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Goodwill and Other Intangibles

9 Months Ended

Dec. 31, 2011

Goodwill and Other Intangibles [Abstract]

Goodwill and Other Intangibles

8. Goodwill and Other Intangibles

Intangible assets principally consist of goodwill, trademarks and trade names, state insurance licenses, customer relationships, technology, insurance business in force, and insurance policies and renewal rights. Goodwill, trademarks and trade names and state insurance licenses are indefinite-lived intangible assets and are tested for impairment annually and whenever events or circumstances indicate that more likely than not impairment has occurred. During the nine months ended December 31, 2011 and 2010, no impairment expense was recorded. Finite-lived intangibles are amortized over their estimated useful lives and are reviewed for possible impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. The value of customer relationships is amortized over 4 to 11 years, technology over 7 to 10 years, insurance business in force over one year and insurance policies and renewal rights over 15 years.

Goodwill and other intangibles consist of the following (in thousands):

			September 30,				September 30,				September 30,				September 30,				September 30,				September 30,
		December 31, 2011												March 31, 2011
		Gross Carrying Amount				Accumulated Amortization				Net Carrying Amount				Gross Carrying Amount				Accumulated Amortization				Net Carrying Amount
Indefinite lived:
Goodwill		$	67,346			$	—			$	67,346			$	67,346			$	—			$	67,346
Trademarks and trade names			6,250				—				6,250				800				—				800
State insurance licenses			1,100				—				1,100				—				—				—
Total indefinite-lived intangible assets			74,696				—				74,696				68,146				—				68,146
Finite lived:
Customer relationships			6,200				(931	)			5,269				800				(87	)			713
Insurance business in force			2,070				(1,642	)			428				—				—				—
Technology			900				(63	)			837				—				—				—
Insurance policies and renewal rights			374				(17	)			357				—				—				—
Total goodwill and other intangible assets		$	84,240			$	(2,653	)		$	81,587			$	68,946			$	(87	)		$	68,859

Amortization expense recognized on intangible assets during the three and nine months ended December 31, 2011 was $880,000 and $2.6 million, respectively. Amortization expense of $14,000 and $40,000 was recognized during the three and nine months ended December 31, 2010, respectively.

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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

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

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-Section 50

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-URI http://asc.fasb.org/extlink&oid=6905597&loc=d3e13816-109267



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-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.



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