This excerpt taken from the CCRT 10-Q filed Aug 5, 2008.
Valuations and Techniques for Assets Measured at Fair Value on a Non-Recurring Basis
We also have assets that under certain conditions are subject to measurement at fair value on a non-recurring basis. These assets include those associated with acquired businesses, including goodwill and other intangible assets. For these assets, measurement at fair value in periods subsequent to their initial recognition is applicable if one or more of these assets is determined to be impaired. We were required to make such a determination of the fair value of goodwill and intangible assets associated with our Retail Micro-Loans segment in the first quarter of 2008 by reason of our decision to discontinue and sell that segments Texas operations. We estimated the fair value of these assets using Level 3 inputs, specifically discounted cash flow projections reflecting our best estimate of what third-party participants would use in determining fair value, including estimates of yield, default rates, same store growth rates and payment rates. We recorded a non-cash goodwill impairment charge of $1.1 million in the first quarter of 2008 to record the goodwill of our continuing Retail Micro-Loans segment operations at its estimated fair value. While fair value measurements of Retail Micro-Loans segments assets held for sale were required in the second quarter of 2008, no fair value measurements of goodwill and intangible assets were required of us during the second quarter of 2008.
For our assets measured on a non-recurring basis at fair value, the table below summarizes (in thousands) fair values as of June 30, 2008 by fair value hierarchy: