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Goodwill and Identifiable Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

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, 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
2021 translation adjustments			(1.3	)				0.1					0.1					(1.1	)
Acquisition-related adjustments			65.3					6.1					—					71.4
Balance at December 31, 2021(a)		$	814.1				$	724.8				$	926.2				$	2,465.1

(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, 2021 and 2020 were as follows:


			As of December 31, 2021													As of December 31, 2020
(In millions)			Gross Carrying Amounts				Accumulated Amortization				Net Book Value					Gross Carrying Amounts				Accumulated Amortization				Net Book Value
Indefinite-lived tradenames			$	711.1			$	—			$	711.1				$	711.0			$	—			$	711.0
Amortizable intangible assets
Tradenames				36.4				(15.5	)			20.9					34.8				(14.0	)			20.8
Customer and contractual relationships				975.7				(388.2	)			587.5					973.2				(337.3	)			635.9
Patents/proprietary technology				133.1				(68.8	)			64.3					109.6				(57.0	)			52.6
Total				1,145.2				(472.5	)			672.7					1,117.6				(408.3	)			709.3
Total identifiable intangibles			$	1,856.3			$	(472.5	)		$	1,383.8				$	1,828.6			$	(408.3	)		$	1,420.3

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.