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Goodwill
 9 Months Ended
Sep. 30, 2019
Goodwill Abstract  
Goodwill Goodwill
The Company records goodwill as the excess of the purchase price over the fair value of the net assets acquired in a business combination. Measurement period adjustments may be recorded once a final valuation has been performed. Goodwill is tested and reviewed annually for impairment during the fourth quarter or whenever there is a significant change in events or circumstances that indicate that the fair value of the asset may be less than the carrying amount of the asset.
The changes in the carrying amount of goodwill for the nine months ended September 30, 2019 were as follows:
In millions
Climate
 
Industrial
 
Total
Net balance as of December 31, 2018
$
5,099.2

 
$
860.3

 
$
5,959.5

Acquisitions (1)
15.5

 
805.5

 
821.0

Currency translation
(58.3
)
 
(9.4
)
 
(67.7
)
Net balance as of September 30, 2019
$
5,056.4

 
$
1,656.4

 
$
6,712.8

(1) Refer to Note 18, "Acquisitions and Divestitures" for more information regarding recent acquisitions.
The net goodwill balances at September 30, 2019 and December 31, 2018 include $2,496.0 million of accumulated impairment. The accumulated impairment relates entirely to a charge in the fourth quarter of 2008 associated with the Climate segment.