Document and Entity Information Document - shares	9 Months Ended
Document and Entity Information Document - shares	Mar. 31, 2018	Apr. 27, 2018
Document and Entity Information [Abstract]
Entity registrant name	CIMPRESS N.V.
Entity central index key	0001262976
Document type	10-Q
Document period end date	Mar. 31, 2018
Amendment flag	false
Document fiscal year focus	2018
Document fiscal period focus	Q3
Current fiscal year end date	--06-30
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity filer category	Large Accelerated Filer
Entity common stock, shares outstanding		30,715,831

Consolidated Balance Sheets - USD ($)
$ in Thousands

Mar. 31, 2018

Jun. 30, 2017

Current assets:

Cash and cash equivalents

$ 49,878

$ 25,697

Accounts receivable, net of allowances of $7,520 and $3,590, respectively

65,632

48,630

Inventory

63,009

46,563

Prepaid expenses and other current assets

69,231

78,835

Assets held for sale

46,276

Total current assets

247,750

246,001

Property, plant and equipment, net

501,115

511,947

Software and website development costs, net

56,279

48,470

Deferred tax assets

66,753

48,004

Goodwill

542,369

514,963

Intangible assets, net

250,593

275,924

Other assets

44,994

34,560

Total assets

1,709,853

1,679,869

Current liabilities:

Accounts payable

147,089

127,386

Accrued expenses

210,407

175,567

Deferred revenue

34,991

30,372

Short-term debt

^[1]

26,214

28,926

Other current liabilities

42,922

78,435

Liabilities held for sale

8,797

Total current liabilities

461,623

449,483

Deferred tax liabilities

56,089

60,743

Lease financing obligation

103,737

106,606

Long-term debt

786,401

847,730

Other liabilities

120,610

94,683

Total liabilities

1,528,460

1,559,245

Temporary equity

Redeemable noncontrolling interests

87,805

45,412

Shareholders’ equity:

Preferred shares, par value €0.01 per share, 100,000,000 shares authorized; none issued and outstanding

Ordinary shares, par value €0.01 per share, 100,000,000 shares authorized; 44,080,627 shares issued; and 30,714,481 and 31,415,503 shares outstanding, respectively

615

Treasury shares, at cost, 13,366,146 and 12,665,124 shares, respectively

(675,536)

(588,365)

Additional paid-in capital

390,758

361,376

Retained earnings

459,940

414,771

Accumulated other comprehensive loss

(82,476)

(113,398)

Total shareholders’ equity attributable to Cimpress N.V.

93,301

74,999

Noncontrolling Interest (Note 10)

287

213

Total shareholders' equity

93,588

75,212

Total liabilities, noncontrolling interests and shareholders’ equity

$ 1,709,853

$ 1,679,869

[1]	Balances as of March 31, 2018 and June 30, 2017 are inclusive of short-term debt issuance costs and debt discounts of $1,846 and $1,693, respectively

Consolidated Balance Sheets (Parenthetical) $ in Thousands	Mar. 31, 2018 USD ($) shares	Mar. 31, 2018 € / shares	Jun. 30, 2017 USD ($) shares	Jun. 30, 2017 € / shares
Current Assets
Allowance for doubtful accounts receivable, current \| $	$ 7,520		$ 3,590
Stockholders' Equity
Preferred shares, par value \| € / shares		€ 0.01		€ 0.01
Preferred shares, shares authorized	100,000,000		100,000,000
Preferred shares, shares issued	0		0
Preferred shares, shares outstanding	0		0
Ordinary shares, par value \| € / shares		€ 0.01		€ 0.01
Ordinary shares, shares authorized	100,000,000		100,000,000
Ordinary shares, shares issued	44,080,627		44,080,627
Common Stock, Shares, outstanding	30,714,481		31,415,503
Treasury shares, shares	13,366,146		12,665,124

Consolidated Statements of Operations - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Mar. 31, 2018

Mar. 31, 2017

Mar. 31, 2018

Mar. 31, 2017

Revenue

$ 636,069

$ 550,585

$ 1,961,407

$ 1,571,149

Cost of revenue (1)

