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48 Jarden Corporation Annual Report 2012
Notes to Consolidated Financial Statements
Jarden Corporation Annual Report 2012 (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 in 2010 are primarily due to a decline in forecasted
revenues of certain tradenames.
The estimated future amortization expense related to amortizable intangible assets at December 31, 2012 is as follows:
Years Ending December 31,
Amount
(in millions)
2013 $ 19.8
2014 17.1
2015 16.6
2016 16.2
2017 15.6
Thereafter 192.7
Amortization of intangibles for 2012, 2011 and 2010 was $17.8, $18.7 and $16.0, respectively. At December 31, 2012, 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, 2012 and 2011:
(In millions) 2012 2011
Cooperative advertising, customer rebates and allowances $ 92.9 $ 87.4
Warranty and product liability reserves 108.3 97.3
Accrued environmental and other litigation 22.3 20.5
Other 197.5 228.3
Total $ 421.0 $ 433.5
8. Warranty Reserve
Warranty reserve activity for 2012 and 2011 is as follows:
(In millions) 2012 2011
Warranty reserve at January 1, $ 84.8 $ 86.0
Provision for warranties issued 150.7 145.5
Warranty claims paid (146.2) (146.5)
Acquisitions and other adjustments 7.8 (0.2)
Warranty reserve at December 31, $ 97.1 $ 84.8
Allocation in the consolidated balance sheets:
Other current liabilities $ 85.9 $ 74.3
Other non-current liabilities 11.2 10.5
Total $ 97.1 $ 84.8