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Form 10-Q AGCO CORP /DE For: Jun 30

August 9, 2022 9:09 AM EDT

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AGCO CORP 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _________ to _________

Commission File Number: 001-12930
AGCO CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware58-1960019
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
4205 River Green Parkway
Duluth,Georgia30096
(Address of principal executive offices)
(Zip Code)
(770) 813-9200
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act
Title of ClassTrading SymbolName of exchange on which registered
Common stockAGCONew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes o No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes o No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
As of August 3, 2022, there were 74,598,077 shares of the registrant’s common stock, par value of $0.01 per share, outstanding.



AGCO CORPORATION AND SUBSIDIARIES
INDEX
  Page
Numbers
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 6.


PART I.        FINANCIAL INFORMATION

ITEM 1.    FINANCIAL STATEMENTS

AGCO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited and in millions, except share amounts)
June 30, 2022December 31, 2021
ASSETS
Current Assets:
Cash, cash equivalents and restricted cash$580.6 $889.1 
Accounts and notes receivable, net1,149.3 991.5 
Inventories, net3,382.3 2,593.7 
Other current assets592.1 539.8 
Total current assets5,704.3 5,014.1 
Property, plant and equipment, net1,405.6 1,464.8 
Right-of-use lease assets153.4 154.1 
Investments in affiliates417.0 413.5 
Deferred tax assets203.8 169.3 
Other assets317.8 293.3 
Intangible assets, net388.8 392.2 
Goodwill1,298.2 1,280.8 
Total assets$9,888.9 $9,182.1 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Current portion of long-term debt$2.0 $2.1 
Short-term borrowings320.8 90.8 
Accounts payable1,204.1 1,078.3 
Accrued expenses1,915.0 2,062.2 
Other current liabilities188.6 221.2 
Total current liabilities3,630.5 3,454.6 
Long-term debt, less current portion and debt issuance costs2,018.0 1,411.2 
Operating lease liabilities119.8 115.5 
Pension and postretirement health care benefits203.6 209.0 
Deferred tax liabilities114.2 116.9 
Other noncurrent liabilities419.5 431.1 
Total liabilities6,505.6 5,738.3 
Commitments and contingencies (Note 18)
Stockholders’ Equity:
AGCO Corporation stockholders’ equity:
Preferred stock; $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding in 2022 and 2021
  
Common stock; $0.01 par value, 150,000,000 shares authorized, 74,597,462 and 74,441,312 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively
0.7 0.7 
Additional paid-in capital13.3 3.9 
Retained earnings5,130.3 5,182.2 
Accumulated other comprehensive loss(1,761.1)(1,770.9)
Total AGCO Corporation stockholders’ equity3,383.2 3,415.9 
Noncontrolling interests0.1 27.9 
Total stockholders’ equity3,383.3 3,443.8 
Total liabilities and stockholders’ equity$9,888.9 $9,182.1 
See accompanying notes to condensed consolidated financial statements.
3

AGCO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in millions, except per share data)
Three Months Ended June 30,
20222021
Net sales$2,945.2 $2,879.3 
Cost of goods sold2,254.7 2,186.9 
Gross profit690.5 692.4 
Operating expenses:
     Selling, general and administrative expenses302.5 276.3 
Engineering expenses
107.1 107.2 
Amortization of intangibles
15.4 14.2 
Restructuring expenses
0.4 4.7 
Bad debt expense (credit)1.6 (0.3)
Income from operations263.5 290.3 
Interest expense, net
5.9 2.2 
Other expense, net
21.7 14.6 
Income before income taxes and equity in net earnings of affiliates235.9 273.5 
Income tax provision
71.5 7.7 
Income before equity in net earnings of affiliates164.4 265.8 
Equity in net earnings of affiliates
13.2 18.6 
Net income177.6 284.4 
Net loss (income) attributable to noncontrolling interests0.1 (1.6)
Net income attributable to AGCO Corporation and subsidiaries$177.7 $282.8 
Net income per common share attributable to AGCO Corporation and subsidiaries:
Basic
$2.38 $3.74 
Diluted
$2.37 $3.73 
Cash dividends declared and paid per common share$4.72 $4.17 
Weighted average number of common and common equivalent shares outstanding:
Basic
74.6 75.5 
Diluted
74.9 75.9 
See accompanying notes to condensed consolidated financial statements.
4

