v2.3.0.11

GOODWILL AND OTHER INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2011

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

7. GOODWILL AND OTHER INTANGIBLE ASSETS

        In February 2011 we acquired Exterior Portfolio which is now part of our building products segment. We have performed preliminary estimates of the fair market value of the acquired assets and liabilities and a related allocation of the net purchase price to goodwill and other intangible assets as follows: $24.1 million customer relationships, $6.0 million technology, $4.3 million trade names and the residual $2.9 million was attributed to goodwill. These allocations are preliminary and are subject to, among other things, the final valuation of the assets acquired and liabilities assumed and may be adjusted within twelve months of the closing date of this acquisition.

        Goodwill.    The following table provides the detail of the changes made to goodwill by reportable segment during the six months ended and as of June 30, 2011 and as of December 31, 2010.

(In thousands)		Chlorovinyls			Building Products			Total
Gross goodwill at December 31, 2010		$	245,266		$	152,058		$	397,324
Accumulated impairment losses at December 31, 2010			(55,487	)		(132,206	)		(187,693	)
Net goodwill at December 31, 2010		$	189,779		$	19,852		$	209,631
Gross goodwill at December 31, 2010		$	245,266		$	152,058		$	397,324
Preliminary addition—Exterior Portfolio			—			2,891			2,891
Foreign currency translation adjustment			3,467			—			3,467
Gross goodwill at June 30, 2011			248,733			154,949			403,682
Accumulated impairment losses at June 30, 2011			(55,487	)		(132,206	)		(187,693	)
Net goodwill at June 30, 2011		$	193,246		$	22,743		$	215,989

        Indefinite lived intangible assets.    At June 30, 2011 and December 31, 2010 our indefinite-lived assets consisted of trade names. The following table provides the indefinite-lived intangible assets by reporting segment as of June 30, 2011 and December 31, 2010.

(In thousands)		Chlorovinyls			Building Products			Total
Balance at December 31, 2010		$	372		$	4,247		$	4,619
Additions to trade names at June 30, 2011			—			4,300			4,300
Foreign currency translation adjustment			12			65			77
Balance at June 30, 2011		$	384		$	8,612		$	8,996

        Finite-lived intangible assets.    At June 30, 2011 and December 31, 2010, we also had customer relationship and technology intangible assets that relate to our building products segment. As noted above, an additional $24.1 million was attributed to customer relationships and $6.0 million to technology and those amounts are included in the June 30, 2011 building products segment balances relating to the preliminary allocation from the Exterior Portfolio acquisition.

(In thousands)			Building Products
Gross carrying amounts at June 30, 2011:
	Customer relationships		$	35,522
	Technology			17,867
	Total			53,389
Accumulated amortization at June 30, 2011:
	Customer relationships			(5,911	)
	Technology			(7,370	)
	Total			(13,281	)
Foreign currency translation adjustment and other at June 30, 2011:
	Customer relationships			(1,685	)
	Technology			—
	Total			(1,685	)
Net carrying amounts at June 30, 2011:
	Customer relationships			27,926
	Technology			10,497
	Total		$	38,423

(In thousands)			Building Products
Gross carrying amounts at December 31, 2010:
	Customer relationships		$	11,422
	Technology			11,867
	Total			23,289
Accumulated amortization at December 31, 2010:
	Customer relationships			(5,199	)
	Technology			(6,674	)
	Total			(11,873	)
Foreign currency translation adjustment and other at December 31, 2010:
	Customer relationships			(1,684	)
	Technology			—
	Total			(1,684	)
Net carrying amounts at December 31, 2010:
	Customer relationships			4,539
	Technology			5,193
	Total		$	9,732

        The weighted average estimated useful life for the customer relationships is approximately 16 years. Technology has a weighted average estimated useful life of approximately 7 years. Amortization expense for the finite-lived intangible assets was $0.8 million and $0.3 million for the three months ended June 30, 2011 and June 30, 2010, respectively. For the six months ended June 30, 2011 and June 30, 2010, the amortization expense was $1.4 million and $0.5 million, respectively. Total finite-lived intangible assets estimated annual amortization expense for the next five fiscal years is approximately $3.3 million per year.

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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

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