^[1]

319,209

268,482

963,249

757,898

Technology and development expense (1)

^[1]

61,267

63,236

182,598

178,528

Marketing and selling expense (1)

^[1]

179,591

167,284

546,469

451,310

General and administrative expense (1)

^[1]

44,103

45,730

127,869

150,471

Amortization of acquired intangible assets

12,941

13,450

38,132

33,542

Restructuring expense (1)

^[1]

2,331

24,790

14,686

25,890

Gain on sale of subsidiaries

(47,545)

Impairment of goodwill and acquired intangible assets

9,556

Income (loss) from operations

16,627

(41,943)

135,949

(36,046)

Other (expense) income, net

(1,558)

(6,582)

(25,602)

21,835

Interest expense, net

(12,652)

(11,584)

(38,263)

(31,119)

Income (loss) before income taxes

2,417

(60,109)

72,084

(45,330)

Income tax expense (benefit)

4,019

(17,431)

19,657

(7,644)

Net (loss) income

(1,602)

(42,678)

52,427

(37,686)

Add: Net (income) loss attributable to noncontrolling interest

(663)

(256)

(1,394)

677

Net (loss) income attributable to Cimpress N.V.

$ (2,265)

$ (42,934)

$ 51,033

$ (37,009)

Basic net (loss) income per share attributable to Cimpress N.V.

$ (0.07)

$ (1.38)

$ 1.65

$ (1.18)

Diluted net (loss) income per share attributable to Cimpress N.V.

$ (0.07)

$ (1.38)

$ 1.58

$ (1.18)

Weighted average shares outstanding — basic

30,724,018

31,103,388

30,992,066

31,323,451

Weighted average shares outstanding — diluted

30,724,018

31,103,388

32,276,520

31,323,451

Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]

Share-based compensation expense

$ 13,492

$ 12,797

$ 33,718

$ 35,645

Cost of revenue

Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]

Share-based compensation expense

105

240

209

Technology and development expense

Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]

Share-based compensation expense

3,242

1,123

7,916

6,566

Marketing and selling expense

Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]

Share-based compensation expense

2,138

1,242

4,981

3,542

General and administrative expense

Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]

Share-based compensation expense

7,289

4,084

19,254

19,071

Restructuring Charges

Restructuring expense (1)

2,331

24,790

14,686

25,890

Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]

Share-based compensation expense

$ 718

$ 6,257

$ 1,327

$ 6,257

[1]	Share-based compensation is allocated as follows:

Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Other comprehensive (loss) income, net of tax:
Net income (loss)	$ (1,602)	$ (42,678)	$ 52,427	$ (37,686)
Foreign currency translation gain (loss)	(8,799)	14,884	32,651	(23,086)
Net unrealized gains (losses) on derivative instruments designated and qualifying as cash flow hedges	8,408	(426)	12,822	7,049
Amounts reclassified from accumulated other comprehensive loss to net (loss) income on derivative instruments	(2,416)	895	(6,550)	(4,698)
Unrealized loss on available-for-sale-securities	0	0	0	(5,756)
Amounts reclassified from accumulated other comprehensive loss to net (loss) income for realized gains on available-for-sale securities	0	0	0	2,268
Gain on pension benefit obligation, net	0	2,185	0	2,221
Comprehensive (loss) income	(4,409)	(25,140)	91,350	(59,688)
Add: Comprehensive (income) loss attributable to noncontrolling interests	(2,343)	(778)	(7,077)	3,847
Total comprehensive (loss) income attributable to Cimpress N.V.	$ (6,752)	$ (25,918)	$ 84,273	$ (55,841)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating activities
Net income (loss)	$ 52,427	$ (37,686)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	127,120	115,784
Impairment of goodwill and acquired intangible assets	0	9,556
Share-based compensation expense	33,718	35,645
Deferred taxes	(9,552)	(37,849)
Gain on sale of subsidiaries	(47,545)	0
Change in contingent earn-out liability	1,774	27,364
Marketable Securities, Realized Gain	0	(2,268)
Unrealized loss on derivatives not designated as hedging instruments included in net income (loss)	9,246	839
Payments of contingent consideration in excess of acquisition date fair value	(4,639)	0
Effect of exchange rate changes on monetary assets and liabilities denominated in non-functional currency	5,211	(7,215)
Other non-cash items	2,129	4,123
Changes in operating assets and liabilities:
Accounts receivable	(14,696)	3,434
Inventory	(12,104)	(7,136)
Prepaid expenses and other assets	136	2,389
Accounts payable	18,448	9,908
Accrued expenses and other liabilities	(17,040)	6,756
Net cash provided by operating activities	144,633	123,644
Investing activities
Purchases of property, plant and equipment	(47,441)	(56,916)
Proceeds from the sale of subsidiaries, net of transaction costs and cash divested	93,779	0
Business acquisitions, net of cash acquired	(110)	(204,875)
Purchases of intangible assets	(308)	(110)
Capitalization of software and website development costs	(29,476)	(28,678)
Proceeds from sale of available-for-sale securities	0	6,346
Other investing activities	(2,465)	6,727
Net cash provided by (used in) investing activities	13,979	(277,506)
Financing activities
Proceeds from borrowings of debt	590,508	612,004
Payments of debt and debt issuance costs	(659,404)	(398,282)
Payments of purchase consideration included in acquisition-date fair value	(2,105)	(539)
Payments of withholding taxes in connection with equity awards	(3,080)	(10,816)
Payments of capital lease obligations	(13,779)	(12,029)
Purchase of ordinary shares	(94,710)	(50,008)
Purchase of noncontrolling interests	0	(20,230)
Proceeds from issuance of ordinary shares	11,516	331
Issuance of loans	(16,500)	0
Capital contribution from noncontrolling interest	35,390	0
Capital contribution from noncontrolling interest	0	1,404
Other financing activities	0	1,281
Net cash (used in) provided by financing activities	(152,164)	123,116
Effect of exchange rate changes on cash	5,691	(3,213)
Increase in cash held for sale	12,042	0
Net increase (decrease) in cash and cash equivalents	24,181	(33,959)
Cash and cash equivalents at beginning of period	25,697	77,426
Cash and cash equivalents at end of period	49,878	43,467
Supplemental disclosures of cash flow information:
Interest	33,856	27,430
Income taxes	17,888	35,967
Property and equipment acquired under capital leases	531	12,099
Amounts accrued related to business acquisitions	$ 3,864	$ 31,613

Description of the Business	9 Months Ended
Description of the Business	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business	Description of the Business We are a technology driven company that aggregates, largely via the internet, large volumes of small, individually customized orders for a broad spectrum of print, signage, apparel and similar products. We operate in a largely decentralized manner. Our businesses fulfill orders with manufacturing capabilities that include Cimpress owned and operated manufacturing facilities and a network of third-party fulfillers to create customized products on demand. Those businesses bring their products to market through a portfolio of customer-focused brands serving the needs of micro, small and medium sized businesses, resellers and consumers. These brands include Vistaprint, our global brand for micro business marketing products and services, as well as brands that we have acquired that serve the needs of various market segments, including resellers, micro, small and medium sized businesses with differentiated service needs, and consumers purchasing products for themselves and their families.

Summary of Significant Accounting Policies

9 Months Ended

Mar. 31, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and, accordingly, do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting primarily of normal recurring accruals, considered necessary for fair presentation of the results of operations for the interim periods reported and of our financial condition as of the date of the interim balance sheet have been included.

The consolidated financial statements include the accounts of Cimpress N.V., its wholly owned subsidiaries, entities in which we maintain a controlling financial interest, and those entities in which we have a variable interest and are the primary beneficiary. Intercompany balances and transactions have been eliminated.

