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Goodwill and Intangible Assets
 9 Months Ended
Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets
9. GOODWILL AND INTANGIBLE ASSETS
 
As a result of the changes in organizational structure completed in the first quarter of 2019 and sale of the Company's Snacks business during the third quarter of 2019, the Company now has the following three operating segments, which are also its reporting units: Baked Goods, Beverages, and Meal Solutions. See Note 19 for more information regarding the change in segment structure during the first quarter of 2019 and Note 7 for more information regarding the Snacks sale.

In connection with the change in organizational structure completed in the first quarter of 2019, the Company allocated goodwill and accumulated impairment loss balances as of January 1, 2019 between reporting units using a relative fair value allocation approach. The change was considered a triggering event indicating a test for goodwill impairment was required as of January 1, 2019. The Company performed the impairment test, which did not result in the identification of any impairment losses.

Changes in the carrying amount of goodwill for the nine months ended September 30, 2019 are as follows:
 
 
Baked
Goods
 
Beverages
 
Meal Solutions
 
Total
 
 
(In millions)
Balance at January 1, 2019, before accumulated impairment losses
 
$
588.7

 
$
712.5

 
$
851.2

 
$
2,152.4

Accumulated impairment losses
 
(33.0
)
 
—

 
(11.5
)
 
(44.5
)
Balance at January 1, 2019
 
555.7

 
712.5

 
839.7

 
2,107.9

Foreign currency exchange adjustments
 
—

 
1.4

 
2.0

 
3.4

Balance at September 30, 2019
 
$
555.7

 
$
713.9

 
$
841.7

 
$
2,111.3



Indefinite Lived Intangible Assets
 
The Company has $21.8 million and $21.4 million of trademarks with indefinite lives as of September 30, 2019 and December 31, 2018, respectively.

Finite Lived Intangible Assets

The gross carrying amounts and accumulated amortization of intangible assets with finite lives as of September 30, 2019 and December 31, 2018 are as follows:
 
 
 
September 30, 2019
 
December 31, 2018
 
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
Net
Carrying
Amount
 
Gross
Carrying
Amount
 
Accumulated
Amortization
 
 
Net
Carrying
Amount
 
 
(In millions)
Intangible assets with finite lives:
 
 

 
 

 
 

 
 

 
 

 
 
 

Customer-related
 
$
790.3

 
$
(345.8
)
 
$
444.5

 
$
861.6

 
$
(334.0
)
 
 
$
527.6

Contractual agreements
 
0.5

 
(0.5
)
 
—

 
0.5

 
(0.5
)
 
 
—

Trademarks
 
52.9

 
(26.0
)
 
26.9

 
52.8

 
(22.5
)
 
 
30.3

Formulas/recipes
 
22.7

 
(18.8
)
 
3.9

 
23.4

 
(17.0
)
 
 
6.4

Computer software
 
174.6

 
(94.8
)
 
79.8

 
154.4

 
(83.7
)
 
 
70.7

Total finite lived intangibles
 
$
1,041.0

 
$
(485.9
)
 
$
555.1

 
$
1,092.7


$
(457.7
)
 
 
$
635.0



Asset Impairment

During the third quarter of 2019, we recognized $45.2 million of finite lived intangible asset impairment. Refer to Note 8 for additional information.

The Company routinely evaluates the useful life attributed to its assets. During the second quarter ended June 30, 2019, the Company determined that the useful lives of certain computer software should be increased from seven years to ten years based
on historical experience related to the use of this software and our expectation of its future usability. The Company accounted for this as a change in estimate that was applied prospectively, effective as of April 1, 2019. This change in useful life resulted in a reduction of amortization expense of $1.7 million and $3.3 million, and an increase in both basic and diluted earnings per share of $0.02 and $0.04, during the three and nine months ended September 30, 2019, respectively.