GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2020

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
	North America		International		Total
Balance as of December 31, 2019	$	2,631.6	$	350.6	$	2,982.2
Divestitures (Note 3)	(182.8)		—		(182.8)
Changes due to foreign currency fluctuations	—		2.4		2.4
Balance as of September 30, 2020	$	2,448.8	$	353.0	$	2,801.8

During the first quarter of 2019, there were business, market, and strategic developments which negatively impacted the estimated cash flows of our 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 and recognized $20.9 million of non-cash goodwill impairment, resulting in no remaining goodwill in the Latin America reporting unit.

Intangible Assets:

Intangible assets were as follows:


In millions
	September 30, 2020						December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Net Value		Gross Carrying Amount		Accumulated Amortization		Net Value
Amortizable intangibles:
Customer relationships	$	1,326.8	$	605.5	$	721.3	$	1,460.8	$	575.8	$	885.0
Covenants not-to-compete	3.5		2.9		0.6		4.9		3.8		1.1
Tradenames	3.5		1.2		2.3		3.6		1.1		2.5
Operating permits	6.0		5.6		0.4		4.1		1.6		2.5
Other	0.6		0.5		0.1		8.6		2.6		6.0
Indefinite lived intangibles:
Operating permits	84.8		—		84.8		211.1		—		211.1
Tradenames	312.9		—		312.9		314.2		—		314.2
Total	$	1,738.1	$	615.7	$	1,122.4	$	2,007.3	$	584.9	$	1,422.4

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


In millions
	Total
Balance as of December 31, 2019	$	1,422.4
Impairments during the period (Note 3)	(8.5)
Divestitures (Note 3)	(193.6)
Amortization during the period	(94.5)
Changes due to foreign currency fluctuations	(3.4)
Balance as of September 30, 2020	$	1,122.4

The estimated amortization expense for each of the next five years (based upon exchange rates at September 30, 2020) is as follows for the years ending December 31:


In millions
2020 (remainder)	$	29.7
2021	114.6
2022	113.2
2023	112.4
2024	110.9