GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2011

GOODWILL AND INTANGIBLE ASSETS [Abstract]

GOODWIL AND INTANGIBLE ASSETS [Text Block]

4. GOODWILL AND INTANGIBLE ASSETS

The following table shows an analysis of goodwill and intangible assets:

				Intangible		Intangible
				assets with an		assets with a
		Goodwill		indefinite life		finite life		Total

	Net balance at December 31, 2009	$	42,237	$	26,036	$	23,232	$	91,505
	Amortization		-		-		(2,670)		(2,670)
	Foreign currency translation adjustment		7,060		-		7,336		14,396
	Net balance at December 31, 2010		49,297		26,036		27,898		103,231
	Amortization		-		-		(3,717)		(3,717)
	Foreign currency translation adjustment		53		-		23		76
	Net balance at December 31, 2011	$	49,350	$	26,036	$	24,204	$	99,590


	Gross balance at December 31, 2011	$	42,237	$	26,036	$	35,596	$	103,869
	Accumulated amortization		-		-		(18,751)		(18,751)
	Foreign currency translation adjustment		7,113		-		7,359		14,472
	Accumulated impairment charges		-		-		-		-
	Net balance at December 31, 2011	$	49,350	$	26,036	$	24,204	$	99,590

We estimate that the annual amortization expense for our total intangible assets with a finite life will be approximately $2 million from 2012 to 2014 and $1 million for the following two years. The estimated remaining useful lives of these assets range from nine to twenty-seven years.

Intangible assets with an indefinite life consist primarily of U.S. state licenses that provide a legal right to transact business indefinitely. Our impairment reviews for goodwill and indefinite lived intangibles did not result in the recognition of impairment losses for the years ended December 31, 2011, 2010 and 2009.

- 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.

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