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Goodwill and Other Intangible Assets | 3 Months Ended
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Mar. 31, 2022
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 three months ended March 31, 2022 are summarized as follows (in millions):
| North America |  | South America |  | Europe/Middle East |  | Asia/Pacific/Africa |  | Consolidated
Balance as of December 31, 2021 | $ | 609.6 |  |  | $ | 81.7 |  |  | $ | 469.5 |  |  | $ | 120.0 |  |  | $ | 1,280.8 |
Acquisition | 20.5 |  |  | — |  |  | — |  |  | — |  |  | 20.5 |
Foreign currency translation | 0.1 |  |  | 14.1 |  |  | (9.5) |  |  | (1.3) |  |  | 3.4 |
Balance as of March 31, 2022 | $ | 630.2 |  |  | $ | 95.8 |  |  | $ | 460.0 |  |  | $ | 118.7 |  |  | $ | 1,304.7 |
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. Changes in the carrying amount of acquired intangible assets during the three months ended March 31, 2022 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, 2021 | $ | 189.0 |  |  | $ | 568.6 |  |  | $ | 139.9 |  |  | $ | 7.0 |  |  | $ | 904.5 |
Acquisition | 6.3 |  |  | 9.8 |  |  | 6.3 |  |  | — |  |  | 22.4 |
Foreign currency translation | (1.3) |  |  | 0.9 |  |  | (1.5) |  |  | 0.1 |  |  | (1.8) |
Balance as of March 31, 2022 | $ | 194.0 |  |  | $ | 579.3 |  |  | $ | 144.7 |  |  | $ | 7.1 |  |  | $ | 925.1 |
Accumulated amortization: | Trademarks and Tradenames |  | Customer Relationships |  | Patents and Technology |  | Land Use Rights |  | Total
Balance as of December 31, 2021 | $ | 93.1 |  |  | $ | 409.7 |  |  | $ | 94.7 |  |  | $ | 1.5 |  |  | $ | 599.0 |
Amortization expense | 3.4 |  |  | 9.5 |  |  | 2.4 |  |  | — |  |  | 15.3 |
Foreign currency translation | (0.4) |  |  | 1.4 |  |  | (1.2) |  |  | 0.1 |  |  | (0.1) |
Balance as of March 31, 2022 | $ | 96.1 |  |  | $ | 420.6 |  |  | $ | 95.9 |  |  | $ | 1.6 |  |  | $ | 614.2 |
Indefinite-lived intangible assets: | Trademarks and Tradenames
Balance as of December 31, 2021 | $ | 86.7 |
Foreign currency translation | (0.8) |
Balance as of March 31, 2022 | $ | 85.9 |
The Company currently amortizes certain acquired intangible assets, primarily on a straight-line basis, over their estimated useful lives, which range from three 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 https://asc.fasb.org/topic&trid=2144416 + Details
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