Operating results for the three and nine months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending June 30, 2018 or for any other period. The consolidated balance sheet at June 30, 2017 has been derived from our audited consolidated financial statements at that date but does not include all of the information and notes required by GAAP for complete financial statements. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended June 30, 2017 included in our Annual Report on Form 10-K filed with the United States Securities and Exchange Commission (the “SEC”).

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. We believe our most significant estimates are associated with the ongoing evaluation of the recoverability of our long-lived assets and goodwill, estimated useful lives of assets, share-based compensation, accounting for business combinations, and income taxes and related valuation allowances, among others. By their nature, estimates are subject to an inherent degree of uncertainty. Actual results could differ from those estimates.

Share-based compensation

Total share-based compensation costs were $13,492 and $33,718 for the three and nine months ended March 31, 2018, respectively, and $12,797 and $35,645 for the three and nine months ended March 31, 2017, respectively.

During the first quarter of fiscal 2018, we issued supplemental performance share unit awards to certain members of management. In addition to a service vesting and market condition (based on the three year moving average of the Cimpress share price) contained in our standard performance share units, these supplemental awards also contain a multi-year financial performance condition. The evaluation of achievement of the performance condition is at the discretion of the Compensation Committee and, therefore, the awards are subject to mark-to-market accounting throughout the three year performance vesting period. The compensation expense for these awards is estimated at fair value using a Monte Carlo simulation valuation model and compensation costs are recorded only if it is probable that the performance condition will be achieved. We continue to conclude that the performance condition is probable of achievement and for the three and nine months ended March 31, 2018, we recognized $5,615 and $9,925 of share-based compensation expense, respectively. We will continue to reassess the probability each reporting period and if we determine the awards are not probable at some point during the performance vesting period we would reverse any expense recognized to date.

Sale of Albumprinter

On August 31, 2017 we sold our Albumprinter business, including FotoKnudsen AS, for a total of €78,382 ($93,071 based on the exchange rate as of the date of sale) in cash, net of transaction costs and cash divested (after $11,874 in pre-closing dividends). As a result of the sale, we recognized a gain of $47,545, net of transaction costs, within our consolidated statement of operations for the nine months ended March 31, 2018.

The transaction did not qualify for discontinued operations presentation, and as of June 30, 2017, the Albumprinter business assets and liabilities were presented as held-for-sale in our consolidated balance sheet. In connection with the divestiture, we entered into an agreement with Albumprinter under which Albumprinter will continue to fulfill photo book orders for our Vistaprint business. Additionally, we agreed to provide Albumprinter with certain transitional support services for a period of up to one year from the date of the sale.

Foreign Currency Translation

Our non-U.S. dollar functional currency subsidiaries translate their assets and liabilities denominated in their functional currency to U.S. dollars at current rates of exchange in effect at the balance sheet date, and revenues and expenses are translated at average rates prevailing throughout the period. The resulting gains and losses from translation are included as a component of accumulated other comprehensive loss. Transaction gains and losses and remeasurement of assets and liabilities denominated in currencies other than an entity’s functional currency are included in other (expense) income, net in our consolidated statements of operations.

Other (expense) income, net

The following table summarizes the components of other (expense) income, net:



	Three Months Ended March 31,						Nine Months Ended March 31,
	2018			2017			2018			2017
(Losses) gains on derivatives not designated as hedging instruments (1)	$	(9,102	)	$	(817	)	$	(19,103	)	$	12,737
Currency-related gains (losses), net (2)	7,519			(6,304		)	(7,133		)	5,719
Other gains (3)	25			539			634			3,379
Total other (expense) income, net	$	(1,558	)	$	(6,582	)	$	(25,602	)	$	21,835

_____________________

(1) Primarily relates to both realized and unrealized (losses) gains on derivative currency forward and option contracts not designated as hedging instruments.

(2) We have significant non-functional currency intercompany financing relationships that we may change at times and are subject to currency exchange rate volatility. The currency-related gains (losses), net for the three and nine months ended March 31, 2018 and 2017 are primarily driven by this intercompany activity. In addition, we have certain cross-currency swaps designated as cash flow hedges, which hedge the remeasurement of certain intercompany loans, both presented in the same component above. Unrealized losses related to cross-currency swaps were $3,582 and $9,708 for the three and nine months ended March 31, 2018, respectively, and unrealized losses of $1,709 and gains of $4,684 for the three and nine months ended March 31, 2017, respectively.

