from five to 50 years.

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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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