Goodwill

The following table summarizes the changes in the carrying value of goodwill by operating segment for each of 2016, 2017, and 2018:



(In thousands)	North American OTC Healthcare			International OTC Healthcare			Household Cleaning			Consolidated
Balance – March 31, 2016	$	330,615		$	22,776		$	6,800		$	360,191

2017 additions	258,438			10,139			—			268,577
2017 reductions	(12,600		)	—			(555		)	(13,155		)
Effects of foreign currency exchange rates	—			(361		)	—			(361		)

Balance – March 31, 2017	576,453			32,554			6,245			615,252

2018 adjustments ^(a)	4,481			—			—			4,481
Effects of foreign currency exchange rates	—			365			—			365

Balance – March 31, 2018	$	580,934		$	32,919		$	6,245		$	620,098

(a) Amount relates to a measurement period adjustment recorded during 2018, associated with our Fleet acquisition.

As further discussed in Note 8, in December 2014, we completed a transaction to sell rights to use of the Comet brand in certain Eastern European countries to a third-party licensee. As a result, we recorded a gain on the sale of $1.3 million and reduced the carrying value of our intangible assets and goodwill. In August 2016, we sold the remaining rights to the use of the Comet brand in certain geographic areas and reduced goodwill by $0.6 million as a result.

As discussed in Note 2, on February 5, 2016, we completed the acquisition of DenTek. In connection with this acquisition, we recorded goodwill of $73.7 million based on the amount by which the purchase price exceeded the fair value of net assets acquired. In December 2016, we received $1.4 million as a result of an arbitration associated with the DenTek acquisition. As a result, we reduced goodwill by $2.8 million, including other post-closing adjustments of $1.4 million.

As discussed in Note 2, on January 26, 2017, we completed the acquisition of Fleet. In connection with this acquisition, we recorded goodwill of $273.1 million based on the amount by which the purchase price exceeded the fair value of the net assets acquired.

On July 7, 2016, we completed the sale of Pediacare®, New Skin® and Fiber Choice® (see Note 3 above for further details) for $40.0 million plus the cost of inventory and reduced goodwill by $2.9 million as a result. In addition, as discussed in Note 3, in connection with this sale, the buyer exercised its option to purchase the Dermoplast® brand. The sale of Dermoplast® was completed on December 30, 2016 and, as a result, we reduced goodwill by $5.5 million.

On December 28, 2016, we completed the sale of the e.p.t® brand and, as a result, we reduced goodwill by $1.4 million.

Under accounting guidelines, goodwill is not amortized, but must be tested for impairment annually, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below the carrying amount. At February 28, 2018 and February 29, 2017, in conjunction with the annual test for goodwill impairment, there were no indicators of impairment under the analysis. Accordingly, no impairment charge was recorded in 2018 or 2017.

We identify our reporting units in accordance with the FASB ASC Subtopic 280. The carrying value and fair value for intangible assets and goodwill for a reporting unit are calculated based on key assumptions and valuation methodologies previously discussed. The discounted cash flow methodology is a widely-accepted valuation technique utilized by market participants in the transaction evaluation process and has been applied consistently. We also considered our market capitalization at February 28, 2018 and February 29, 2017, as compared to the aggregate fair values of our reporting units, to assess the reasonableness of our estimates pursuant to the discounted cash flow methodology. The estimates and assumptions made in assessing the fair value of our reporting units and the valuation of the underlying assets and liabilities are inherently subject to significant uncertainties. Consequently, changing rates of interest and inflation, declining sales or margins, increases in competition, changing consumer preferences, technical advances, or reductions in advertising and promotion may require an impairment charge to be recorded in the future.

As a result of our analysis at February 28, 2018, all reporting units tested had a fair value that exceeded their carrying value by at least 19%.