Note 7—Goodwill

The changes in the carrying value of goodwill for fiscal 2012 and 2011 were as follows (in thousands):

	Goodwill

Balance at December 31, 2010	$	145,580
Additions		60,206
Foreign currency translation adjustments		(1,165	)

Balance at December 31, 2011	$	204,621
Additions		78
Foreign currency translation adjustments		2,233

Balance at December 31, 2012	$	206,932

Foreign currency translation adjustments totaling $2.2 million reflect the weakening of the U.S. dollar versus the Danish Krone (DKK), the Euro (EUR), Norwegian Krone (NOK) and the Swedish Krona (SEK) during fiscal 2012.

During 2011, the U.S. dollar weakened against the Pound Sterling, Euro and other European currencies in the first six months of the year and strengthened against these currencies during the last six months of 2011. Foreign currency translation adjustments totaling $1.2 million reflect the overall general strengthening of the U.S. dollar versus the Danish Krone (DKK), the Euro (EUR), Norwegian Krone (NOK) and the Swedish Krona (SEK) during fiscal 2011.

During the fourth quarter of 2012, Advent completed the qualitative goodwill impairment test, which involved assessing financial factors, including Advent's market capitalization and profitability and deviations from projected results, as well as other business factors, including assessing the current business environment, changes in the operations of each reporting unit and the results of the prior year goodwill impairment test.

In October 2012, we reorganized our operations which resulted in a change in the internal management reporting structure to a global functional structure. As a result, we determined that the Company had a single company-wide reporting unit at November 1, 2012 which comprised our Advent Investment Management segment. Prior to November 1, 2012, the Company had two reporting units, Domestic and International, which together comprised the Advent Investment Management segment.

Based on the results of this qualitative assessment, Advent determined that the fair value of the reporting unit is more likely than not greater than the carrying amount and, as a result, a quantitative analysis is not needed. The Company has not historically recognized any impairment charges to its goodwill.