What is Goodwill Impairment test?

Cliffs Natural Resources Reports $1 Billion in Goodwill Impairment  January 24, 2013 – 02:02 pm
How to Test Goodwill

THUNDER BAY – Business - Cliffs Natural Resources Inc. is reporting on transactions through 2012 as the company prepares to release the company’s fourth quarter results from 2012. Cliffs has announced that as a result of its goodwill impairment test conducted in the fourth quarter of 2012, the Company has determined that approximately $1 billion of goodwill related to Cliffs’ 2011 acquisition of Consolidated Thompson Iron Mines Limited is impaired. The goodwill impairment charge will be recorded as a non-cash expense for the year ended Dec. 31, 2012. The impairment is primarily driven by the project’s anticipated lower long-term volumes and higher capital and operating costs. The previously announced delay of the Phase II expansion of the Bloom Lake mine also contributed to the impairment. Cliffs also indicated it expects to incur $100 – $150 million of other charges related to its Eastern Canadian Iron Ore business segment.

Additionally, as previously disclosed, Cliffs’ Board of Directors recently authorized the sale of the Company’s 30% interest in Amapa. Based on the pending terms of the sale, Cliffs expects to record a non-cash pretax impairment expense of $365 million within its fourth-quarter results.

Source: NetNewsledger.com

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