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Goodwill | 6 Months Ended
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Jun. 30, 2013
Goodwill. |
Goodwill | 4. Goodwill Our goodwill balance was $331.2 million and $334.7 million as of June 30, 2013 and December 31, 2012, respectively. We recorded $331.1 million of goodwill in connection with the acquisition of Capital Power Income L.P. (the "Partnership") in 2011 and $3.5 million associated with the step-up acquisition of Rollcast in March 2010. We apply an accounting standard under which goodwill has an indefinite life and is not amortized. Goodwill is tested for impairments at least annually, or more frequently whenever an event or change in circumstances occurs that would more likely than not reduce the fair value of a reporting unit below its carrying amount. We test goodwill for impairment at the reporting unit level, which is at the project level and, the lowest level below the operating segments for which discrete financial information is available. Subsequent to the three months ended June 30, 2013, based on a prolonged decline in our market capitalization and initiatives started at reducing our development and administrative expenses, we determined that it was appropriate to initiate a test of goodwill to determine if it is more likely than not that the fair value of our reporting units do not exceed their carrying amounts. For reporting units that fail step 1 of the goodwill impairment test, we will initiate a step 2 test to quantify the amount, if any, of non-cash impairment to record. As of the date of this Quarterly Report on Form 10-Q, we are currently gathering the necessary information to perform these tests and expect to complete them during the three months ended September 30, 2013. During the three months ended June 30, 2013, we recorded a $3.5 million impairment of goodwill at Rollcast which is a component of our Un-allocated corporate segment. We determined, based on the results of the two-step process, that the carrying amount of goodwill exceeded the implied fair value of goodwill. We also wrote-off $1.4 million of capitalized development costs at Rollcast related to the Greenway development project. The determination to impair goodwill and write-off the capitalized development costs was based on the reduced expectation of the Greenway project being further developed. The following table is a rollforward of goodwill for the six months ended June 30, 2013:
(in millions) |  | Northeast |  | Northwest |  | Southwest |  | Un-allocated corporate |  | Total |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Balance at December 31, 2012 |  | $ | 135.3 |  | $ | 138.3 |  | $ | 57.6 |  | $ | 3.5 |  | $ | 334.7 |
Impairment of Goodwill |  |  | — |  |  | — |  |  | — |  |  | (3.5 | ) |  | (3.5 | )
Balance at June 30, 2013 |  | $ | 135.3 |  | $ | 138.3 |  | $ | 57.6 |  | $ | — |  | $ | 331.2 |

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