Goodwill and Identifiable Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2012

Summary of Goodwill Balances by Segment Reporting Structure

The following table shows our goodwill balances by our new segment reporting structure:

	Carrying Value at December 31, 2011		Purchase Price Adjustments (1)			Impact of Foreign Currency Translation		Goodwill Impairment			Carrying Value at December 31, 2012
Food & Beverage	$	833.7	$	3.3		$	0.7	$	(208.0	)	$	629.7
Institutional & Laundry		1,958.6		34.3			33.2		(883.0	)		1,143.1
Protective Packaging		1,369.9		—			2.8		—			1,372.7
Other category		47.4		(1.6	)		0.1		—			45.9
Total	$	4,209.6	$	36.0		$	36.8	$	(1,091.0	)	$	3,191.4

(1) Purchase price adjustments primarily relate to the Diversey acquisition reflecting changes in estimates during the measurement period primarily related to certain legal contingencies that existed as of the acquisition date of October 3, 2011. These adjustments are not considered material to the carrying amount of goodwill or the other offsetting balance sheet line items and these adjustments had no impact to our consolidated statement of operations in 2012. Therefore, we did not revise our previously reported consolidated financial statements for these adjustments.

Summary of Percentage by Which Estimated Fair Value Exceeds Carrying Value

The excess of estimated fair values over carrying value, including goodwill and after any impairment charges, for each of our reporting units that had goodwill as of the annual impairment test or the fourth quarter 2012 interim impairment test were the following:

Reporting Unit	% by Which Estimated Fair value exceeds Carrying Value
Food & Beverage – Packaging Solutions		172	%
Food & Beverage – Hygiene Solutions		8	%
Institutional & Laundry		(12	)%
Protective Packaging		33	%
Medical Applications		194	%

Summarize of Identifiable Intangible Assets with Definite and Indefinite Useful Lives

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

	December 31,2012										December 31, 2011
	Gross Carrying Value		Accumulated Amortization			Impairment			Net		Gross Carrying Value		Accumulated Amortization			Net
Customer relationships	$	978.1	$	(112.7	)		(148.9	)(1)	$	716.5	$	960.2	$	(36.6	)	$	923.6
Trademarks and trade names		882.3		(0.9	)		(630.2	)(1)		251.2		882.3		(0.8	)		881.5
Technology		243.5		(79.1	)		(22.2	)(2)		142.2		229.9		(33.4	)		196.5
Contracts		44.6		(14.8	)		—			29.8		40.2		(6.1	)		34.1
Total	$	2,148.5	$	(207.5	)	$	(801.3	)	$	1,139.7	$	2,112.6	$	(76.9	)	$	2,035.7

⁽¹⁾ During the third quarter of 2012, we determined that sufficient indicators existed to require an interim impairment review of our Diversey tradename. Based on our analysis, the fair value of this intangible was lower than the carrying value, which resulted in a pre-tax impairment charge of $189 million. In addition, during the fourth quarter of 2012, we completed our annual impairment test for other indefinite lived intangibles and we performed an interim impairment review of our customer relationships and trademarks and trade names. As a result, we recorded a total impairment charge of $779 million which is included in impairment of goodwill and other intangible assets on the consolidated statements of operations in the year ended December 31, 2012.

⁽²⁾  During the fourth quarter of 2012, we made a decision to suspend certain development efforts and abandon future product development work on a project included in our other category. As a result, we recorded an impairment of $22.2 million ($13.7 million, net of taxes), which is included in impairment of goodwill and other intangible assets on the consolidated statements of operations in the year ended December 31, 2012.

Remaining Estimated Future Amortization Expense

The following table shows the remaining estimated future amortization expense at December 31, 2012.

2013	$	111.3
2014		111.6
2015		85.6
2016		83.9
2017		81.4
Thereafter		414.8
Total	$	888.6