Juno 2012 Annual Report Download - page 147
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Table of Contents
The changes in goodwill by reportable segment for the years ended December 31, 2011 and 2012 were as follows (in thousands):
During the quarter ended June 30, 2012, due to the sustained decline in the Company's market capitalization, the Company performed an interim
quantitative goodwill impairment assessment for all of the Company's reporting units. Step one of the goodwill impairment test for each of the
Company's reporting units resulted in the Company's determination that the fair value of each of the reporting units exceeded its respective carrying
amount, including goodwill. Accordingly, no impairment charges were recorded.
The Company performed its annual goodwill impairment assessment for all of its reporting units during the quarter ended December 31, 2012. The
Company did not perform a qualitative assessment to determine whether it is more likely than not that goodwill is impaired. The first step of the
quantitative goodwill impairment test resulted in the determination that the estimated fair values of the FTD, Interflora, Classmates and Communications
reporting units exceeded their respective carrying amounts, including goodwill. Accordingly, the second step was not required for these reporting units.
The MyPoints reporting unit generates higher revenues and operating income in the quarter ending December 31 when compared to the other
quarters. In the quarter ended December 31, 2012, revenues and operating income were substantially lower than expected. The Company lowered its
forecast for future periods, which resulted in the determination that the estimated fair value of the
F-30
Balance at December 31, 2010:
Goodwill (excluding impairment charges) $ 441,202 $ 124,718 $ 13,227 $ 579,147
Accumulated impairment charges (114,000) — (5,738) (119,738)
Goodwill at December 31, 2010 327,202 124,718 7,489 459,409
Foreign currency translation (585) (6) — (591)
Balance at December 31, 2011:
Goodwill (excluding impairment charges) 440,617 124,712 13,227 578,556
Accumulated impairment charges (114,000) — (5,738) (119,738)
Goodwill at December 31, 2011 326,617 124,712 7,489 458,818
Acquisition of schoolFeed, Inc. — 12,457 — 12,457
Acquisition of Gifts Division of Flying Brands
Limited 1,333 — — 1,333
Impairment charge — (26,606) — (26,606)
Foreign currency translation 6,037 3 — 6,040
Balance at December 31, 2012:
Goodwill (excluding impairment charges) 447,987 137,172 13,227 598,386
Accumulated impairment charges (114,000) (26,606) (5,738) (146,344)
Goodwill at December 31, 2012 $ 333,987 $ 110,566 $ 7,489 $ 452,042