Black & Decker 2012 Annual Report Download - page 81
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67
INTANGIBLE ASSETS — Intangible assets at December 29, 2012 and December 31, 2011 were as follows:
2012
2011
(Millions of Dollars)
Gross
Carrying
Amount
Accumulated
Amortization
Gross
Carrying
Amount
Accumulated
Amortization
Amortized Intangible Assets — Definite lives
Patents and copyrights……………………………
$
52.1
$
(40.3
)
$
51.0
$
(36.8)
Trade names………………………………………
142.5
(68.8
)
136.3
(54.2)
Customer relationships…………………………...
1,707.9
(628.1
)
1,612.8
(473.6)
Other intangible assets……………………………
262.7
(101.4
)
175.3
(81.9)
Total……………………………………………………
$
2,165.2
$
(838.6
)
$
1,975.4
$
(646.5)
Total indefinite-lived trade names are $1,608.0 million at December 29, 2012 and $1,615.0 million at December 31, 2011. The
change in value is due to fluctuations of currency and an asset impairment recorded in the third quarter of 2012 as it was
determined that the carrying value of the asset exceeded its fair value.
Aggregate intangible assets amortization expense by segment was as follows:
(Millions of Dollars) 2012
2011
2010
CDIY……………………………………………………………………
$
35.9
$
31.8
$
27.9
Security…………………………………………………………………
113.2
107.8
95.1
Industrial………………………………………………………………..
58.3
42.0
22.3
Consolidated……………………………………………………………
$
207.4
$
181.6
$
145.3
The amounts above are inclusive of amortization expense for discontinued operations amounting to $17.5 million in 2012,
$16.9 million in 2011, and $14.0 million in 2010.
Future amortization expense in each of the next five years amounts to $175.8 million for 2013, $159.4 million for 2014, $141.7
million for 2015, $134.6 million for 2016, $127.9 million for 2017 and $587.2 million thereafter.
G. ACCRUED EXPENSES
Accrued expenses at December 29, 2012 and December 31, 2011 were as follows:
(Millions of Dollars) 2012
2011
Payroll and related taxes………………………………………………………………
$
294.4
$
285.9
Income and other taxes………………………………………………………………..
220.0
224.1
Customer rebates and sales returns……………………………………………………
77.2
82.1
Insurance and benefits………………………………………………………………...
88.9
84.2
Accrued restructuring costs…………………………………………………………...
125.2
70.0
Derivative financial instruments………………………………………………………
78.0
156.9
Warranty costs………………………………………………………………………...
78.6
77.9
Deferred revenue……………………………………………………………………...
78.6
89.8
Forward stock purchase contract……………………………………………………...
350.0
—
Other…………………………………………………………………………………..
290.6
319.4
Total…………………………………………………………………………………..
$
1,681.5
$
1,390.3