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Summary of Significant Accounting Policies | 9 Months Ended
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Sep. 30, 2021
Summary of Significant Accounting Policies |
Summary of Significant Accounting Standards and Policies | 2. Summary of Significant Accounting Standards and Policies ​ For detailed information about the Company’s significant accounting standards and policies, see Note 2 of the Notes to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Except for the matters discussed below, there have been no other material changes to the Company’s significant accounting standards and policies for the nine months ended September 30, 2021. ​ Significant Accounting Policies ​ Goodwill and Indefinite-lived intangible assets: Goodwill ($916 million and $902 million at September 30, 2021 and December 31, 2020, respectively) represents the excess of the cost of an acquired entity over the fair value assigned to identifiable assets acquired and liabilities assumed. The Company also had indefinite-lived intangible assets of $143 million at September 30, 2021 and December 31, 2020. ​ The original carrying value of goodwill and accumulated impairment charges by reportable business segment at September 30, 2021 was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | North | ​ | South | ​ | Asia- | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in millions) |  | America |  | America |  | Pacific |  | EMEA |  | Total |
Goodwill before impairment charges | ​ | $ | 622 | ​ | $ | 50 | ​ | $ | 316 | ​ | $ | 69 | ​ | $ | 1,057 | ​
Accumulated impairment charges | ​ | ​ | (1) | ​ | ​ | (33) | ​ | ​ | (121) | ​ | ​ | — | ​ | ​ | (155) | ​
Balance at January 1, 2021 | ​ | ​ | 621 | ​ | ​ | 17 | ​ | ​ | 195 | ​ | ​ | 69 | ​ | ​ | 902 | ​
Acquisitions | ​ | ​ | 1 | ​ | ​ | — | ​ | ​ | 3 | ​ | ​ | 20 | ​ | ​ | 24 | ​
Currency translation | ​ | ​ | — | ​ | ​ | (1) | ​ | ​ | (6) | ​ | ​ | (3) | ​ | ​ | (10) | ​
Balance at September 30, 2021 | ​ | $ | 622 | ​ | $ | 16 | ​ | $ | 192 | ​ | $ | 86 | ​ | $ | 916 | ​
​ The following table summarizes the balances of the Company’s indefinite-lived intangible assets at the dates presented: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(in millions) | ​ | As of September 30, 2021 |  | As of December 31, 2020 | ​
Trademarks/tradenames (indefinite-lived) | ​ | $ | 143 |  | $ | 143 | ​
​ The Company assesses goodwill and indefinite-lived intangible assets for impairment annually (or more frequently if impairment indicators arise). Based on the results of the Company’s assessment as of July 1, 2021, there were no impairments in its goodwill or indefinite-lived intangible assets. ​

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