AGCO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in millions, except per share data)
Six Months Ended June 30,
20222021
Net sales$5,630.9 $5,258.0 
Cost of goods sold4,309.1 3,995.1 
Gross profit1,321.8 1,262.9 
Operating expenses:
     Selling, general and administrative expenses573.6 536.9 
Engineering expenses
207.4 203.5 
Amortization of intangibles
30.7 31.7 
Impairment charge36.0  
Restructuring expenses
3.4 6.0 
Bad debt expense (credit)3.2 (0.7)
Income from operations467.5 485.5 
Interest expense, net
6.3 5.6 
Other expense, net
39.2 26.1 
Income before income taxes and equity in net earnings of affiliates422.0 453.8 
Income tax provision
131.7 51.3 
Income before equity in net earnings of affiliates290.3 402.5 
Equity in net earnings of affiliates
24.3 33.3 
Net income314.6 435.8 
Net loss (income) attributable to noncontrolling interests14.9 (2.2)
Net income attributable to AGCO Corporation and subsidiaries$329.5 $433.6 
Net income per common share attributable to AGCO Corporation and subsidiaries:
Basic
$4.41 $5.75 
Diluted
$4.40 $5.71 
Cash dividends declared and paid per common share$4.92 $4.33 
Weighted average number of common and common equivalent shares outstanding:
Basic
74.6 75.4 
Diluted
74.9 75.9 
See accompanying notes to condensed consolidated financial statements.
5


AGCO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited and in millions)
Three Months Ended June 30,
20222021
Net income$177.6 $284.4 
Other comprehensive income (loss), net of reclassification adjustments:
Foreign currency translation adjustments(124.5)80.8 
Defined benefit pension plans, net of tax1.7 (6.0)
Deferred gains and losses on derivatives, net of tax(3.2)5.6 
Other comprehensive (loss) income, net of reclassification adjustments(126.0)80.4 
Comprehensive income51.6 364.8 
Comprehensive income attributable to noncontrolling interests (2.4)
Comprehensive income attributable to AGCO Corporation and subsidiaries$51.6 $362.4 

Six Months Ended June 30,
20222021
Net income$314.6 $435.8 
Other comprehensive income, net of reclassification adjustments:
Foreign currency translation adjustments13.8 33.5 
Defined benefit pension plans, net of tax3.4 29.1 
Deferred gains and losses on derivatives, net of tax(6.5)10.3 
Other comprehensive income, net of reclassification adjustments10.7 72.9 
Comprehensive income325.3 508.7 
Comprehensive loss (income) attributable to noncontrolling interests14.0 (2.6)
Comprehensive income attributable to AGCO Corporation and subsidiaries$339.3 $506.1 
See accompanying notes to condensed consolidated financial statements.
6

AGCO CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited and in millions)
Six Months Ended June 30,
20222021
Cash flows from operating activities:
Net income $314.6 $435.8 
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation106.5 109.9 
Amortization of intangibles30.7 31.7 
Stock compensation expense17.6 15.2 
Impairment charges36.0  
Equity in net earnings of affiliates, net of cash received(23.7)(32.6)
Deferred income tax benefit(0.6)(65.5)
Other2.7 9.2 
Changes in operating assets and liabilities:
Accounts and notes receivable, net(219.5)(265.5)
Inventories, net(888.1)(721.5)
Other current and noncurrent assets(91.9)(73.3)
Accounts payable191.1 320.5 
Accrued expenses(46.2)(0.8)
Other current and noncurrent liabilities4.6 112.0 
Total adjustments(880.8)(560.7)
Net cash used in operating activities(566.2)(124.9)
Cash flows from investing activities:
Purchases of property, plant and equipment(139.2)(120.6)
Proceeds from sale of property, plant and equipment2.1 2.4 
Investments in unconsolidated affiliates(1.5)(1.0)
(Purchase) sale of businesses, net, and net of cash acquired(111.3)5.4 
Other (2.4)
Net cash used in investing activities(249.9)(116.2)
Cash flows from financing activities:
Proceeds from indebtedness1,067.0 909.4 
Repayments of indebtedness(119.8)(905.4)
Payment of dividends to stockholders (368.5)(328.6)
Payment of minimum tax withholdings on stock compensation(20.8)(33.6)
Payment of debt issuance costs(0.2) 
Distributions to noncontrolling interest(11.6)(3.5)
Net cash provided by (used in) financing activities546.1 (361.7)
Effects of exchange rate changes on cash, cash equivalents and restricted cash(38.5)(16.1)
Decrease in cash, cash equivalents and restricted cash(308.5)(618.9)
Cash, cash equivalents and restricted cash, beginning of period889.1 1,119.1 
Cash, cash equivalents and restricted cash, end of period$580.6 $500.2 
See accompanying notes to condensed consolidated financial statements.
7

AGCO CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

1.    BASIS OF PRESENTATION

    The condensed consolidated financial statements of AGCO Corporation and its subsidiaries (the “Company” or “AGCO”) included herein have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary to present fairly the Company’s financial position, results of operations, comprehensive income (loss) and cash flows at the dates and for the periods presented. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Results for interim periods are not necessarily indicative of the results for the year. Certain prior period amounts have been reclassified to conform to the current period presentation.

    The Company cannot predict the future impact of the COVID-19 pandemic on its business, including any related impacts on the global economic and political environments, market demand for its products, supply chain disruptions, possible workforce unavailability, exchange rates, commodity prices and availability of financing, and their impact to the Company’s net sales, production volumes, costs and overall financial conditions.

New Accounting Pronouncements to be Adopted
    In June 2016, the FASB issued Accounting Standards Update (“ASU”) 2016-13 “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which requires measurement and recognition of expected versus incurred credit losses for financial assets. In November 2019, the FASB issued ASU 2019-10, “Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates,” which delays the effective date of ASU 2016-13 for smaller reporting companies and other non-SEC reporting entities. This applies to the Company’s equity method finance joint ventures, which are now required to adopt ASU 2016-13 for annual periods beginning after December 15, 2022 and interim periods within those annual periods. The standard, and its subsequent modification, likely will impact the results of operations and financial condition of the Company’s finance joint ventures. Therefore, adoption of the standard by the Company’s finance joint ventures likely will impact the Company’s “Investments in affiliates” and “Equity in net earnings of affiliates.” The adoption of ASU 2016-13 is not expected to have a material impact on the Company's results of operations or financial condition.
    In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832): Disclosure by Business Entities about Government Assistance,” which improves the transparency of government assistance received by most business entities by requiring the disclosure of: (1) the types of government assistance received; (2) the accounting for such assistance; and (3) the effect of the assistance on a business entity's financial statements. This guidance will be effective for annual periods beginning after December 15, 2021. Early adoption is permitted. The Company is currently evaluating the impact of the new
guidance on the Company's annual disclosures.

    The Company will adopt the following pronouncement, effective for fiscal years beginning after December 15, 2022, which is not expected to have a material impact on the Company's results of operations, financial condition or cash flows.
ASU 2021-08 – “Business Combinations: Accounting for Contract Assets and Contract Liabilities from Contracts with Customers”

2.     ACQUISITIONS

    On May 2, 2022, the Company acquired JCA Industries, Inc. (“JCA”) for 63.0 million Canadian dollars (or approximately $49.2 million as of May 2, 2022). JCA is located in Winnipeg, Manitoba, Canada, and specializes in the design of electronic systems and software development to automate and control agricultural equipment. The Company allocated the purchase price to the assets acquired and liabilities assumed based on preliminary estimates of their fair values as of the acquisition date. The acquired net assets primarily consisted of accounts receivable, inventories, other current and noncurrent assets, accounts payable, accrued expenses, other current and noncurrent liabilities, property, plant and equipment, deferred tax liabilities as well as customer relationship, technology and trademark identifiable intangible assets. The Company recorded approximately 43.9 million Canadian dollars (or approximately $34.0 million) of goodwill associated with the acquisition. The
8

Notes to Condensed Consolidated Financial Statements - Continued
(unaudited)



results of operations of JCA have been included in the Company’s Condensed Consolidated Financial Statements as of and from the date of acquisition. The associated goodwill has been included in the Company’s North America geographical reportable segment. Proforma financial information related to the acquisition of JCA was not material to the Company’s results of operations.

    On January 1, 2022, the Company acquired Appareo Systems, LLC (“Appareo”) for approximately $62.1 million, net of approximately $0.5 million of cash. As a result of the acquisition of the remaining 50% interest in IAS, the Company's previous operating joint venture with Appareo, the Company recorded a gain of approximately $3.4 million on the remeasurement of the previously held equity interest within “Other expense, net” in the Company's Condensed Consolidated Statements of Operations. The fair value of the previously held 50% interest in the joint venture as of the acquisition date was approximately $11.2 million. Appareo is headquartered in Fargo, North Dakota and offers engineering, manufacturing, and technology for end-to-end product development. The Company allocated the purchase price to the assets acquired and liabilities assumed based on preliminary estimates of their fair values as of the acquisition date. The acquired net assets primarily consisted of accounts receivable, inventories, other current and noncurrent assets, assets held for sale, lease right-of-use assets and liabilities, accounts payable, accrued expenses, other current and noncurrent liabilities, property, plant and equipment, as well as customer relationship, technology, non-competition agreements and trademark identifiable intangible assets. The Company recorded approximately $20.8 million of goodwill associated with the acquisition. The results of operations of Appareo have been included in the Company’s Condensed Consolidated Financial Statements as of and from the date of acquisition. The associated goodwill has been included in the Company’s North America geographical reportable segment. Proforma financial information related to the acquisition of Appareo was not material to the Company’s results of operations.

