GOODWILL, TRADEMARKS AND OTHER INTANGIBLE ASSETS

12 Months Ended

Jun. 30, 2014

GOODWILL, TRADEMARKS AND OTHER INTANGIBLE ASSETS [Abstract]

GOODWILL, TRADEMARKS AND OTHER INTANGIBLE ASSETS

NOTE 7. GOODWILL, TRADEMARKS AND OTHER INTANGIBLE ASSETS

Changes in the carrying amount of goodwill, trademarks and other intangible assets for the fiscal years ended June 30, 2014 and 2013, were as follows:

	Goodwill
	Cleaning		Lifestyle		Household		International			Total
Balance June 30, 2012	$	323	$	244	$	85	$	460		$	1,112
Translation adjustments and other		-		-		-		(7	)		(7	)
Balance June 30, 2013	$	323	$	244	$	85	$	453		$	1,105
Translation adjustments and other		-		-		-		(4	)		(4	)
Balance June 30, 2014	$	323	$	244	$	85	$	449		$	1,101

	Trademarks									Other intangible assets
	Subject to amortization			Not subject to amortization			Total			Technology and product formulae			Other			Total
Balance June 30, 2012	$	19		$	537		$	556		$	23		$	63		$	86
Amortization		(3	)		-			(3	)		(9	)		(6	)		(15	)
Translation adjustments and other		-			-			-			5			(2	)		3
Balance June 30, 2013	$	16		$	537		$	553		$	19		$	55		$	74
Acquisitions and other additions		-			-			-			-			5			5
Amortization		(1	)		-			(1	)		(9	)		(6	)		(15	)
Impairment		-			(4	)		(4	)		-			-			-
Translation adjustments and other		(1	)		-			(1	)		-			-			-
Balance June 30, 2014	$	14		$	533		$	547		$	10		$	54		$	64

Intangible assets subject to amortization were net of total accumulated amortization of $291 and $275 as of June 30, 2014 and 2013, respectively, of which $22 and $21, respectively, related to trademarks. Total accumulated amortization included $142 and $136 as of June 30, 2014 and 2013, respectively, related to intangible assets subject to amortization that were fully amortized, of which $13 and $13, respectively, related to trademarks. Estimated amortization expense for these intangible assets is $9, $5, $5, $4 and $3 for fiscal years 2015, 2016, 2017, 2018 and 2019, respectively.

In fiscal year 2014, the Company entered into an exclusivity agreement with a manufacturer. In connection with the agreement, the Company recorded an Other Intangible Asset valued at $4 that will be amortized over the 7-year term of the agreement. The agreement may be renewed for an additional 3 years at no cost upon mutual consent.

As a result of the effective devaluation of the Venezuelan currency in the third quarter of fiscal year 2014, the Company assessed whether recorded values of intangible assets attributable to the Venezuela subsidiary and goodwill of the reporting unit which included Venezuela were impaired. As a result of its assessment, the Company identified indications of impairment and recorded noncash tax deductible impairment charges on trademark values totaling $4 , which is reflected in the International reportable segment, Of this amount $3 is related to continuing operations and is reflected in other income, net and $1 is related to trademarks held on the books of Clorox Venezuela and is reflected in earnings from discontinued operations, net. The Company used an income approach, the relief-from-royalty method, to estimate the fair value of the trademarks, and as such, the fair value measurement was classified as Level 3. For a further discussion of Clorox Venezuela's intangible and other asset balances, refer to Note 2 – Discontinued Operations.

During the fourth quarter of fiscal years 2014, 2013 and 2012, the Company completed its annual impairment tests of goodwill and indefinite-lived intangible assets and no instances of impairment were identified.

- 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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