Goodwill and Intangible Assets
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Dec. 31, 2012
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and intangible assets | Goodwill and intangible assets The changes in the carrying amount of goodwill for the six months ended December 31, 2012 are as follows:
Acquisitions represent the original goodwill allocation, purchase price adjustments, and final adjustments to the purchase price allocation for the acquisitions during the measurement period subsequent to the applicable acquisition dates. The Company’s previously reported results of operations and financial position would not be materially different had the goodwill adjustments recorded during the first six months of fiscal 2013 been reflected in the same reporting period that the initial purchase price allocations for those acquisitions were made. Divestitures represent goodwill associated with businesses for which the Company entered into agreements to divest during the first six months of fiscal 2013 as more fully discussed in Note 13. Intangible assets are amortized on the straight-line method over their legal or estimated useful lives. The following summarizes the gross carrying value and accumulated amortization for each major category of intangible assets:
Total intangible amortization expense for the six months ended December 31, 2012 was $55,961. The estimated amortization expense for the five years ending June 30, 2013 through 2017 is $119,790, $121,711, $116,603, $111,535, and $107,703, respectively. Intangible assets are evaluated for impairment whenever events or circumstances indicate that the undiscounted net cash flows to be generated by their use over their expected useful lives and eventual disposition may be less than their net carrying value. No such events or circumstances occurred during the six months ended December 31, 2012. |