Overstock.com 2012 Annual Report Download - page 105

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Table of Contents



Standards. The amendments generally represent clarification of FASB ASC Topic 820, but also include instances where a particular principle or
requirement for measuring fair value or disclosing information about fair value measurements has changed. The adoption of ASU 2011-04 did not have
a material effect on our consolidated financial statements.
We adopted ASU 2011-05, which provided new guidance on the presentation of comprehensive income (FASB ASC Topic 220) in financial
statements. Entities are required to present total comprehensive income either in a single, continuous statement of comprehensive income or in two
separate, but consecutive, statements. Under the single-statement approach, entities must include the components of net income, a total for net income,
the components of other comprehensive income and a total for comprehensive income. Under the two-statement approach, entities must report an
income statement and, immediately following, a statement of other comprehensive income. The adoption of ASU 2011-05 did not have a material effect
on our consolidated financial statements.
We adopted ASU 2011-08, which allows an entity to first assess qualitative factors to determine whether it is necessary to perform the two-step
quantitative goodwill impairment test. Under these amendments, an entity would not be required to calculate the fair value of a reporting unit unless the
entity determines, based on a qualitative assessment, that it is more likely than not that its fair value is less than its carrying amount. The amendments
include a number of events and circumstances for an entity to consider in conducting the qualitative assessment. The adoption of ASU 2011-08 did not
have a material effect on our consolidated financial statements.

In July 2011, the Financial Accounting Standards Board ("FASB") issued ASU No. 2012-02,  (FASB
Accounting Standards Codification Topic 350) which permits an entity to make a qualitative assessment to determine whether it is more likely than not
that an indefinite-lived intangible asset, other than goodwill, is impaired. The Accounting Standard Update applies to both public and nonpublic entities
and is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. We do not expect this
pronouncement to have a material effect on our consolidated financial statements.

During the fourth quarter of 2006, we began a facilities consolidation and restructuring program designed to reduce the overall expense structure in
an effort to improve future operating performance. The facilities consolidation and restructuring program was substantially completed by the end of the
second quarter of 2007.
Restructuring liabilities along with charges (credits) to expense and payments associated with the facilities consolidation and restructuring program
are as follows (in thousands):
F-18






 


Year ended December 31, 2012 $ 1,491 $ 143 $ (513) $ 76 $ 1,197
Year ended December 31, 2011 $ 1,797 $ 166 $ (472) $ — $ 1,491