Goodwill

The following table summarizes the changes in the carrying value of goodwill by operating segment for each of 2014, 2015, and 2016:



(In thousands)	North American OTC Healthcare			International OTC Healthcare			Household Cleaning			Consolidated
Balance – March 31, 2013
Goodwill	$	290,327		$	—		$	72,549		$	362,876
Accumulated impairment losses	(130,170		)	—			(65,160		)	(195,330		)
Balance – March 31, 2013	160,157			—			7,389			167,546

2014 additions	—			23,122			—			23,122
Effects of foreign currency exchange rates	—			243			—			243

Balance – March 31, 2014
Goodwill	290,327			23,365			72,549			386,241
Accumulated impairment losses	(130,170		)	—			(65,160		)	(195,330		)
Balance – March 31, 2014	160,157			23,365			7,389			190,911

2015 additions	103,254			1,224			—			104,478
2015 reductions	—			—			(589		)	(589		)
Effects of foreign currency exchange rates	—			(4,149		)	—			(4,149		)

Balance – March 31, 2015
Goodwill	393,581			20,440			71,960			485,981
Accumulated impairment losses	(130,170		)	—			(65,160		)	(195,330		)
Balance - March 31, 2015	263,411			20,440			6,800			290,651

2016 additions	74,441			2,393			—			76,834
2016 reductions	(7,237		)	—			—			(7,237		)
Effects of foreign currency exchange rates	—			(57		)	—			(57		)

Balance – March 31, 2016
Goodwill	460,785			22,776			71,960			555,521
Accumulated impairment losses	(130,170		)	—			(65,160		)	(195,330		)
Balance - March 31, 2016	$	330,615		$	22,776		$	6,800		$	360,191

As discussed in Note 2, on July 1, 2013, we completed the acquisition of Care Pharma. In connection with this acquisition, we recorded goodwill of $23.1 million based on the amount by which the purchase price exceeded the fair value of the net assets acquired.

As discussed in Note 2, we completed two acquisitions during the year ended March 31, 2015. On September 3, 2014, we completed the acquisition of Insight and recorded goodwill of $96.3 million, reflecting the amount by which the purchase price exceeded the preliminary estimate of fair value of net assets acquired, after giving affect to the following adjustments. During the quarter ended June 30, 2015, we increased goodwill by $0.3 million for certain immaterial items. During the quarter ending December 31, 2015, we decreased goodwill by $7.2 million, as we received that amount from escrow pursuant to an arbitrator's ruling in December 31, 2015 related to a disputed working capital calculation, as determined under GAAP, associated with the Insight acquisition, which is clearly and directly related to the purchase price. Additionally, on April 30, 2014, we completed the acquisition of the Hydralyte brand and recorded goodwill of $1.2 million, reflecting the amount by which the purchase price exceeded the preliminary estimate of fair value of the net assets acquired.

As further discussed in Note 7, in December 2014, we completed a transaction to sell rights to use of the Comet brand in certain Eastern European countries to a third-party licensee. As a result, we recorded a gain on the sale of $1.3 million and reduced the carrying value of our intangible assets and goodwill.

As discussed in Note 2, on February 5, 2016, we completed the acquisition of DenTek. In connection with this acquisition, we recorded goodwill of $76.5 million based on the amount by which the purchase price exceeded the fair value of net assets acquired.

Under accounting guidelines, goodwill is not amortized, but must be tested for impairment annually, or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below the carrying amount. At February 29, 2016 and February 28, 2015, in conjunction with the annual test for goodwill impairment, there were no indicators of impairment under the analysis. Accordingly, no impairment charge was recorded in 2016 or 2015.

We identify our reporting units in accordance with the FASB ASC Subtopic 280. The carrying value and fair value for intangible assets and goodwill for a reporting unit are calculated based on key assumptions and valuation methodologies previously discussed. The discounted cash flow methodology is a widely-accepted valuation technique utilized by market participants in the transaction evaluation process and has been applied consistently. We also considered our market capitalization at February 29, 2016, February 28, 2015 and March 31, 2014, as compared to the aggregate fair values of our reporting units, to assess the reasonableness of our estimates pursuant to the discounted cash flow methodology. The estimates and assumptions made in assessing the fair value of our reporting units and the valuation of the underlying assets and liabilities are inherently subject to significant uncertainties. Consequently, changing rates of interest and inflation, declining sales or margins, increases in competition, changing consumer preferences, technical advances, or reductions in advertising and promotion may require an impairment charge to be recorded in the future.

The aggregate fair value of our reporting units exceeded the carrying value by 76.4% with no reporting unit's fair value exceeding the carrying value by less than 10%.