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Goodwill | 6 Months Ended
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Jun. 29, 2013
Goodwill |
Goodwill | 8. Goodwill In accordance with Accounting Standards Codification ("ASC") Topic 350, "Intangibles—Goodwill and Other," goodwill is not subject to amortization, but is tested at least annually for impairment, or monitored more frequently, as necessary, if events or circumstances exist that would more likely than not reduce the Company's fair value below its carrying amount. For the Company's goodwill impairment analysis, the Company operates under one reporting unit. In performing the first step of the goodwill impairment testing and measurement process, the Company compares its entity-wide estimated fair value to its net book value to identify potential impairment. The Company estimates its entity-wide fair value utilizing its market capitalization, plus an appropriate control premium. The Company has utilized a control premium that considers appropriate industry, market and other pertinent factors, including indications of such premiums from data on recent acquisition transactions. If the Company determines through the impairment evaluation process that goodwill has been impaired, it would record the impairment charge in its consolidated income statements. There were no impairment losses related to goodwill during each of the fiscal quarters ended June 29, 2013 and June 30, 2012, respectively, as there were no events or circumstances that would more likely than not reduce the Company's fair value below its carrying amount. When the Company performed its annual impairment test in the fourth quarter of fiscal 2012, its net book value exceeded its market capitalization plus an estimated control premium. Therefore, the Company was required to perform the second step of the goodwill impairment test, which resulted in a non-cash goodwill impairment charge of $71.4 million that the Company recorded in the fourth quarter of fiscal 2012. The Company continues to monitor its market capitalization. If the Company's market capitalization, plus an estimated control premium, is below its net book value for a period considered to be other-than-temporary, it is possible that the Company may be required to record an impairment of goodwill either as a result of the annual assessment that the Company conducts in the fourth quarter of each fiscal year, or in a future quarter if events or circumstances exist that would more likely than not reduce the Company's fair value below its carrying amount. A non-cash goodwill impairment charge would have the effect of decreasing the Company's earnings in such period. The changes in the carrying amount of goodwill during the fiscal year to date period ended June 29, 2013, are as follows (in thousands):
|  | Goodwill, gross |  | Accumulated impairment losses |  | Goodwill, net |
--- | --- | --- | --- | --- | --- | --- | ---
Balance at December 29, 2012 |  | $ | 142,658 |  | $ | (71,893 | ) | $ | 70,765 |
Goodwill adjustments related to acquisition |  |  | 5,358 |  |  | — |  |  | 5,358 |
Goodwill adjustments related to NeuCo |  |  | (63 | ) |  | — |  |  | (63 | )
Effect of foreign currency translation |  |  | (787 | ) |  | — |  |  | (787 | )
Balance at June 29, 2013 |  | $ | 147,166 |  | $ | (71,893 | ) | $ | 75,273 |
The changes in the carrying amount of goodwill during the fiscal year to date period ended June 30, 2012, are as follows (in thousands):
|  | Goodwill, gross |  | Accumulated impairment losses |  | Goodwill, net |
--- | --- | --- | --- | --- | --- | --- | ---
Balance at December 31, 2011 |  | $ | 141,153 |  | $ | (499 | ) | $ | 140,654 |
Effect of foreign currency translation |  |  | 377 |  |  | — |  |  | 377 |
Balance at June 30, 2012 |  | $ | 141,530 |  | $ | (499 | ) | $ | 141,031 |

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