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GOODWILL AND INTANGIBLE ASSETS | 9 Months Ended
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Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract] |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS The Company assesses both goodwill and indefinite-lived intangible assets for impairment annually during the second quarter or more frequently if events or changes in circumstances indicate the asset might be impaired. The Company conducted its annual goodwill and indefinite-lived intangible assets impairment test as of April 1, 2021. Based on the Company’s 2021 impairment test, it was determined that the fair values of its reporting units and indefinite-lived intangible assets more likely than not exceed their respective carrying values, resulting in no impairment. The fair values of reporting units were computed using a discounted cash flow model with inputs developed using both internal and market-based data. Intangible assets were evaluated for impairment using an income approach, specifically a relief from royalty method, or using a qualitative assessment. A change in any of the estimates and assumptions used in the annual test, a decline in the overall markets or in the use of intangible assets among other factors, could have a material adverse effect to the fair value of either the reporting units or intangible assets and could result in a future impairment charge. There can be no assurance that the Company’s future asset impairment testing will not result in a material charge to earnings. Subsequent to the annual impairment test, as of September 30, 2021, the Company considered whether any events or changes in circumstances had resulted in the likelihood that the goodwill or indefinite-lived intangible assets may have become impaired during the course of the quarter, and concluded that there were no such indicators. During the three months ended March 31, 2020, as a result of updating the estimates and assumptions pertaining to the impact of the ongoing COVID-19 pandemic, the Company recorded a goodwill impairment charge of $157 million related to the goodwill associated with the Technologies & Equipment segment. Additionally, during the three months ended March 31, 2020, the Company recorded an indefinite-lived intangible asset impairment charge of $39 million within the Technologies & Equipment segment which was driven by a decline in forecasted sales as a result of the COVID-19 pandemic and an unfavorable change in the discount rate.
A reconciliation of changes in the Company’s goodwill by reportable segment were as follows:
(in millions) |  | Technologies & Equipment |  | Consumables |  | Total
Balance at December 31, 2020 |  |  |  |  |  |
Goodwill |  | $ | 5,985 |  |  | $ | 894 |  |  | $ | 6,879 |
Accumulated impairment losses |  | (2,893) |  |  | — |  |  | (2,893) |
Goodwill, net |  | $ | 3,092 |  |  | $ | 894 |  |  | $ | 3,986 |
Acquisition related additions (a) |  | 107 |  |  | — |  |  | 107 |
Translation and other |  | (140) |  |  | 47 |  |  | (93) |
Balance at September 30, 2021 |  |  |  |  |  |
Goodwill |  | $ | 5,952 |  |  | $ | 941 |  |  | $ | 6,893 |
Accumulated impairment losses |  | (2,893) |  |  | — |  |  | (2,893) |
Goodwill, net |  | $ | 3,059 |  |  | $ | 941 |  |  | $ | 4,000 |
(a) Refer to Note 5, “Business Combinations” for more information regarding recent acquisitions. Identifiable definite-lived and indefinite-lived intangible assets were as follows:
|  | September 30, 2021 |  | December 31, 2020
(in millions) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount
Developed technology and patents |  | $ | 1,752 |  |  | $ | (743) |  |  | $ | 1,009 |  |  | $ | 1,681 |  |  | $ | (677) |  |  | $ | 1,004 |
Tradenames and trademarks |  | 269 |  |  | (76) |  |  | 193 |  |  | 273 |  |  | (70) |  |  | 203 |
Licensing agreements |  | 36 |  |  | (31) |  |  | 5 |  |  | 37 |  |  | (30) |  |  | 7 |
Customer relationships |  | 1,105 |  |  | (533) |  |  | 572 |  |  | 1,142 |  |  | (494) |  |  | 648 |
Total definite-lived |  | $ | 3,162 |  |  | $ | (1,383) |  |  | $ | 1,779 |  |  | $ | 3,133 |  |  | $ | (1,271) |  |  | $ | 1,862 |
Indefinite-lived tradenames and trademarks |  | $ | 610 |  |  | $ | — |  |  | $ | 610 |  |  | $ | 642 |  |  | $ | — |  |  | $ | 642 |
In-process R&D (a) |  | 13 |  |  | — |  |  | 13 |  |  | — |  |  | — |  |  | — |
Total indefinite-lived |  | $ | 623 |  |  | $ | — |  |  | $ | 623 |  |  | $ | 642 |  |  | $ | — |  |  | $ | 642 |
Total identifiable intangible assets |  | $ | 3,785 |  |  | $ | (1,383) |  |  | $ | 2,402 |  |  | $ | 3,775 |  |  | $ | (1,271) |  |  | $ | 2,504 |
(a) Intangible assets acquired in a business combination that are in-process and used in research and development (“R&D”) activities are considered indefinite-lived until the completion or abandonment of the R&D efforts. The useful life and amortization of those assets will be determined once the R&D efforts are completed. During the second quarter of 2021, the Company purchased certain developed technology rights for an initial payment of $3 million. The purchase consideration also includes contingent payments of $17 million to be made upon reaching certain regulatory and commercial milestones, which were not yet deemed probable at September 30, 2021.

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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