Goodwill and Other Intangibles

9 Months Ended

Sep. 30, 2013

10.

Goodwill and Other Intangibles

The following table provides information related to the carrying value of all intangible assets, other than goodwill:


	September 30, 2013								December 31, 2012
(In millions)	Gross Carrying Amount		Accumulated Amortization			Net		Amortization Period (Years)	Gross Carrying Amount		Accumulated Amortization			Net
Amortizable intangible assets:
Tradenames	$	131.0	$	(71.9	)	$	59.1	3-20	$	131.1	$	(67.1	)	$	64.0
Customer Relationships		333.0		(95.5	)		237.5	15-20		333.8		(81.1	)		252.7
Patents/Formulas		43.5		(30.9	)		12.6	4-20		43.0		(28.7	)		14.3
Non Compete Agreement		1.4		(1.3	)		0.1	5-10		1.4		(1.3	)		0.1

Total	$	508.9	$	(199.6	)	$	309.3		$	509.3	$	(178.2	)	$	331.1

Indefinite lived intangible assets - Carrying value


	September 30, 2013		December 31, 2012
Tradenames	$	909.3	$	923.8

Intangible amortization expense amounted to $7.0 million and $5.9 million for the third quarter of 2013 and 2012, respectively, and $21.5 million and $17.6 million for the first nine months of 2013 and 2012, respectively. The Company estimates that intangible amortization expense will be approximately $28.5 million in 2013, $28.0 million in each of 2014 and 2015 and approximately $27.0 million in each of the next three years.

The carrying amount of goodwill as of September 30, 2013 and December 31, 2012 is as follows:


(In millions)	Consumer Domestic		Consumer International		Specialty Products		Total
Balance December 31, 2012	$	1,146.4	$	47.2	$	20.2	$	1,213.8
Acquisition purchase price allocation adjustment		8.4		0.0		0.0		8.4

Balance September 30, 2013	$	1,154.8	$	47.2	$	20.2	$	1,222.2

The reduction in the carrying value of indefinite lived tradenames and the increase in goodwill is due to changes in the purchase price allocation of, and deferred taxes on, intangible assets acquired in the Avid Health acquisition during the nine months ended September 30, 2013.

The result of the Company’s annual goodwill impairment test, performed in the beginning of the second quarter of 2013, determined that the estimated fair value substantially exceeded the carrying values of all reporting units.

- 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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