XML 106 R16.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Goodwill and Identifiable Intangible Assets | 12 Months Ended
--- | ---
Dec. 31, 2011
Goodwill and Identifiable Intangible Assets [Abstract] |
Goodwill and Identifiable Intangible Assets | Note 7 Goodwill and Identifiable Intangible Assets Goodwill The following table shows our goodwill balances by our segment reporting structure.
|  | Carrying Value at December 31, 2010 |  |  | Goodwill Acquired |  |  | Impact of Foreign Currency Translation |  |  | Carrying Value at December 31, 2011 |
Food Packaging |  | $ | 382.9 |  |  | $ | 8.7 |  |  | $ | 0.1 |  |  | $ | 391.7 |
Food Solutions |  |  | 147.9 |  |  |  | — |  |  |  | — |  |  |  | 147.9 |
Protective Packaging |  |  | 1,259.6 |  |  |  | — |  |  |  | 0.4 |  |  |  | 1,260.0 |
Diversey |  |  | — |  |  |  | 2,282.6 |  |  |  | (19.0 | ) |  |  | 2,263.6 |
Other category |  |  | 155.5 |  |  |  | 1.8 |  |  |  | — |  |  |  | 157.3 |
Total |  | $ | 1,945.9 |  |  | $ | 2,293.1 |  |  | $ | (18.5 | ) |  | $ | 4,220.5 |
2011 Annual Goodwill Impairment Test We test goodwill for impairment on a reporting unit basis annually during the fourth quarter of each year and at other times if events or circumstances exist that indicate the carrying value of goodwill may no longer be recoverable. During 2011, we determined that there were no events or changes in circumstances that had occurred that would indicate that the fair value of any of our reporting units may be below its carrying value. In the fourth quarter of 2011, we completed step one of our annual impairment test and fair value analysis for goodwill, and there were no impairments present and no impairment charge was recorded. We had the estimated fair values updated for all of our reporting units, except for the New Ventures reporting unit because this reporting unit does not have any goodwill included in its net asset value. SEALED AIR CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements — (Continued) The excess of estimated fair values over carrying value, including goodwill, for each of our reporting units as of the 2011 annual test date were the following:
Reporting Unit |  | % By Which Estimated Fair Value Exceeds Carrying Value
Food Packaging |  |  |  | 226 | %
Food Solutions |  |  |  | 216 |
Protective Packaging |  |  |  | 18 |
Shrink Packaging |  |  |  | 70 |
Specialty Materials |  |  |  | 27 |
Medical Applications |  |  |  | 93 |
Although we determined that there was no goodwill impairment in 2011, the future occurrence of a potential indicator of impairment, such as a decrease in expected net earnings, adverse equity market conditions, a decline in current market multiples, a decline in our common stock price, a significant adverse change in legal factors or business climates, an adverse action or assessment by a regulator, unanticipated competition, strategic decisions made in response to economic or competitive conditions, or a more-likely-than-not expectation that a reporting unit or a significant portion of a reporting unit will be sold or disposed of, could require an interim assessment for some or all of the reporting units before the next required annual assessment. In the event of significant adverse changes of the nature described above, we might have to recognize a non-cash impairment of goodwill, which could have a material adverse effect on our consolidated financial condition and results of operations. Identifiable Intangible Assets The following tables summarize our identifiable intangible assets with definite and indefinite useful lives.
|  | December 31, |
|  | 2011 |  |  | 2010 |
Gross carrying value |  | $ | 2,181.4 |  |  | $ | 113.2 |
Accumulated amortization |  |  | (78.2 | ) |  |  | (35.2 | )
Total |  | $ | 2,103.2 |  |  | $ | 78.0 |
These intangible assets include $909 million of intangible assets that we have determined to have indefinite useful lives, which primarily includes intangible assets acquired in connection with the acquisition of Diversey. See Note 3, “Acquisition of Diversey Holdings, Inc.,” for more details. Below is the amortization expense of our intangible assets for the three years ended December 31, 2011.
|  | December 31, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Amortization expense of intangible assets acquired |  | $ | 41.3 |  |  | $ | 11.2 |  |  | $ | 11.7 |
The following table shows the remaining estimated future amortization expense at December 31, 2011.
2012 |  | $ | 134.2 |
2013 |  |  | 132.7 |
2014 |  |  | 131.0 |
2015 |  |  | 99.1 |
2016 |  |  | 98.1 |
Thereafter |  |  | 598.9 |
Total |  | $ | 1,194.0 |
SEALED AIR CORPORATION AND SUBSIDIARIES Notes to Consolidated Financial Statements — (Continued)

X
- Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6905597&loc=d3e13816-109267 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6905858&loc=d3e16265-109275 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 142 -Paragraph 42, 43, 44, 45, 46, 47 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6905858&loc=d3e16373-109275 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6905858&loc=d3e16323-109275 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6905597&loc=d3e13854-109267 + Details
Name: | us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration