Goodwill and Identifiable Intangible Assets

6 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Identifiable Intangible Assets

GOODWILL AND IDENTIFIABLE INTANGIBLE ASSETS

During the three and six months ended June 30, 2021, we acquired a producer of wire enamels used in a range of consumer electronics, electric vehicle and industrial applications, based in China. The acquisition was accounted for as a business combination within our industrial end-market and Performance Coatings segment. The overall impacts to our condensed consolidated financial statements were not considered material as of and for the three and six months ended June 30, 2021. As of June 30, 2021, we have not yet finalized the purchase accounting related to the acquisition and the amounts recorded represent preliminary values. We expect to finalize our purchase accounting during the measurement period which will be no later than one year following the acquisition date.

Goodwill

The following table shows changes in the carrying amount of goodwill from December 31, 2020 to June 30, 2021 by reportable segment:


	Performance Coatings		Mobility Coatings		Total
Balance at December 31, 2020	$	1,211.3	$	83.6	$	1,294.9
Goodwill from acquisitions	23.1		—		23.1
Foreign currency translation	(22.1)		(1.6)		(23.7)
Balance at June 30, 2021	$	1,212.3	$	82.0	$	1,294.3

Identifiable Intangible Assets

The following tables summarize the gross carrying amounts and accumulated amortization of identifiable intangible assets by major class:


June 30, 2021	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Weighted average amortization periods (years)
Technology	$	561.5	$	(404.3)	$	157.2	10.4
Trademarks—indefinite-lived	276.8		—		276.8		Indefinite
Trademarks—definite-lived	103.1		(40.3)		62.8		15.8
Customer relationships	949.2		(352.0)		597.2		19.0
Other	15.0		(12.4)		2.6		5.0
Total	$	1,905.6	$	(809.0)	$	1,096.6


December 31, 2020	Gross Carrying Amount		Accumulated Amortization		Net Book Value		Weighted average amortization periods (years)
Technology	$	564.8	$	(383.6)	$	181.2	10.4
Trademarks—indefinite-lived	282.9		—		282.9		Indefinite
Trademarks—definite-lived	103.6		(37.5)		66.1		16.0
Customer relationships	943.6		(329.3)		614.3		19.0
Other	15.3		(11.0)		4.3		5.0
Total	$	1,910.2	$	(761.4)	$	1,148.8

The estimated amortization expense related to the fair value of acquired intangible assets for the remainder of 2021 and each of the succeeding five years is:


Remainder of 2021	$	58.5
2022	114.6
2023	73.7
2024	68.7
2025	68.0
2026	67.5