Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

Changes in the carrying amount of goodwill during the six months ended June 30, 2021 are summarized as follows (in millions):


	North America		South America		Europe/Middle East		Asia/Pacific/Africa		Consolidated
Balance as of December 31, 2020	$	593.4	$	87.5	$	501.3	$	124.3	$	1,306.5


Foreign currency translation	0.2		3.4		(13.5)		(2.3)		(12.2)
Balance as of June 30, 2021	$	593.6	$	90.9	$	487.8	$	122.0	$	1,294.3

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. 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 joint venture. As a result, 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, a non-cash impairment charge of approximately $20.0 million was recorded as "Impairment charges" 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." During the three months ended June 30, 2021, the Company sold its 50% interest in the joint venture.

Changes in the carrying amount of acquired intangible assets during the six months ended June 30, 2021 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, 2020	$	206.0	$	585.4	$	158.0	$	9.1	$	958.5

Sale of business	(1.3)		(4.4)		(17.1)		—		(22.8)

Foreign currency translation	(2.1)		(2.7)		(2.6)		0.1		(7.3)
Balance as of June 30, 2021	$	202.6	$	578.3	$	138.3	$	9.2	$	928.4


Accumulated amortization:	Trademarks and Tradenames		Customer Relationships		Patents and Technology		Land Use Rights		Total
Balance as of December 31, 2020	$	95.4	$	390.3	$	103.2	$	3.4	$	592.3
Amortization expense	5.0		18.6		8.0		0.1		31.7
Sale of business	(1.3)		(4.4)		(15.2)		—		(20.9)
Foreign currency translation	(0.5)		(1.6)		(2.0)		0.1		(4.0)
Balance as of June 30, 2021	$	98.6	$	402.9	$	94.0	$	3.6	$	599.1


Indefinite-lived intangible assets:	Trademarks and Tradenames

Balance as of December 31, 2020	$	89.4
Foreign currency translation	(1.2)
Balance as of June 30, 2021	$	88.2

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.