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NOTE 4 — Identifiable Intangible Assets and Goodwill |
The following table summarizes the Company’s identifiable intangible asset balances as of May 31, 2013 and 2012:
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| | | | | | | | | | | | | | | | | | | | | | | | |
| | As of May 31, 2013 | | As of May 31, 2012 |
(In millions) | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount |
Amortized intangible assets: | | | | | | | | | | | | |
Patents | | $ | 119 |
| | $ | (35 | ) | | $ | 84 |
| | $ | 99 |
| | $ | (29 | ) | | $ | 70 |
|
Trademarks | | 43 |
| | (32 | ) | | 11 |
| | 40 |
| | (26 | ) | | 14 |
|
Other | | 20 |
| | (16 | ) | | 4 |
| | 19 |
| | (16 | ) | | 3 |
|
TOTAL | | $ | 182 |
| | $ | (83 | ) | | $ | 99 |
| | $ | 158 |
| | $ | (71 | ) | | $ | 87 |
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Unamortized intangible assets — Trademarks | | | | | | 283 |
| | | | | | 283 |
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IDENTIFIABLE INTANGIBLE ASSETS, NET | | | | | | $ | 382 |
| | | | | | $ | 370 |
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Amortization expense, which is included in selling and administrative expense, was $14 million, $14 million, and $13 million for the years ended May 31, 2013, 2012, and 2011, respectively. The estimated amortization expense for intangible assets subject to amortization for each of the years ending May 31, 2014 through May 31, 2018 are as follows: 2014: $13 million; 2015: $9 million; 2016: $9 million; 2017: $7 million; 2018: $6 million.
Goodwill was $131 million at May 31, 2013 and May 31, 2012, respectively, and is included in the Company’s “Other” category for segment reporting purposes. There were no accumulated impairment balances for goodwill as of either period end.
