Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2023

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, 2023 are summarized as follows (in millions):


	North America		South America		Europe/Middle East		Asia/Pacific/Africa		Consolidated
Balance as of December 31, 2022	$	667.3	$	86.0	$	444.3	$	113.2	$	1,310.8


Foreign currency translation	0.9		8.2		8.8		(1.7)		16.2
Balance as of June 30, 2023	$	668.2	$	94.2	$	453.1	$	111.5	$	1,327.0

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 six months ended June 30, 2023 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, 2022	$	191.8	$	574.5	$	150.6	$	6.5	$	923.4



Foreign currency translation	1.7		4.3		1.8		(0.3)		7.5
Balance as of June 30, 2023	$	193.5	$	578.8	$	152.4	$	6.2	$	930.9


Accumulated amortization:	Trademarks and Tradenames		Customer Relationships		Patents and Technology		Land Use Rights		Total
Balance as of December 31, 2022	$	103.3	$	440.8	$	101.5	$	1.6	$	647.2
Amortization expense	5.0		18.4		5.4		0.1		28.9

Foreign currency translation	0.8		4.1		1.1		(0.2)		5.8
Balance as of June 30, 2023	$	109.1	$	463.3	$	108.0	$	1.5	$	681.9


Indefinite-lived intangible assets:	Trademarks and Tradenames

Balance as of December 31, 2022	$	84.8
Foreign currency translation	0.6
Balance as of June 30, 2023	$	85.4

The Company amortizes certain acquired identifiable intangible assets primarily on a straight-line basis over their estimated useful lives, which range from four to 50 years. External-use software, net, developed by the Company and marketed externally, was approximately $6.6 million as of June 30, 2023 and classified within “Intangible assets, net.” Amortization costs of external-use software were approximately $1.1 million for the six months ended June 30, 2023 and were classified within “Cost of goods sold.”