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Acquisitions and Divestitures | 9 Months Ended
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Sep. 30, 2018
Business Combinations [Abstract] |
Acquisitions and Divestitures | Acquisitions and Divestitures Acquisitions In January 2018, the Company acquired all of the outstanding equity interests of Physicians Care Alliance, LLC and Elta MD Holdings, Inc., professional skin care businesses, for aggregate cash consideration of approximately $730. With these acquisitions, the Company entered the professional skin care category, which complements its existing global personal care businesses and resulted in the recognition of additional goodwill. During the third quarter of 2018, the Company updated its analysis of the preliminary valuation of the assets and liabilities acquired, which primarily resulted in an increase of $64 to goodwill, a decrease in other intangible assets of $69 and a decrease in deferred income taxes of $5, compared with the estimates recorded in the first quarter of 2018. The impact of the change to the preliminary estimates was not material to the Company’s results of operations. As a result, the total purchase price consideration of $730 has been allocated to the net assets acquired based on their respective estimated fair values as follows:
Recognized amounts of assets acquired and liabilities assumed: |
Inventories | $ | 8 |
Other current assets | 8 |
Other intangible assets | 369 |
Goodwill | 396 |
Other current liabilities | (6 | )
Deferred income taxes | (45 | )
Fair value of net assets acquired | $ | 730 |
Based on the Company’s purchase price allocation, other intangible assets acquired primarily include trademarks of $231 with useful lives of 25 years and customer relationships of $133 with useful lives ranging from 12 to 13 years. Goodwill of $396 was allocated to the North America segment. The Company expects that approximately 45% of the goodwill will be deductible for tax purposes. Pro forma results of operations have not been presented as the impact on the Company’s Condensed Consolidated Financial Statements is not material.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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