content_image/95809.jpg content_image/95810.jpg
## NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (thousands of dollars unless otherwise indicated) 

administrative expenses ($2,806). The impairment of goodwill related to a cash flow shortfall in certain inter- national operations acquired in the acquisition of Thompson Minwax Holding Corp. and the impairment of trademarks with indefinite lives related to lower-than- anticipated sales of certain acquired domestic and inter- national brands. 

Amortization of finite-lived intangible assets is as fol- lows for the next five years: $23,200 in 2005, $21,500 in 2006, $17,000 in 2007, $8,300 in 2008 and $7,300 in 2009. 

A summary of changes in the Company’s carrying value of goodwill by reportable operating segment is as follows: 

<img src='content_image/95809.jpg'>

A summary of changes in the Company’s carrying value of intangible assets is as follows: 

<img src='content_image/95810.jpg'>

## NOTE 5—INVENTORIES 

Inventories were stated at the lower of cost or market with cost determined principally on the last-in, first-out (LIFO) method. The following presents the effect on inventories, net income and net income per common share had the Company used the first-in, first-out (FIFO) 

inventory valuation method adjusted for income taxes at the statutory rate and assuming no other adjustments. This information is presented to enable the reader to make comparisons with companies using the FIFO method of inventory valuation. 

