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Goodwill, transmission system rights, power purchase agreements and development intangible assets and liabilities | 12 Months Ended
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Dec. 31, 2012
Goodwill, transmission system rights, power purchase agreements and development intangible assets and liabilities |
Goodwill, transmission system rights, power purchase agreements and development intangible assets and liabilities | 7. Goodwill, transmission system rights, power purchase agreements and development intangible assets and liabilities Our goodwill balance was $334.7 million and $343.6 million December 31, 2012 and 2011, respectively. We recorded $331.1 million of goodwill in connection with the acquisition of the Partnership in 2011. The acquisition of the Partnership is discussed further in Note 3, Acquisitions and divestments. Goodwill is allocated to the related projects which are also the reporting units considered for impairment testing. As of December 31, 2012, there was no impairment to goodwill. As of December 31, 2012, and 2011, we had approximately $43.7 million and $46.7 million, respectively, of goodwill that is deductible for U.S. income tax purposes in future periods. The following table details the changes in the carrying amount of goodwill by operating segment:
|  | Northeast |  | Northwest |  | Southwest |  | Un-allocated corporate |  | Total |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Balance at December 31, 2010 |  | $ | — |  | $ | — |  | $ | 8,918 |  | $ | 3,535 |  | $ | 12,453 |
Acquisition of businesses |  |  | 135,268 |  |  | 138,263 |  |  | 57,602 |  |  | — |  |  | 331,133 |
Balance at December 31, 2011 |  |  | 135,268 |  |  | 138,263 |  |  | 66,520 |  |  | 3,535 |  |  | 343,586 |
Reclass to assets held for sale |  |  | — |  |  | — |  |  | (8,918 | ) |  | — |  |  | (8,918 | )
Balance at December 31, 2012 |  | $ | 135,268 |  | $ | 138,263 |  | $ | 57,602 |  | $ | 3,535 |  | $ | 334,668 |
Other intangible assets include power purchase agreements, fuel supply agreements and development costs. Transmission system rights represent the long-term right to approximately 72% of the regulated revenues of the Path 15 transmission line. Path 15 is an asset held for sale at December 31, 2012. See Note 19 for further discussion. The following tables summarize the components of our intangible assets and other liabilities subject to amortization for the years ended December 31, 2012 and 2011:
|  | Other Intangible Assets, Net |
--- | --- | --- | ---
|  | Power Purchase Agreements |  | Development Costs |  | Total |
Gross balances, December 31, 2012 |  | $ | 590,923 |  | $ | 6,164 |  | $ | 597,087 |
Less: accumulated amortization |  |  | (76,897 | ) |  | — |  |  | (76,897 | )
Foreign currency translation adjustment |  |  | 4,693 |  |  | — |  |  | 4,693 |
Net carrying amount, December 31, 2012 |  | $ | 518,719 |  | $ | 6,164 |  | $ | 524,883 |
|  | Other Intangible Assets, Net |  |  |
--- | --- | --- | --- | --- | ---
|  | Power Purchase Agreements |  | Fuel Supply Agreements |  | Development Costs |  | Total |  | Transmission System Rights |
Gross balances, December 31, 2011 |  | $ | 639,699 |  | $ | 33,845 |  | $ | 1,786 |  | $ | 675,330 |  | $ | 231,669 |
Less: accumulated amortization |  |  | (63,908 | ) |  | (26,271 | ) |  | — |  |  | (90,179 | ) |  | — |
Foreign currency translation adjustment |  |  | (877 | ) |  | — |  |  | — |  |  | (877 | ) |  | (51,387 | )
Net carrying amount, December 31, 2011 |  | $ | 574,914 |  | $ | 7,574 |  | $ | 1,786 |  | $ | 584,274 |  | $ | 180,282 |
|  | Power Purchase and Fuel supply Agreement Liabilities, Net |
--- | --- | --- | ---
|  | Power Purchase Agreements |  | Fuel Supply Agreements |  | Total |
Gross balances, December 31, 2012 |  | $ | (35,287 | ) | $ | (12,613 | ) | $ | (47,900 | )
Less: accumulated amortization |  |  | 2,884 |  |  | 1,564 |  |  | 4,448 |
Foreign currency translation adjustment |  |  | (557 | ) |  | — |  |  | (557 | )
Net carrying amount, December 31, 2012 |  | $ | (32,960 | ) | $ | (11,049 | ) | $ | (44,009 | )
|  | Power Purchase and Fuel supply Agreement Liabilities, Net |
--- | --- | --- | ---
|  | Power Purchase Agreements |  | Fuel Supply Agreements |  | Total |
Gross balances, December 31, 2011 |  | $ | (35,288 | ) | $ | (38,106 | ) | $ | (73,394 | )
Less: accumulated amortization |  |  | 398 |  |  | 973 |  |  | 1,371 |
Foreign currency translation adjustment |  |  | 127 |  |  | 121 |  |  | 248 |
Net carrying amount, December 31, 2011 |  | $ | (34,763 | ) | $ | (37,012 | ) | $ | (71,775 | )
The following table presents amortization of intangible assets for the years ended December 31, 2012, 2011 and 2010:
|  | 2012 |  | 2011 |  | 2010 |
--- | --- | --- | --- | --- | --- | --- | ---
Power purchase agreements |  | $ | 66,168 |  | $ | 11,586 |  | $ | — |
Fuel supply agreements |  |  | (1,096 | ) |  | (1,370 | ) |  | — |
Total amortization |  | $ | 65,072 |  | $ | 10,216 |  | $ | — |
The following table presents estimated future amortization for the next five years related to purchase power agreements and fuel supply agreements:
Year Ended December 31, |  | Power Purchase Agreements |  | Fuel Supply Agreements |
--- | --- | --- | --- | --- | ---
2013 |  | $ | 60,199 |  | $ | (1,173 | )
2014 |  |  | 60,527 |  |  | (1,173 | )
2015 |  |  | 56,802 |  |  | (1,173 | )
2016 |  |  | 56,802 |  |  | (1,173 | )
2017 |  |  | 56,802 |  |  | (1,173 | )
The following table presents the weighted average remaining amortization period related to our intangible assets as of December 31, 2012:
As of December 31, 2012 |  | Power Purchase Agreements |  | Fuel Supply Agreements |  | Total |
--- | --- | --- | --- | --- | --- | --- | ---
(in years) |  |  |  |  |  |  |
Weighted average remaining amortization period |  |  | 9.0 |  |  | 10.0 |  |  | 9.0 |

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- Definition The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16373-109275 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16265-109275 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16323-109275 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 142 -Paragraph 42, 43, 44, 45, 46, 47 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13854-109267 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267 + Details
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