PATK » Topics » Other Long-Lived Assets Impairment s

These excerpts taken from the PATK 10-K filed Apr 15, 2009.

Other Long-Lived Assets Impairments

When events or conditions warrant, the Company evaluates the recoverability of other long-lived assets (such as property and equipment) and considers whether these assets are impaired.  The Company assesses the recoverability of these assets based upon several factors, including management's intention with respect to the assets and their projected future undiscounted cash flows.  If projected undiscounted cash flows are less than the carrying amount of the assets, the Company adjusts the carrying amounts of such assets to their estimated fair value. For the year ended December 31, 2008, changes in the Company’s business climate, including a significant downturn in the Company’s operations, led to an assessment of the recoverability of the Company’s long-lived assets, which resulted in an impairment charge of $3.5 million related to property, plant and equipment which is included in cost of goods sold on the consolidated statements of operations. The Company did not recognize any impairment charges for the years ended December 31, 2007 and 2006. See Note 6 to the Consolidated Financial Statements.

Other Long-Lived Assets Impairments



When events or conditions warrant, the Company evaluates the recoverability of other long-lived assets (such as property and equipment) and considers whether these assets are impaired.  The Company assesses the recoverability of these assets based upon several factors, including management's intention with respect to the assets and their projected future undiscounted cash flows.  If projected undiscounted cash flows are less than the carrying amount of the assets, the Company adjusts the carrying amounts of such assets to their estimated fair value. For the year ended December 31, 2008, changes in the Company’s business climate, including a significant downturn in the Company’s operations, led to an assessment of the recoverability of the Company’s long-lived assets, which resulted in an impairment charge of $3.5 million related to property, plant and equipment which is included in
cost of goods sold on the consolidated statements of operations. The Company did not recognize any impairment charges for the years ended December 31, 2007 and 2006. See Note 6 to the Consolidated Financial Statements.



EXCERPTS ON THIS PAGE:

10-K (2 sections)
Apr 15, 2009
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