Graco 2008 Annual Report Download - page 55

Download and view the complete annual report

Please find page 55 of the 2008 Graco annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 78

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78

Newell Rubbermaid Inc. 2008 Annual Report
53
FOOTNOTE 6
PROPERTY, PLANT & EQUIPMENT, NET
Property, plant and equipment, net consisted of the following as of December 31, (in millions):
2008 2007
Land $ 44.4 $ 36.5
Buildings and improvements 412.8 446.0
Machinery and equipment 1,795.0 1,844.9
2,252.2 2,327.4
Accumulated depreciation (1,621.5) (1,638.8)
$ 630.7 $ 688.6
Depreciation expense was $131.1 million, $143.2 million and $159.5 million in 2008, 2007 and 2006, respectively.
FOOTNOTE 7
GOODWILL AND OTHER INTANGIBLE ASSETS, NET
A summary of changes in the Company’s goodwill is as follows for the year ended December 31, (in millions):
2008 2007
Balance at January 1, $2,608.7 $2,435.7
Acquisitions (1) 467.5 71.8
Impairment charges (2) (290.0) —
Other, primarily foreign currency translation (87.3) 101.2
Balance at December 31, $2,698.9 $2,608.7
(1) Represents Technical Concepts ($317.8 million), Aprica ($121.5 million) and other individually immaterial acquisitions ($28.2 million) in 2008 and Endicia ($46.2 million) and other
individually immaterial acquisitions ($25.6 million) in 2007.
(2) Represents non-cash goodwill impairment charges of $169.5 million and $120.5 million for the Office Products and Tools & Hardware segments, respectively.
Management considers goodwill a corporate asset and does not consider goodwill and changes to goodwill balances in evaluating reportable segment
performance. As a result, goodwill has been reflected as a corporate asset in the segment information included in Footnote 18. The following table summarizes
goodwill by reportable segment as of December 31, (in millions).
2008 2007
Cleaning, Organization & Décor $ 561.6 $ 245.2
Office Products 1,088.4 1,338.9
Tools & Hardware 604.8 736.8
Other (Home & Family) 444.1 287.8
Total goodwill $2,698.9 $2,608.7
Other intangible assets, net consisted of the following as of December 31, (in millions):
2008 2007
Gross Carrying Accumulated Net Book Gross Carrying Accumulated Net Book
Amount Amortization Value Amount Amortization Value
Trade names — Indefinite life $319.1 $ N/A $319.1 $279.4 $ N/A $279.4
Trade names — Other 41.5 (14.1) 27.4 45.2 (15.3) 29.9
Other (3) 406.3 (112.3) 294.0 271.0 (78.5) 192.5
$766.9 $(126.4) $640.5 $595.6 $(93.8) $501.8