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This excerpt taken from the SMG 10-K filed Dec 14, 2006. Goodwill,
Indefinite-lived Intangibles and Long-lived Assets
We have significant investments in property and equipment,
intangible assets and goodwill. Whenever changing conditions
warrant, we review the realizability of the assets that may be
affected. At least annually, we review goodwill and
indefinite-lived intangible assets for impairment. The review
for impairment of long-lived assets, intangibles and goodwill is
primarily based on our estimates of future cash flows, which are
based upon budgets and longer-range strategic plans. These
budgets and plans are used for internal purposes and are also
the basis for communication with outside parties about future
business trends. While we believe the assumptions we use to
estimate future cash flows are reasonable, there can be no
assurance that the expected future cash flows will be realized.
As a result, impairment charges that possibly should have been
recognized in earlier periods may not be recognized until later
periods if actual results deviate unfavorably from earlier
estimates.
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