Sunbeam 2011 Annual Report Download - page 50

Download and view the complete annual report

Please find page 50 of the 2011 Sunbeam 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 80

  • 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
  • 79
  • 80

48
Notes to Consolidated Financial Statements
Jarden Corporation Annual Report 2011 (Dollars in millions, except per share data and unless otherwise indicated)
Impairments—2010
The non-cash impairment charge recorded within the Branded Consumables segment during the second quarter of 2010 reflects
the impairment of certain tradenames within this segment’s Arts and Crafts business. The impairment was due to a decrease in the
fair value of forecasted cash flows, reflecting the deterioration of revenues and margins in the business due to a decline in 2010 of
forecasted sales to a major customer. The remainder of the impairment charges to tradenames during 2010 are primarily due to a
decline in forecasted revenues.
Impairments—2009
The non-cash impairment charges recorded during 2009, which resulted from the Company’s annual impairment test, reflect
the impairment of intangible assets related to certain of the Company’s tradenames. In the Outdoor Solutions segment, the
impairment charge recorded relates primarily to certain tradenames within this segment’s snow sports business, primarily a result
of the abandonment of a minor tradename. In the Branded Consumables segment, the impairment charge recorded relates to
certain tradenames associated with this segment’s Firelog and Safety and Security businesses. The impairment within the Branded
Consumables segment was due to a decrease in the fair value of forecasted cash flows, resulting from the deterioration of revenues
and margins related to these tradenames.
The estimated future amortization expense related to amortizable intangible assets at December 31, 2011 is as follows:
Years Ending December 31,
Amount
(in millions)
2012 $ 16.8
2013 16.0
2014 13.1
2015 12.8
2016 12.3
Thereafter 167.4
Amortization of intangibles for 2011, 2010 and 2009 was $18.7, $16.0 and $16.7, respectively. At December 31, 2011, approximately
$2 billion of the goodwill and other intangible assets recorded by the Company is not deductible for income tax purposes.
During 2011, the Company recorded a $9.1 impairment charge related to the impairment of an equity basis investment. This
impairment charge is classified in the consolidated financial statement of operations in impairment of goodwill, intangibles and
other assets.
7. Other Current Liabilities
Other current liabilities are comprised of the following at December 31, 2011 and 2010:
(In millions) 2011 2010
Cooperative advertising, customer rebates and allowances $ 87.4 $ 88.6
Warranty and product liability reserves 97.3 111.4
Accrued environmental and other litigation 20.5 20.8
Other 228.3 240.4
Total other current liabilities $ 433.5 $ 461.2