Goodwill

9 Months Ended

Sep. 30, 2020

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 reporting unit may be less than its carrying value.

In connection with the new organizational model and business segment structure, the Company performed a goodwill impairment assessment immediately prior to the reorganization becoming effective, the results of which did not indicate any goodwill impairment. The Company then reassigned its goodwill between the newly designated reporting units using a relative fair value approach. Subsequent to the reassignment, the Company performed a second goodwill impairment assessment under the new reporting structure, the results of which also did not indicate any goodwill impairment.

The reassigned amounts of goodwill as of December 31, 2019 and the changes in the carrying amount of goodwill for the nine months ended September 30, 2020 were as follows:


In millions	Americas		EMEA		Asia Pacific		Total
Net balance as of December 31, 2019	$	3,858.8	$	731.1	$	535.8	$	5,125.7

Deconsolidation of certain entities under Chapter 11(1)	(9.2)		—		—		(9.2)
Currency translation	(7.0)		22.7		12.1		27.8
Net balance as of September 30, 2020	$	3,842.6	$	753.8	$	547.9	$	5,144.3

(1) Refer to Note 21, "Commitments and Contingencies", for more information regarding the Chapter 11 bankruptcy and asbestos-related matters.

The net goodwill balances at September 30, 2020 and December 31, 2019 include $2,496.0 million of accumulated impairment. The accumulated impairment relates entirely to a charge recorded in 2008.