PDE » Topics » Goodwill

This excerpt taken from the PDE 10-K filed Mar 1, 2007.
Goodwill
 
Goodwill is not amortized. All goodwill is assigned to reporting units, which we have determined are the same as our reporting segments. In accordance with Statement of Financial Accounting Standards (“SFAS”) No. 142, Goodwill and Other Intangible Assets, we perform an annual impairment test of goodwill in each of our reporting units as of December 31, or more frequently if circumstances indicate that impairment may exist. Such tests include comparing the fair value of a reporting unit with its carrying value, including goodwill. Impairment assessments are performed using a variety of methodologies, including cash flows analysis and estimates of market value. There were no impairments in 2006, 2005 or 2004 at our reporting units related to the annual impairment test.
 
This excerpt taken from the PDE 10-K filed Jun 30, 2006.
Goodwill
 
Goodwill is not amortized. All goodwill is assigned to reporting units, which we have determined are the same as our reporting segments. In accordance with Statement of Financial Accounting Standards (“SFAS”) No. 142, Goodwill and Other Intangible Assets, we perform an annual impairment test of goodwill in each of our reporting units as of December 31, or more frequently if circumstances indicate that impairment may exist. Such tests include comparing the fair value of a reporting unit with its carrying value, including goodwill. Impairment assessments are performed using a variety of methodologies, including cash flows analysis and estimates of market value. There were no impairments in 2005 or 2004 at our reporting units related to the annual impairment test.
 
The changes in the carrying value of goodwill by reporting segment are as follows:
 
                                         
          Latin
                   
    U. S. Gulf
    America
    E&P
             
    of Mexico     Land     Services     Total        
 
Balance as of December 31, 2003
  $ 1.5     $ 17.5     $ 50.1     $ 69.1          
Earnout payment adjustment
                (2.1 )     (2.1 )        
Purchase price adjustments
                1.5       1.5          
                                         
Balance as of December 31, 2004
    1.5       17.5       49.5       68.5          
                                         
Balance as of December 31, 2005
  $ 1.5     $ 17.5     $ 49.5     $ 68.5          
                                         
 
In 2004, we reduced the carrying amount of goodwill recorded in our April 2000 acquisition of Servicios Especiales San Antonio S.A. (“San Antonio”) by $2.1 million. The seller of San Antonio was entitled to four “earnout” payments of up to $3.0 million each on the first four anniversary dates of the closing if San Antonio’s revenues from services provided to the seller and its affiliates exceeded specified levels during the 12 calendar months ending immediately prior to the relevant anniversary date. The revenue level for the fourth anniversary earnout payment resulted in a pro-rated earnout payment of $0.9 million.
 

EXCERPTS ON THIS PAGE:

10-K
Mar 1, 2007
10-K
Jun 30, 2006
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