D. Goodwill and other intangible assets
Goodwill allocated to each of the company’s segments at December 31, 2013 and 2012 was:
| December 31, | ||||||||
| In millions | 2013 | 2012 | ||||||
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Food & Beverage |
$ | 277 | $ | 276 | ||||
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Home, Health & Beauty |
386 | 383 | ||||||
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Industrial |
40 | 46 | ||||||
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Specialty Chemicals |
13 | 14 | ||||||
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Total |
$ | 716 | $ | 719 | ||||
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The changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012 are as follows:
| In millions | 2013 | 2012 | ||||||
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Beginning balance |
$ | 719 | $ | 832 | ||||
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Goodwill acquired during the year |
0 | 50 | ||||||
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Goodwill related to the spin-off of C&OP |
0 | (164 | ) | |||||
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Adjustments1 |
(3 | ) | 1 | |||||
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Ending balance |
$ | 716 | $ | 719 | ||||
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Accumulated impairment losses: |
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Beginning balance |
$ | (7 | ) | $ | (7 | ) | ||
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Impairment losses |
0 | 0 | ||||||
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Ending balance |
$ | (7 | ) | $ | (7 | ) | ||
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| 1 | Represents foreign currency translations and tax adjustments. |
The following table summarizes intangible assets subject to amortization included in other assets:
| December 31, 2013 | December 31, 2012 | |||||||||||||||
| In millions |
Gross carrying amount |
Accumulated amortization |
Gross carrying amount |
Accumulated amortization |
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Trademarks and trade names |
$ | 28 | $ | 20 | $ | 28 | $ | 17 | ||||||||
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Customer contracts and lists |
264 | 112 | 261 | 94 | ||||||||||||
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Patents |
57 | 43 | 60 | 44 | ||||||||||||
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Other – primarily licensing rights |
14 | 9 | 15 | 8 | ||||||||||||
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| $ | 363 | $ | 184 | $ | 364 | $ | 163 | |||||||||
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Included in other assets are indefinite-lived intangible assets with carrying values of:
| In millions | December 31, 2013 | December 31, 2012 | ||||||
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Trademarks and trade names |
$ | 95 | $ | 94 | ||||
Amortization expense relating to intangible assets subject to amortization for the years ended December 31, 2013, 2012 and 2011 was:
| In millions | 2013 | 2012 | 2011 | |||||||||
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Intangible amortization expense |
$ | 23 | $ | 23 | $ | 23 | ||||||
Based on the current carrying values of intangible assets subject to amortization, estimated amortization expense for the next five years is as follows:
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In millions |
2014 | 2015 | 2016 | 2017 | 2018 | |||||||||||||||
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Estimated intangible amortization expense |
$ | 22 | $ | 19 | $ | 19 | $ | 18 | $ | 15 | ||||||||||