Goodwill and Identifiable Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill And Intangible Assets Disclosure [Abstract]

Change in Net Carrying Amount of Goodwill by Segment

The change in the net carrying amount of goodwill by segment was as follows:

(In millions)	Plumbing		Outdoors & Security		Cabinets		Total Goodwill
Balance at December 31, 2018^(a)	$	743.7	$	412.6	$	924.0	$	2,080.3
2019 translation adjustments		3.6		0.5		1.5		5.6
Acquisition-related adjustments		—		4.3		—		4.3
Balance at December 31, 2019^(a)	$	747.3	$	417.4	$	925.5	$	2,090.2
2020 translation adjustments		2.8		0.3		0.6		3.7
Acquisition-related adjustments		—		300.9		—		300.9
Balance at December 31, 2020^(a)	$	750.1	$	718.6	$	926.1	$	2,394.8

^(a)	Net of accumulated impairment losses of $399.5 million in the Outdoors & Security segment.

Gross Carrying Value and Accumulated Amortization by Class of Identifiable Intangible Assets

The gross carrying value and accumulated amortization by class of intangible assets as of December 31, 2020 and 2019 were as follows:

	As of December 31, 2020							As of December 31, 2019
(In millions)	Gross Carrying Amounts		Accumulated Amortization			Net Book Value		Gross Carrying Amounts		Accumulated Amortization			Net Book Value
Indefinite-lived tradenames	$	711.0	$	—		$	711.0	$	635.6	$	—		$	635.6
Amortizable intangible assets
Tradenames		34.8		(14.0	)		20.8		20.6		(12.9	)		7.7
Customer and contractual relationships		973.2		(337.3	)		635.9		803.9		(299.6	)		504.3
Patents/proprietary technology		109.6		(57.0	)		52.6		73.4		(52.1	)		21.3
Total		1,117.6		(408.3	)		709.3		897.9		(364.6	)		533.3
Total identifiable intangibles	$	1,828.6	$	(408.3	)	$	1,420.3	$	1,533.5	$	(364.6	)	$	1,168.9

Significant Assumptions Used to Estimate the Fair Values of Tradenames Impaired

The significant assumptions used to estimate the fair values of the tradenames impaired during the years ended December 31, 2020 and 2019 were as follows:

	2020									2019
Unobservable Input	Minimum			Maximum			Weighted Average^(a)			Minimum			Maximum			Weighted Average^(a)
Discount rates		14.8	%		15.8	%		15.1	%		13.0	%		13.5	%		13.3	%
Royalty rates^(b)		4.0	%		5.0	%		4.3	%		3.0	%		4.0	%		3.3	%
Long-term revenue growth rates^(c)		1.0	%		3.0	%		1.6	%		3.0	%		3.0	%		3.0	%

⁽^a) Weighted by relative fair value of the impaired tradenames.

^(b) Represents estimated percentage of sales a market-participant would pay to license the impaired tradenames.

^(c)Selected long-term revenue growth rate within 10-year projection period of the impaired tradenames.