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Goodwill And Intangible Assets
3 Months Ended
Mar. 31, 2012
Goodwill And Intangible Assets [Abstract]  
Goodwill And Intangible Assets

4. Goodwill and Intangible Assets

Accounting guidance on goodwill and intangible assets requires that goodwill be tested for impairment at the reporting unit level on an annual basis and between annual tests if an event occurs or circumstances change that would more likely than not reduce the fair value of the reporting unit below its carrying value. The Company performs an annual impairment test on goodwill and intangible assets with indefinite lives at October 1st of each year. Based on this latest test, the Company concluded that the fair value of each of the reporting units was in excess of the carrying value as of October 1, 2011. At October 1, 2011 the Company adopted Accounting Standards update ("ASU") 2011-8 which allows for the option to make a qualitative evaluation about the likelihood of goodwill impairment to determine whether the Company should calculate the fair value of a reporting unit. The Company does not believe any triggering event occurred during the three-month period ended March 31, 2012 that would require an interim impairment assessment. As a result, goodwill and intangible assets with indefinite lives were not tested for impairment during the three-month period ended March 31, 2012.

As of March 31, 2012 and December 31, 2011, the Company's Condensed Consolidated Balance Sheets reflected $328.1 million of goodwill at each period-end, and $55.0 million and $56.3 million in net intangible assets, respectively.

Net intangible assets consist primarily of customer lists, trademarks, and non-compete agreements purchased as part of past acquisitions. The Company has no intention to renew or extend the terms of acquired intangible assets and accordingly, did not incur any related costs during the first quarter of 2012. Amortization of intangible assets purchased totaled $1.3 million for the first quarter of 2012 and for the first quarter of 2011. Accumulated amortization of intangible assets as of March 31, 2012 and December 31, 2011 totaled $28.0 million and $26.7 million, respectively.