    The acquired identifiable intangible assets of JCA and Appareo as of the date of their respective acquisitions during the first six months in 2022 are summarized in the following table (in millions):

Intangible Asset
AmountWeighted-Average Useful Life
Customer relationships$15.4 10 years
Technology15.48 years
Trademarks5.710 years
Non-competition agreements1.4 5 years
$37.9 


9

Notes to Condensed Consolidated Financial Statements - Continued
(unaudited)



3.    RESTRUCTURING EXPENSES AND IMPAIRMENT CHARGES

Restructuring Expenses

    In recent years, the Company has announced and initiated several actions to rationalize employee headcount in various manufacturing facilities and administrative offices located in the U.S., Europe, South America, Africa and China in order to reduce costs. Restructuring expenses activity during the three and six months ended June 30, 2022 is summarized as follows (in millions):
Employee SeveranceOther Related Closure CostsTotal
Balance as of December 31, 2021$14.5 $0.2 $14.7 
First quarter 2022 provision3.0  3.0 
First quarter 2022 cash activity(3.4) (3.4)
Foreign currency translation(0.3)0.1 (0.2)
Balance as of March 31, 2022$13.8 $0.3 $14.1 
Second quarter 2022 provision0.8  0.8 
Second quarter 2022 provision reversal(0.4) (0.4)
Second quarter 2022 cash activity(3.3) (3.3)
Foreign currency translation(0.6) (0.6)
Balance as of June 30, 2022$10.3 $0.3 $10.6 

Impairment Charges

    In light of the current conflict between Russia and Ukraine, during the three months ended March 31, 2022, the Company assessed the fair value of its gross assets related to the joint ventures operating in Russia for potential impairment and recorded asset impairment charges of approximately $36.0 million, reflected as “Impairment charges” in its Condensed Consolidated Statements of Operations, with an offsetting benefit of approximately $12.2 million included within “Net loss (income) attributable to noncontrolling interests.” In addition, during the three months ended March 31, 2022, the Company recorded a write-down of its investment in its Russian finance joint venture of approximately $4.8 million, reflected within “Equity in net earnings of affiliates” in its Condensed Consolidated Statements of Operations.

4.    STOCK COMPENSATION PLANS

    The Company recorded stock compensation expense as follows for the three and six months ended June 30, 2022 and 2021 (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Cost of goods sold$0.3 $0.3 $0.6 $0.6 
Selling, general and administrative expenses10.3 8.2 17.0 14.7 
Total stock compensation expense$10.6 $8.5 $17.6 $15.3 

Stock Incentive Plan

    Under the Company’s Long-Term Incentive Plan (the “Plan”), up to 10,000,000 shares of AGCO common stock may be issued. As of June 30, 2022, of the 10,000,000 shares reserved for issuance under the Plan, 3,817,951 shares were available for grant, assuming the maximum number of shares are earned related to the performance award grants discussed below. The Plan allows the Company, under the direction of the Board of Directors’ Talent and Compensation Committee, to make grants of performance shares, stock appreciation rights, restricted stock units and restricted stock awards to employees, officers and non-employee directors of the Company.
10

Notes to Condensed Consolidated Financial Statements - Continued
(unaudited)




Long-Term Incentive Plan and Related Performance Awards

    The weighted average grant-date fair value of performance awards granted under the Plan during the six months ended June 30, 2022 and 2021 was $124.12 and $123.26, respectively.

    During the six months ended June 30, 2022, the Company granted 274,566 performance awards related to varying performance periods. The compensation expense associated with all awards granted under the Plan is amortized ratably over the vesting or performance period based on the Company’s projected assessment of the level of performance that will be achieved.

    Performance award transactions during the six months ended June 30, 2022 are presented as if the Company were to achieve its maximum levels of performance and assume the 2022 and 2021 performance awards subject to the total shareholder return modifier are achieved at target levels under the plan awards and were as follows:
Shares awarded but not earned at January 1514,714 
Shares awarded274,566 
Shares forfeited(12,860)
Shares vested(2,534)
Shares awarded but not earned at June 30773,886 

    As of June 30, 2022, the total compensation cost related to unearned performance awards not yet recognized, assuming the Company’s current projected assessment of the level of performance that will be achieved, was approximately $40.6 million, and the weighted average period over which it is expected to be recognized is approximately two years. The compensation cost not yet recognized could be higher or lower based on actual achieved levels of performance.

