GOODWILL AND OTHER INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2019

Goodwill And Intangible Assets Disclosure [Abstract]

NOTE 4 – GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill:

Changes in the carrying amount of goodwill by reportable segment were as follows:

In millions
	Domestic and Canada RWCS			International RWCS			All Other		Total
Balance as of December 31, 2018	$	2,848.4		$	373.8		$	-	$	3,222.2
Goodwill acquired during period		-			-			-		-
Valuation adjustments from prior year acquisitions		(3.6	)		-			-		(3.6	)
Impairment during the period		-			(20.9	)		-		(20.9	)
Divestiture of business		-			(6.2	)		-		(6.2	)
Changes due to foreign currency fluctuations		5.1			(1.5	)		-		3.6
Balance as of June 30, 2019	$	2,849.9		$	345.2		$	-	$	3,195.1

During the first quarter of 2019, there were business, market, and strategic developments which negatively impacted the estimated cash flows of the Company’s Latin America reporting unit and triggered an interim assessment as of March 31, 2019. The Company determined that the Latin America reporting unit’s carrying value was in excess of its estimated fair value.

Factors that contributed to the decrease in the estimated fair value of the Latin America reporting unit as of March 31, 2019, included continued challenges and volatility in certain of the Company’s markets due to declining market trends, cost pressures and insights from strategic developments.

These items were factored into updates to the Company’s forecasted cash-flow assumptions during the first quarter to reflect the Company’s current outlook. As a result of this impairment assessment, the Company recognized $20.9 million of non-cash goodwill impairment charges related to the Latin America reporting unit. Following the impairment, the Latin America reporting unit has no remaining goodwill.

The Company did not record any goodwill impairment charges during the three months ended June 30, 2019.

Accumulated non-cash goodwill impairment charges by reportable segment were as follows:

In millions
	June 30, 2019		December 31, 2018
International RWCS	$	158.3	$	137.4
All Other		286.3		286.3
Total	$	444.6	$	423.7

Intangible Assets:

Intangible assets were as follows:

In millions
	June 30, 2019						December 31, 2018
	Gross Carrying Amount		Accumulated Amortization		Net Value		Gross Carrying Amount		Accumulated Amortization		Net Value
Amortizable intangibles:
Customer relationships	$	1,589.5	$	563.9	$	1,025.6	$	1,591.5	$	492.0	$	1,099.5
Covenants not-to-compete		5.1		3.6		1.5		5.1		3.2		1.9
Tradenames		4.1		1.2		2.9		3.9		1.2		2.7
Other		12.3		4.0		8.3		12.3		3.5		8.8
Indefinite lived intangibles:						-
Operating permits		211.5		-		211.5		212.5		-		212.5
Tradenames		313.0		-		313.0		312.3		-		312.3
Total	$	2,135.5	$	572.7	$	1,562.8	$	2,137.6	$	499.9	$	1,637.7

Changes in the carrying amount of intangible assets were as follows:

In millions
	Total
Balance as of December 31, 2018	$	1,637.7
Intangible assets acquired during the period		0.5
Valuation adjustments for prior year acquisitions		3.5
Divestiture of business		(5.7	)
Impairments during the period		(1.7	)
Amortization during the period		(74.7	)
Changes due to foreign currency fluctuations		3.2
Balance as of June 30, 2019	$	1,562.8

The estimated amortization expense for each of the next five years (based upon exchange rates at June 30, 2019) is as follows for the years ending December 31:

In millions
2019	$	144.6
2020	$	140.1
2021	$	135.9
2022	$	134.2
2023	$	131.7