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Goodwill | 12 Months Ended
--- | ---
Dec. 31, 2011
Goodwill |
Goodwill |
19. Goodwill The changes in the carrying amount of goodwill for the years ended December 31, 2009, 2010 and 2011 are as follows:
|  | North America |  | Europe |  | Asia Pacific |  | South America |  | Other |  | Total |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Balance as of January 1, 2009 |  | $ | 717 |  | $ | 1,051 |  | $ | 434 |  | $ | — |  | $ | 5 |  | $ | 2,207 |
Translation effects |  |  | 19 |  |  | 30 |  |  | 125 |  |  |  |  |  |  |  |  | 174 |
Balance as of December 31, 2009 |  |  | 736 |  |  | 1,081 |  |  | 559 |  |  | — |  |  | 5 |  |  | 2,381 |
Acquisitions |  |  |  |  |  |  |  |  | 53 |  |  | 376 |  |  |  |  |  | 429 |
Translation effects |  |  | 7 |  |  | (72 | ) |  | 65 |  |  | 11 |  |  |  |  |  | 11 |
Balance as of December 31, 2010 |  |  | 743 |  |  | 1,009 |  |  | 677 |  |  | 387 |  |  | 5 |  |  | 2,821 |
Acquisitions |  |  |  |  |  | 8 |  |  |  |  |  |  |  |  |  |  |  | 8 |
Impairment charge |  |  |  |  |  |  |  |  | (641 | ) |  |  |  |  |  |  |  | (641 | )
Translation effects |  |  | (3 | ) |  | (34 | ) |  | (36 | ) |  | (33 | ) |  |  |  |  | (106 | )
Balance as of December 31, 2011 |  | $ | 740 |  | $ | 983 |  | $ | — |  | $ | 354 |  | $ | 5 |  | $ | 2,082 |
Goodwill for the Asia Pacific segment is net of accumulated impairment losses of $1,135 million, $494 million and $494 million as of December 31, 2011, 2010 and 2009, respectively. Goodwill is tested for impairment annually as of October 1 (or more frequently if impairment indicators arise) using a two-step process. Step 1 compares the business enterprise value ("BEV") of each reporting unit with its carrying value. The BEV is computed based on estimated future cash flows, discounted at the weighted average cost of capital of a hypothetical third-party buyer. If the BEV is less than the carrying value for any reporting unit, then Step 2 must be performed. Step 2 compares the implied fair value of goodwill with the carrying amount of goodwill. Any excess of the carrying value of the goodwill over the implied fair value will be recorded as an impairment loss. The calculations of the BEV in Step 1 and the implied fair value of goodwill in Step 2 are based on significant unobservable inputs, such as price trends, customer demand, material costs, discount rates and asset replacement costs, and are classified as Level 3 in the fair value hierarchy. During the fourth quarter of 2011, the Company completed its annual impairment testing and determined that impairment existed in the goodwill of its Asia Pacific segment. Lower projected cash flows, principally in the segment's Australian operations, caused the decline in the business enterprise value. The strong Australian dollar in 2011 resulted in many wine producers in the country exporting their wine in bulk shipments and bottling the wine closer to their end markets. This decreased the demand for wine bottles in Australia, which was a significant portion of the Company's sales in that country, and the Company expects this decreased demand to continue into the foreseeable future. Following a review of the valuation of the segment's identifiable assets, the Company recorded an impairment charge of $641 million to reduce the reported value of its goodwill.

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