Classmates.com 2009 Annual Report Download - page 148
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Table of Contents
UNITED ONLINE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
14. IMPAIRMENT OF GOODWILL, INTANGIBLE ASSETS AND LONG-LIVED ASSETS (Continued)
Summary of Impairment Charges Recognized
Impairment charges of goodwill, intangible assets and long-lived assets consisted of the following (in thousands):
15. COMMITMENTS AND CONTINGENCIES
Leases
Future minimum lease payments at December 31, 2009 under noncancelable operating leases, and related sublease income, with initial lease
terms in excess of one year were as follows (in thousands):
Operating leases consist primarily of facility leases. The Company leases its facilities and certain operating equipment under operating
leases expiring at various periods through 2014. Certain of the Company's operating leases include rent holidays as well as escalation clauses
that periodically adjust rental expense. The Company records rent expense on a straight-line basis over the lease term. Rental expense for
operating leases for the years ended December 31, 2009, 2008 and 2007 was $11.1 million, $8.6 million and $7.4 million, respectively.
Standby Letters of Credit
Standby letters of credit are maintained pursuant to certain of the Company's lease arrangements and to secure credit card processing
activity. The standby letters of credit remain in effect, generally, at declining levels through the terms of the related leases. Certificates of deposit
of $1.1 million and $1.9 million maintained by the Company in connection with certain of these standby letters of credit are included in other
current assets and other assets in the consolidated balance sheets at December 31, 2009 and 2008, respectively. Commitments under standby
letters of credit at December 31, 2009 were scheduled to expire as follows (in thousands):
F-44
Year Ended
December 31, 2008
Goodwill at FTD segment
$
114,000
Intangible assets at FTD segment
61,867
Long
-
lived assets at Communications segment
283
Total impairment of goodwill, intangible
assets and long
-
lived assets
$
176,150
Year Ending December 31,
Total
2010
2011
2012
2013
2014
Thereafter
Operating leases
$
48,757
$
12,772
$
9,158
$
7,291
$
6,845
$
5,466
$
7,225
Operating sublease
income
(424
)
(424
)
—
—
—
—
—
Total
$
48,333
$
12,348
$
9,158
$
7,291
$
6,845
$
5,466
$
7,225
Year Ending December 31,
Total
2010
2011
2012
2013
2014
Thereafter
Standby letters of credit
$
2,124
$
1,583
$
299
$
—
$
242
$
—
$
—