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Impairment Testing | 12 Months Ended
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Dec. 31, 2019
Notes to Consolidated Financial Statements [Abstract] |
Note 12 - Impairment Testing | Note 12 - Impairment Testing Impairment testing for intangible assets with an indefinite useful life Goodwill - The goodwill is not monitored for internal reporting purposes and, accordingly, it is allocated to the Company’s operating segments and not to the cash-generating units, the level of which is lower than the operating segment. The examination of impairment of the carrying amount of the goodwill is made accordingly. Trademarks - For impairment testing purpose, the trademarks with indefinite useful life were allocated to the cash-generating units, which represent the lowest level within the Company. The carrying amounts of intangible assets with an indefinite useful life are as follows:
| As at December 31
| 2019 | 2018
| $ millions | $ millions
Goodwill |  |
Phosphate Solutions | 123 | 127
Industrial Products | 91 | 92
Innovative Ag. Solutions | 70 | 71
Potash | 18 | 19
| 302 | 309
Trademarks |  |
Industrial Products, United States | 13 | 13
Phosphate Solutions, United States | 12 | 12
Industrial Products, Europe | 7 | 5
| 32 | 30
| 334 | 339
Note 12 - Impairment Testing (cont’d) Impairment testing for intangible assets with an indefinite useful life (cont’d) The Company conducted its annual impairment test of goodwill during the fourth quarter and did not identify any impairment. The recoverable amount of the operating segments was determined based on their value in use, which is an internal valuation of the discounted future cash flows generated from the continuing operations of the operating segments. The future cash flow of each operating segment was based on the segment approved five-year plan, which includes the segment estimations for revenues, operating income and other factors, such as working capital and capital expenditures. The segments' projections were based, among other things, on the assumed sales volume growth rates based on long-term expectations, internal selling prices and raw materials prices based on external data sources, when applicable and relevant. The key assumptions used to calculate the operating segments' recoverable amounts are the nominal after‑tax discount rate of 8% and the long‑term growth rate of 2%, reflecting the industries and markets the Company is engaged in. Following are the breakeven discount rates for each segment:
| Breakeven nominal after-tax discount rate
Industrial Products | 22.8%
Potash | 13.2%
Innovative Ag. Solutions | 11.4%
Phosphate Solutions | 10.6%

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- Definition The entire disclosure for the impairment of assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 36 -IssueDate 2019-01-01 -Section Disclosure -URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=36&code=ifrs-tx-2019-en-r&doctype=Standard&dita_xref=IAS36_g126-137_TI -URIDate 2019-03-27 + Details
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