    On July 13, 2022, the Company granted 22,777 performance award shares (subject to the Company achieving future target levels of performance). The 2022 grant of performance award shares is subject to a total shareholder return modifier.

Restricted Stock Unit Awards

    The weighted average grant-date fair value of the restricted stock units (“RSUs”) granted under the Plan during the six months ended June 30, 2022 and 2021 was $117.08 and $113.63, respectively.

    During the six months ended June 30, 2022, the Company granted 91,583 RSU awards. RSUs granted in 2022 and 2021 entitle the participant to receive one share of the Company’s common stock for each RSU granted and vest one-third per year over a three-year requisite service period. The 2020 grant of RSU’s to certain executives has a three-year cliff vesting requirement subject to adjustment based on a total shareholder return modifier relative to the Company's defined peer group. The compensation expense associated with these awards is being amortized ratably over the requisite service period for the awards that are expected to vest.

    RSU transactions during the six months ended June 30, 2022 assume the 2020 RSUs subject to the total shareholder return modifier are achieved at target levels, and were as follows:
RSUs awarded but not vested at January 1159,228 
RSUs awarded91,583 
RSUs forfeited(3,304)
RSUs vested(65,025)
RSUs awarded but not vested at June 30182,482 

    As of June 30, 2022, the total compensation cost related to the unvested RSUs not yet recognized was approximately $14.9 million, and the weighted average period over which it is expected to be recognized is approximately one and one-half years.

    On July 13, 2022, the Company granted 41,963 RSUs under the Plan.

11

Notes to Condensed Consolidated Financial Statements - Continued
(unaudited)



Stock-Settled Appreciation Rights

    The compensation expense associated with the stock-settled appreciation rights (“SSARs”) is amortized ratably over the requisite service period for the awards that are expected to vest. The Company estimates the fair value of the grants using the Black-Scholes option pricing model. SSAR transactions during the six months ended June 30, 2022 were as follows:
SSARs outstanding at January 1194,611 
SSARs granted 
SSARs exercised(38,051)
SSARs canceled or forfeited 
SSARs outstanding at June 30156,560 

    The Company did not grant any SSARs during the six months ended June 30, 2022, and does not currently anticipate granting any SSARs in the future. As of June 30, 2022, the total compensation cost related to the unvested SSARs not yet recognized was approximately $0.6 million, and the weighted average period over which it is expected to be recognized is approximately one and one-half years.

Director Restricted Stock Grants

    The Plan provides for annual restricted stock grants of the Company’s common stock to all non-employee directors. The 2022 grant was made on April 28, 2022 and equated to 11,664 shares of common stock, of which 10,301 shares of common stock were issued after shares were withheld for taxes. The Company recorded stock compensation expense of approximately $1.5 million during the six months ended June 30, 2022 associated with these grants.


5.    GOODWILL AND OTHER INTANGIBLE ASSETS

    Changes in the carrying amount of goodwill during the six months ended June 30, 2022 are summarized as follows (in millions):
North AmericaSouth AmericaEurope/Middle EastAsia/Pacific/AfricaConsolidated
Balance as of December 31, 2021$609.6 $81.7 $469.5 $120.0 $1,280.8 
Acquisitions54.8    54.8 
Foreign currency translation(0.1)4.9 (34.9)(7.3)(37.4)
Balance as of June 30, 2022$664.3 $86.6 $434.6 $112.7 $1,298.2 

    Goodwill is tested for impairment on an annual basis and more often if indications of impairment exist. The Company conducts its annual impairment analyses as of October 1 each fiscal year.

12

Notes to Condensed Consolidated Financial Statements - Continued
(unaudited)



    Changes in the carrying amount of acquired intangible assets during the six months ended June 30, 2022 are summarized as follows (in millions):
Gross carrying amounts:Trademarks and TradenamesCustomer RelationshipsPatents and TechnologyLand Use RightsTotal
Balance as of December 31, 2021$189.0 $568.6 $139.9 $7.0 $904.5 
Acquisitions7.1 15.4 15.4  37.9 
Foreign currency translation(5.9)(11.4)(6.2)(0.3)(23.8)
Balance as of June 30, 2022$190.2 $572.6 $149.1 $6.7 $918.6 
Accumulated amortization:Trademarks and TradenamesCustomer RelationshipsPatents and TechnologyLand Use RightsTotal
Balance as of December 31, 2021$93.1 $409.7 $94.7 $1.5 $599.0 
Amortization expense6.7 18.9 5.0 0.1 30.7 
Foreign currency translation(2.2)(8.6)(5.0)(0.1)(15.9)