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Table of Contents
Other Fair Value Disclosures
The carrying amount and fair value of debt issued by the Company as of
December 31, 2015 and 2014
were as follows (in thousands):
(7) Goodwill and Intangible Assets, Net
Goodwill
Goodwill allocated to the reportable segments and changes in the carrying amount of goodwill for the years ended December 31, 2015, 2014 and
2013
were as follows (in thousands):
Effective at the beginning of the fourth quarter of 2014, the Company implemented certain organizational changes to align its segment financial
reporting more closely with its current business structure. As a result of these organizational realignments, the Company allocated the carrying amount of
goodwill to its reportable segments based on the relative fair value of its reporting units.
During the three months ended September 30, 2015, the extent and duration of the decline in the Company's stock price, among other factors,
indicated that it was more
-
likely
-
than
-
not that the fair value of the reporting units was less than their carrying amount and, as a result, a quantitative interim
goodwill impairment test was performed. The results of the quantitative interim goodwill impairment test indicated that the estimated fair value for each
reporting unit exceeded its carrying amount and, accordingly, no impairment charges were recognized.
The Company has not recorded a goodwill impairment charge for continuing operations in the years ended December 31, 2015, 2014 and 2013 as a
result of an interim or annual impairment test. Goodwill impairment charges for discontinued operations are described in Note 3.
F
-
23
December 31, 2015
December 31, 2014
Carrying Amount
Fair Value (1)
Carrying Amount
Fair Value (1)
2020 Convertible Notes
$
284,241
$
298,494
$
—
$
—
Term Loan Facility A
—
—
123,541
120,000
Term Loan Facility B
682,915
656,688
688,823
679,958
2040 Convertible Notes
—
—
288,883
291,354
Total
$
967,156
$
955,182
$
1,101,247
$
1,091,312
(1)
The fair value of debt issued by the Company is estimated using quoted prices for the identical instrument in a market that is not active and
considers interest rates currently available to companies of similar credit standing for similar terms and remaining maturities, and considering the
nonperformance risk of the Company. If reported at fair value in the Consolidated Balance Sheets, debt issued by the Company would be classified
in Level 2 of the fair value hierarchy.
Intellectual
Property
Licensing
Product
Unallocated
Total
December 31, 2012
$
—
$
—
$
1,341,035
$
1,341,035
Goodwill acquired
—
—
8,149
8,149
Foreign currency translation
—
—
(
1,141
)
(1,141
)
Reclassified to assets held for sale
—
—
(
49,595
)
(49,595
)
December 31, 2013
$
—
$
—
$
1,298,448
$
1,298,448
Goodwill acquired
—
—
45,856
45,856
Foreign currency translation
—
—
(
652
)
(652
)
Segment reclassification
1,184,500
159,152
(1,343,652
)
—
December 31, 2014
$
1,184,500
$
159,152
$
—
$
1,343,652
Foreign currency translation
—
—
—
—
December 31, 2015
$
1,184,500
$
159,152
$
—
$
1,343,652