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Goodwill and Other Intangible Assets | 9 Months Ended
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Sep. 30, 2023
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, 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 | 0.2 |  |  | 4.7 |  |  | (3.7) |  |  | (3.5) |  |  | (2.3) |
Balance as of September 30, 2023 | $ | 667.5 |  |  | $ | 90.7 |  |  | $ | 440.6 |  |  | $ | 109.7 |  |  | $ | 1,308.5 |
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 year. Changes in the carrying amount of acquired intangible assets during the nine months ended September 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 | (0.7) |  |  | (0.9) |  |  | (0.7) |  |  | (0.4) |  |  | (2.7) |
Balance as of September 30, 2023 | $ | 191.1 |  |  | $ | 573.6 |  |  | $ | 149.9 |  |  | $ | 6.1 |  |  | $ | 920.7 |
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 | 7.5 |  |  | 27.6 |  |  | 8.1 |  |  | 0.1 |  |  | 43.3 |
Foreign currency translation | (0.3) |  |  | (0.6) |  |  | (0.9) |  |  | (0.1) |  |  | (1.9) |
Balance as of September 30, 2023 | $ | 110.5 |  |  | $ | 467.8 |  |  | $ | 108.7 |  |  | $ | 1.6 |  |  | $ | 688.6 |
Indefinite-lived intangible assets: | Trademarks and Tradenames
Balance as of December 31, 2022 | $ | 84.8 |
Foreign currency translation | (0.4) |
Balance as of September 30, 2023 | $ | 84.4 |
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. Amortization expense related to identifiable intangible assets was $14.4 million and $43.3 million for the three and nine months ended September 30, 2023, respectively, and $14.7 million and $45.4 million for the same periods ended September 30, 2022. External-use software, net, developed by the Company and marketed externally, was approximately $6.3 million as of September 30, 2023 and classified within “Intangible assets, net.” Amortization expense related to external-use software was approximately $0.3 million and $1.4 million for the three and nine months ended September 30, 2023, respectively, and was classified within “Cost of goods sold.”

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent + Details
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