| Goodwill |
Note
G — Goodwill
Changes in
goodwill are summarized by business segment as follows:
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Outdoor
& |
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Contemporary |
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Action Sports |
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Jeanswear |
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Imagewear |
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Sportswear |
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Brands |
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Total |
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In
thousands |
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Balance, December
2009
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$ |
574,879 |
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$ |
238,930 |
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$ |
56,703 |
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$ |
157,314 |
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$ |
339,854 |
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$ |
1,367,680 |
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2010 acquisition
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16,938 |
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— |
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— |
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— |
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— |
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16,938 |
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Impairment
charges
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— |
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— |
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— |
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— |
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(195,169 |
) |
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(195,169 |
) |
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Contingent
consideration
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(78 |
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— |
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— |
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— |
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— |
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(78 |
) |
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Currency
translation
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(16,992 |
) |
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(3,417 |
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— |
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— |
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(2,324 |
) |
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(22,733 |
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Balance, December
2010
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574,747 |
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235,513 |
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56,703 |
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157,314 |
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142,361 |
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1,166,638 |
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2011 acquisition
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871,884 |
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— |
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— |
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— |
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— |
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871,884 |
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Contingent
consideration
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— |
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— |
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1,065 |
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— |
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— |
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1,065 |
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Currency
translation
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(9,035 |
) |
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(7,092 |
) |
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— |
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— |
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— |
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(16,127 |
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Balance, December
2011
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1,437,596 |
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228,421 |
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57,768 |
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157,314 |
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142,361 |
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2,023,460 |
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Adjustments to purchase
price allocation
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(19,991 |
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— |
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— |
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— |
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— |
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(19,991 |
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Contingent
consideration
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— |
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— |
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979 |
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— |
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— |
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979 |
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Currency
translation
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4,887 |
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|
422 |
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— |
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— |
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— |
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5,309 |
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Balance, December
2012
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$ |
1,422,492 |
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$ |
228,843 |
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$ |
58,747 |
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$ |
157,314 |
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$ |
142,361 |
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$ |
2,009,757 |
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In 2010, in
connection with its annual impairment testing, VF recorded an
impairment charge of $195.2 million to reduce the carrying value of
goodwill in its 7 For All Mankind®
business unit, which is part of the Contemporary Brands Coalition.
Accumulated impairment charges as of December 2012 were $43.4
million, $58.5 million and $195.2 million related to the
Outdoor & Action Sports, Sportswear and Contemporary
Brands Coalitions, respectively. See Note T for additional
information.
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