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Goodwill and Identifiable Intangible Assets (Tables) | 6 Months Ended
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Jun. 30, 2022
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) |  | Water Innovations |  |  | Outdoors & Security |  |  | Cabinets |  |  | Total Goodwill |
Goodwill at December 31, 2021(a) |  | $ | 814.1 |  |  | $ | 724.8 |  |  | $ | 926.2 |  |  | $ | 2,465.1 |
Year-to-date translation adjustments |  |  | (5.5 | ) |  |  | (0.1 | ) |  |  | (0.3 | ) |  |  | (5.9 | )
Acquisition-related adjustments |  |  | — |  |  |  | 20.4 |  |  |  | - |  |  |  | 20.4 |
Goodwill at June 30, 2022(a) |  | $ | 808.6 |  |  | $ | 745.1 |  |  | $ | 925.9 |  |  | $ | 2,479.6 |
(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 identifiable intangible assets as of June 30, 2022 and December 31, 2021 were as follows:
(In millions) |  | As of June 30, 2022 |  |  | As of December 31, 2021 |
|  | Gross Carrying Amounts |  |  | Accumulated Amortization |  |  | Net Book Value |  |  | Gross Carrying Amounts |  |  | Accumulated Amortization |  |  | Net Book Value |
Indefinite-lived tradenames |  | $ | 684.4 |  |  | $ | - |  |  | $ | 684.4 |  |  | $ | 711.1 |  |  | $ | - |  |  | $ | 711.1 |
Amortizable intangible assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tradenames |  |  | 38.7 |  |  |  | (16.1 | ) |  |  | 22.6 |  |  |  | 36.4 |  |  |  | (15.5 | ) |  |  | 20.9 |
Customer and contractual relationships |  |  | 978.9 |  |  |  | (412.3 | ) |  |  | 566.6 |  |  |  | 975.7 |  |  |  | (388.2 | ) |  |  | 587.5 |
Patents/proprietary technology |  |  | 135.5 |  |  |  | (74.5 | ) |  |  | 61.0 |  |  |  | 133.1 |  |  |  | (68.8 | ) |  |  | 64.3 |
Total |  |  | 1,153.1 |  |  |  | (502.9 | ) |  |  | 650.2 |  |  |  | 1,145.2 |  |  |  | (472.5 | ) |  |  | 672.7 |
Total identifiable intangibles |  | $ | 1,837.5 |  |  | $ | (502.9 | ) |  | $ | 1,334.6 |  |  | $ | 1,856.3 |  |  | $ | (472.5 | ) |  | $ | 1,383.8 |
Significant Assumptions Used to Estimate the Fair Values of Tradenames Impaired | The significant assumptions used to estimate the fair value of the tradename impaired in the second quarter of 2022 were as follows:
Unobservable Input |  | 2022 |
Discount rate |  |  | 11.6 | %
Royalty rate(a) |  |  | 3 | %
Long-term revenue growth rate(b) |  |  | 1 | %
(a) Represents estimated percentage of sales a market-participant would pay to license the impaired tradename. (b) Selected long-term revenue growth rate within 10-year projection period of the impaired tradename

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