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Goodwill and Other Intangible Assets (Notes)
9 Months Ended
Jul. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Disclosure [Text Block]
Goodwill and Other Intangible Assets
Finite-lived intangible assets are amortized to reflect the pattern of economic benefits consumed, which is principally the straight-line method. Intangible assets that are subject to amortization are evaluated for potential impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. No impairment was identified related to our finite-lived intangible assets as of July 31, 2015.
Goodwill represents the excess of the purchase price over the fair value of identifiable net assets acquired in a business combination. Goodwill is assigned to specific reporting units, and is tested for impairment at least annually, during the fourth quarter of our fiscal year, or more frequently upon the occurrence of an event or when circumstances indicate that a reporting unit’s carrying amount is greater than its fair value. Due to the prolonged suppressed global commodity markets, its related effect on the global mining investment environment and the resulting impact on our stock price, our total shareholders’ equity exceeded our market capitalization during the latter part of the quarter ended July 31, 2015, indicating the possibility of an impairment to goodwill. Based on this indicator of impairment, we performed an interim test for impairment of goodwill as of the last day of our fiscal third quarter. We have concluded our step one evaluation on our reporting units. After completing this analysis, we determined that the estimated fair value of our Underground reporting unit was lower than the carrying value of the reporting unit. Given the timing of the decline in our market capitalization, we have not completed step two of the goodwill impairment test for this reporting unit, which will determine the amount of impairment loss, if any, for our Underground reporting unit. Step two of the impairment test requires we perform a theoretical purchase price allocation for the Underground reporting unit to determine the implied fair value of goodwill to the recorded amount of goodwill. We have engaged a third party valuation firm to assist in this process. We are unable to provide a reasonable estimate or a range of estimates for the potential non-cash impairment charge at this time. We will complete the analysis during the fourth quarter.