Black & Decker 2011 Annual Report Download - page 73

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61
F. GOODWILL AND INTANGIBLE ASSETS
GOODWILL — The changes in the carrying amount of goodwill by segment are as follows:
(Millions of Dollars)
CDIY
Industrial
Security
To
tal
Balance January 1, 2011 ................................
...............................
$ 2,924.0
$ 1,233.0
$ 1,780.0
$ 5,937.0
Addition from Niscayah ................................
...............................
—
—
759.8
759.8
Addition from Merger ................................................................
..
77.0
24.4
18.6
120.0
Addition from other acquisitions ................................
..................
98.3
44.9
98.7
241.9
Foreign currency translation and other ................................
.........
(95.1
)
(10.9) (32.6
)
(138.6)
Balance December 31, 2011
$ 3,004.2
$ 1,291.4
$ 2,624.5
$ 6,920.1
INTANGIBLE ASSETS Intangible assets at December 31, 2011 and January 1, 2011 were as follows:
2011
2010
(Millions of Dollars)
Gross
Carrying
Amount
Accumulated
Amortization
Gross
Carrying
Amount
Accumulated
Amortization
Amortized Intangible Assets — Definite lives
Patents and copyrights ................................
..................
$ 51.1
$ (36.8) $ 54.9 $ (39.0)
Trade names ................................................................
..
244.3
(67.6) 236.9 (49.6)
Customer relationships ................................
.................
1,678.2
(499.1) 1,256.5 (369.3)
Other intangible assets ................................
..................
200.3
(86.5) 185.3 (58.8)
Total ................................................................
.......................
$ 2,173.9
$ (690.0) $ 1,733.6 $ (516.7)
Total indefinite-lived trade names are $1,633.1 million at December 31, 2011 and $1,639.5 million at January 1, 2011. The change in
value is due to fluctuations of currency and the sale of one indefinite lived tradename as part of the disposition activity discussed in
Note T, Discontinued Operations.
Aggregate intangible assets amortization expense by segment was as follows:
(Millions of Dollars)
2011
2010
2009
CDIY ................................................................................................
.............
$ 31.8 $ 27.9
$ 2.9
Security ................................................................................................
..........
107.8 95.1
96.8
Industrial ................................................................................................
........
42.0 22.3
4.9
Consolidated ................................................................................................
..
$ 181.6 $ 145.3
$ 104.6
Future amortization expense in each of the next five years amounts to $202.2 million for 2012, $184.3 million for 2013,
$164.5 million for 2014, $144.0 million for 2015, $122.8 million for 2016 and $666.1 million thereafter.
G. ACCRUED EXPENSES
Accrued expenses at December 31, 2011 and January 1, 2011 were as follows:
(Millions of Dollars)
2011
2010
Payroll and related taxes ................................................................
.............
$ 296.6
$ 250.2
Income and other taxes ................................................................
................
201.6
185.2
Customer rebates and sales returns ................................
.............................
93.8
175.9
Insurance and benefits ................................................................
.................
86.8
153.8
Accrued restructuring costs ................................................................
.........
84.1
101.2
Derivative financial instruments ................................
................................
156.9
82.4
Liabilities held for sale ................................................................
................
—
22.4
Warranty costs ................................................................
.............................
82.1
73.1
Deferred revenue ................................................................
.........................
89.8
53.8
Other ................................................................................................
...........
337.6
241.0
Total ................................................................................................
............
$ 1,429.3
$ 1,339.0