CW 2020 Annual Report

Note 6: Goodwill and Other Intangible Assets The following table summarizes the changes in the carrying amount of goodwill for the year ended December 31, 2020 (in millions): Americas EMEA APAC Total Balance as of December 31, 2018 $ 1,254.4 $ 266.1 $ 258.0 $ 1,778.5 Acquisitions 160.3 11.5 12.7 184.5 Measurement period adjustments (0.7) — 0.4 (0.3) Effect of movements in exchange rates and other 3.1 4.6 (1.3) 6.4 Balance as of December 31, 2019 $ 1,417.1 $ 282.2 $ 269.8 $ 1,969.1 Acquisitions 83.4 26.5 — 109.9 Disposals — — (25.2) (25.2) Measurement period adjustments 0.5 0.4 — 0.9 Effect of movements in exchange rates and other 1.2 18.2 23.9 43.3 Balance as of December 31, 2020 $ 1,502.2 $ 327.3 $ 268.5 $ 2,098.0 Portions of goodwill are denominated in currencies other than the U.S. dollar, therefore a portion of the movements in the reported book value of these balances is attributable to movements in foreign currency exchange rates. The Company identified measurement period adjustments during the years ended December 31, 2020 and 2019 and adjusted the provisional goodwill amounts recognized. For the years ended December 31, 2020, 2019 and 2018, the annual impairment assessment of goodwill has been completed resulting in no impairment, as estimated fair value of each of the identified reporting units was in excess of their carrying value. The following tables summarize the carrying amounts and accumulated amortization of intangible assets (in millions):

As of December 31, 2020

Useful Life (in years)

Accumulated Amortization

Gross Value

Net Value

C&W trade name

$

546.0 $

— $

546.0 437.2

Indefinite

Customer relationships Other intangible assets Total intangible assets

1,390.1

(952.9)

1 - 15 2 - 13

17.4

(9.4)

8.0

$

1,953.5 $

(962.3) $

991.2

As of December 31, 2019

Useful Life (in years)

Accumulated Amortization

Gross Value

Net Value

C&W trade name

$

546.0 $

— $

546.0 505.6

Indefinite

Customer relationships Other intangible assets Total intangible assets

1,333.1

(827.5)

1 - 15 2 - 13

17.2

(6.2)

11.0

$

1,896.3 $

(833.7) $

1,062.6

Amortization expense was $144.9 million, $187.3 million and $184.2 million for the years ended December 31, 2020, 2019 and 2018, respectively. The estimated annual future amortization expense for each of the years ending December 31, 2021 through December 31, 2025 is $65.9 million, $63.7 million, $59.4 million, $48.1 million and $45.4 million, respectively. No material impairments of intangible assets were recorded for the years ended December 31, 2020, 2019 and 2018, respectively.

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