Goodwill and Identifiable Intangible Assets

9 Months Ended

Sep. 30, 2011

Goodwill and Identifiable Intangible Assets [Abstract]

Goodwill and Identifiable Intangible Assets

(8) Goodwill and Identifiable Intangible Assets

Goodwill

The following table shows our goodwill balances by our reporting unit structure.


	Carrying		Impact of		Carrying
	Value at		Foreign		Value at
	December 31,		Currency		September 30,
	2010		Translation		2011
Food Packaging segment	$	382.9	$	0.3	$	383.2
Food Solutions segment		147.9		0.1		148.0
Protective Packaging segment:
Protective Packaging		1,144.5		1.0		1,145.5
Shrink Packaging		115.1		0.1		115.2


Total Protective Packaging segment		1,259.6		1.1		1,260.7
Other:
Specialty Materials		109.9		0.1		110.0
Medical Applications		45.6		0.1		45.7
New Ventures		—		—		—


Total Other		155.5		0.2		155.7


Total Company	$	1,945.9	$	1.7	$	1,947.6

We test goodwill for impairment on a reporting unit basis annually during the fourth quarter of each year and at other times if events or circumstances exist that indicate the carrying value of goodwill may no longer be recoverable. During the nine months ended September 30, 2011, we determined that there were no events or changes in circumstances that occurred that would indicate that the fair value of any of our reporting units may be below its carrying value.

Identifiable Intangible Assets

The following tables summarize our identifiable intangible assets with definite and indefinite useful lives.


	September 30,			December 31,
	2011			2010
Gross carrying value	$	120.1		$	113.2
Accumulated amortization		(42.5	)		(35.2	)


Total	$	77.6		$	78.0

Identifiable intangible assets are included in other assets, net, on our condensed consolidated balance sheets. These include $31 million of intangible assets that we have determined to have indefinite useful lives.

Below is the amortization expense of our intangible assets. This expense is included in marketing, administrative and development expenses on our condensed consolidated statements of operations.


	Three Months				Nine Months
	Ended				Ended
	September 30,				September 30,
	2011		2010		2011		2010
Amortization expense of intangible assets	$	2.5	$	3.2	$	7.5	$	8.8

The following table shows the remaining estimated future amortization expense at September 30, 2011.


2011	$	2.5
2012		9.1
2013		8.0
2014		6.7
2015		5.8
2016		4.8
Thereafter		9.7


Total	$	46.6

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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