Proctor and Gamble 2015 Annual Report Download - page 54

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The Procter & Gamble Company 52
Amounts in millions of dollars except per share amounts or as otherwise specified.
impairment assessment may be performed on the
recoverability of the carrying amounts.
Goodwill and Other Intangile Assets
Goodwill and indefinite-lived intangible assets are not
amortized, but are evaluated for impairment annually or more
often if indicators of a potential impairment are present. Our
annual impairment testing of goodwill is performed separately
from our impairment testing of indefinite-lived intangible
assets.
e have acquired brands that have been determined to have
indefinite lives. e evaluate a number of factors to determine
whether an indefinite life is appropriate, including the
competitive environment, market share, brand history, product
life cycles, operating plans and the macroeconomic
environment of the countries in which the brands are sold.
hen certain events or changes in operating conditions occur,
an impairment assessment is performed and indefinite-lived
assets may be adjusted to a determinable life.
The cost of intangible assets with determinable useful lives is
amortized to reflect the pattern of economic benefits
consumed, either on a straight-line or accelerated basis over
the estimated periods benefited. Patents, technology and other
intangible assets with contractual terms are generally
amortized over their respective legal or contractual lives.
Customer relationships, brands and other non-contractual
intangible assets with determinable lives are amortized over
periods generally ranging from 5 to 30 years. hen certain
events or changes in operating conditions occur, an impairment
assessment is performed and remaining lives of intangible
assets with determinable lives may be adjusted.
For additional details on goodwill and intangible assets see
Note 2.
Fair Values of Financial Instruments
Certain financial instruments are required to be recorded at fair
value. Changes in assumptions or estimation methods could
affect the fair value estimates however, we do not believe any
such changes would have a material impact on our financial
condition, results of operations or cash flows. Other financial
instruments, including cash equivalents, certain investments
and short-term debt, are recorded at cost, which approximates
fair value. The fair values of long-term debt and financial
instruments are disclosed in Note 5.
New Accounting Pronouncements and Policies
In May 2014, the FAS issued ASU 2014-09, Revenue from
Contracts with Customers (Topic 606). This guidance
outlines a single, comprehensive model for accounting for
revenue from contracts with customers. e will adopt the
standard no later than July 1, 2018. hile we are currently
assessing the impact of the new standard, we do not expect this
new guidance to have a material impact on our Consolidated
Financial Statements.
No other new accounting pronouncement issued or effective
during the fiscal year had or is expected to have a material
impact on the Consolidated Financial Statements.
 
GOODWILL AND INTANGIBLE ASSETS
The change in the net carrying amount of goodwill by reportable segment was as follows:
Beaut,
Hair and
Personal
Care Grooming
Health
Care
Faric
Care and
Home
Care
Ba,
Feminine
and Famil
Care Cororate
Total
Coman
GOODWILL at UNE 0, 201 - Gross $ 17,094 $ 21,775 $ 6,185 $ 1,973 $ 4,828 $ 4,922 $ 56,777
Accumulated impairment losses at June 30, 2013 (431) (1,158) 
(1,589)
GOODWILL at UNE 0, 201 - Net 16,663 20,617 6,185 1,973 4,828 4,922 55,188
Acquisitions and divestitures  (3)
(2,445)(2,448)
Goodwill impairment charges  
Translation and other 377 322 95 11 82 77 964
GOODWILL at UNE 0, 2014 - Gross 17,471 22,097 6,280 1,981 4,910 2,554 55,293
Accumulated impairment losses at June 30, 2014 (431) (1,158) 
(1,589)
GOODWILL at UNE 0, 2014 - Net 17,040 20,939 6,280 1,981 4,910 2,554 53,704
Acquisitions and divestitures 1  
449594
Goodwill impairment charges  
2,042,04
Translation and other 1,50 1,209104141,0
GOODWILL at UNE 0, 2015 - Gross 15,29 20, 5, 1,4 4,549 2,04 50,99
Accumulated impairment losses at June 30, 2015 41 1,15 
2,04,5
GOODWILL at UNE 0, 2015 - Net 15,9 19,19 5, 1,4 4,549 4,1