Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

Changes in the carrying amount of goodwill during the nine months ended September 30, 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
Acquisitions	54.8		—		—		—		54.8

Foreign currency translation	(2.5)		2.5		(59.0)		(13.1)		(72.1)
Balance as of September 30, 2022	$	661.9	$	84.2	$	410.5	$	106.9	$	1,263.5

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 nine months ended September 30, 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
Acquisitions	7.1		15.4		15.4		—		37.9


Foreign currency translation	(10.2)		(21.7)		(11.1)		(0.7)		(43.7)
Balance as of September 30, 2022	$	185.9	$	562.3	$	144.2	$	6.3	$	898.7


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	9.2		28.4		7.7		0.1		45.4

Foreign currency translation	(3.9)		(16.8)		(8.6)		(0.1)		(29.4)
Balance as of September 30, 2022	$	98.4	$	421.3	$	93.8	$	1.5	$	615.0


Indefinite-lived intangible assets:	Trademarks and Tradenames

Balance as of December 31, 2021	$	86.7
Foreign currency translation	(4.6)
Balance as of September 30, 2022	$	82.1

The Company currently amortizes certain acquired intangible assets, primarily on a straight-line basis, over their estimated useful lives, which range from four to 50 years. External-use software, for which amortization has not started, was approximately $1.8 million as of September 30, 2022 and classified within "Intangible assets, net."