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Goodwill and Identifiable Intangible Assets (Tables)

6 Months Ended

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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Schedule of finite lived and indefinite lived intangible assets.

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

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-Name Accounting Standards Codification
-Topic 350
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-URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

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