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Summary of Significant Accounting Policies (Policies) | 9 Months Ended
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Sep. 30, 2021
Summary of Significant Accounting Policies |
Indefinite-lived intangible assets and goodwill | 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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- Definition Disclosure of accounting policy for goodwill and intangible assets. This accounting policy also may address how an entity assesses and measures impairment of goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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