ADT 2012 Annual Report Download - page 167
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3. Property and Equipment
Property and equipment consisted of the following ($ in millions):
September 28,
2012
September 30,
2011
Land ............................................. $ 9 $ 9
Buildings and leasehold improvements .................. 76 64
Machinery and equipment ............................ 369 290
Property under capital leases(1) ......................... 43 25
Construction in progress ............................. 34 37
Accumulated depreciation(2) ........................... (314) (253)
Property and equipment, net ...................... $217 $172
(1) Property under capital leases consists primarily of buildings.
(2) Accumulated amortization of capital lease assets was $25 million and $13 million as of September 28, 2012
and September 30, 2011, respectively.
4. Goodwill and Other Intangible Assets
Goodwill
Annually, in the fiscal fourth quarter, and more frequently if events or changes in business circumstances
indicate that it is more likely than not that the carrying value of a reporting unit exceeds its fair value, the
Company tests goodwill for impairment by comparing the fair value of the Company’s reporting unit with its
carrying amount. Fair value of the Company’s reporting unit is determined utilizing a discounted cash flow
analysis based on the Company’s forecast cash flows discounted using an estimated weighted-average cost of
capital of market participants. If the carrying amount of the reporting unit exceeds its fair value, goodwill is
considered potentially impaired. In determining fair value, management relies on and considers a number of
factors, including operating results, business plans, economic projections, anticipated future cash flows and other
market data. There were no goodwill impairments as a result of performing the Company’s 2012, 2011 and 2010
annual impairment tests.
The changes in the carrying amount of goodwill for the years ended 2012 and 2011 are as follows
($ in millions):
Balance as of September 30, 2011 ............................... $3,395
Currency translation .......................................... 5
Balance as of September 28, 2012 ............................... $3,400
Balance as of September 24, 2010 ............................... $3,393
Acquisitions/purchase accounting adjustments ..................... 2
Balance as of September 30, 2011 ............................... $3,395
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