Goodwill and Other Intangibles, Net

6 Months Ended

Jun. 30, 2014

9.	Goodwill and Other Intangibles, Net

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


	June 30, 2014								December 31, 2013
	Gross Carrying Amount		Accumulated Amortization			Net		Amortization Period (Years)	Gross Carrying Amount		Accumulated Amortization			Net
Amortizable intangible assets:
Tradenames	$	167.3	$	(78.7	)	$	88.6	3-20	$	166.8	$	(73.9	)	$	92.9
Customer Relationships		333.0		(110.1	)		222.9	15-20		333.0		(100.4	)		232.6
Patents/Formulas		43.5		(37.5	)		6.0	4-20		43.5		(31.4	)		12.1
Non Compete Agreement		1.4		(1.4	)		0.0	5-10		1.4		(1.3	)		0.1

Total	$	545.2	$	(227.7	)	$	317.5		$	544.7	$	(207.0	)	$	337.7

Indefinite lived intangible assets - Carrying value


	June 30, 2014		December 31, 2013
Tradenames	$	866.9	$	866.6

During the second quarter of 2014, the Company recorded an impairment charge of $5.0 for an intangible asset related to the Consumer Domestic segment. This charge is included in selling, general and administrative expenses in this segment and was the result of reduced sales and profitability related to the product line. The amount of the charge was determined from estimating that future cash flows would not be sufficient to recover the carrying amount of the asset.

Intangible amortization expense amounted to $7.6 and $7.1 for the second quarter of 2014 and 2013, respectively. Intangible amortization expense amounted to $15.2 and $14.5 for the first six months of 2014 and 2013, respectively. The Company estimates that intangible amortization expense will be approximately $29.9 in 2014 and approximately $29.0 in each of the next five years.

The carrying amount of goodwill was identical as of June 30, 2014 and December 31, 2013, respectively:


	Consumer Domestic		Consumer International		Specialty Products		Total
Balance December 31, 2013	$	1,154.8	$	47.2	$	20.2	$	1,222.2

Balance June 30, 2014	$	1,154.8	$	47.2	$	20.2	$	1,222.2

The result of the Company’s annual goodwill impairment test, performed in the beginning of the second quarter of 2014, 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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