(3) During the nine months ended March 31, 2017, we recognized a gain of $2,268 related to the sale of Plaza Create Co. Ltd. available for sale securities.

Net (Loss) Income Per Share Attributable to Cimpress N.V.

Basic net (loss) income per share attributable to Cimpress N.V. is computed by dividing net (loss) income attributable to Cimpress N.V. by the weighted-average number of ordinary shares outstanding for the respective period. Diluted net (loss) income per share attributable to Cimpress N.V. gives effect to all potentially dilutive securities, including share options, restricted share units (“RSUs”), restricted share awards ("RSAs") and performance share units ("PSUs"), if the effect of the securities is dilutive using the treasury stock method. Awards with performance or market conditions are included using the treasury stock method only if the conditions would have been met as of the end of the reporting period and their effect is dilutive.

The following table sets forth the reconciliation of the weighted-average number of ordinary shares:



	Three Months Ended March 31,		Nine Months Ended March 31,
	2018	2017	2018	2017
Weighted average shares outstanding, basic	30,724,018	31,103,388	30,992,066	31,323,451
Weighted average shares issuable upon exercise/vesting of outstanding share options/RSUs/RSAs (1)	—	—	1,284,454	—
Shares used in computing diluted net (loss) income per share attributable to Cimpress N.V.	30,724,018	31,103,388	32,276,520	31,323,451
Weighted average anti-dilutive shares excluded from diluted net (loss) income per share attributable to Cimpress N.V.	1,448,530	1,262,902	3,054	1,379,481

______

(1) In the periods in which a net loss is recognized, the impact of share options, RSUs, and RSAs is not included as they are anti-dilutive.

Waltham Lease Arrangement

In July 2013, we executed a lease agreement to move our Lexington, Massachusetts, USA operations to a then yet to be constructed facility in Waltham, Massachusetts, USA. During the first quarter of fiscal 2016, the building was completed and we commenced lease payments in September 2015 and will make lease payments through September 2026.

For accounting purposes, we were deemed to be the owner of the Waltham building during the construction period, and accordingly we recorded the construction project costs incurred by the landlord as an asset with a corresponding financing obligation on our balance sheet. We evaluated the Waltham lease in the first quarter of fiscal 2016 and determined that the transaction did not meet the criteria for "sale-leaseback" treatment due to our planned subleasing activity over the term of the lease. Accordingly, we began depreciating the asset and incurring interest expense related to the financing obligation recorded on our consolidated balance sheet. We bifurcate the lease payments pursuant to the Waltham lease into (i) a portion that is allocated to the building and (ii) a portion that is allocated to the land on which the building was constructed. The portion of the lease obligations allocated to the land is treated as an operating lease that commenced in fiscal 2014.

Property, plant and equipment, net, included $112,956 and $116,045 as of March 31, 2018 and June 30, 2017, respectively, related to the building. The financing lease obligation and deferred rent credit related to the building on our consolidated balance sheets was $116,307 and $119,176 as of March 31, 2018 and June 30, 2017, respectively.

Treasury Shares

Treasury shares are accounted for using the cost method and are included as a component of shareholders' equity. During the nine months ended March 31, 2018 and 2017, we repurchased 895,377 and 593,763, respectively, of our ordinary shares for a total cost of $94,710 and $50,008, respectively, inclusive of transaction costs, in connection with our publicly announced share repurchase programs.

Recently Issued or Adopted Accounting Pronouncements

New Accounting Standards Adopted

In October 2016, the FASB issued Accounting Standards Update No. 2016-16, "Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory" (ASU 2016-16), which requires the recognition for income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. We elected to early adopt the new standard during the first quarter of fiscal 2018, and recognized a reduction to prepaid and other current assets of $24,573, an increase in deferred tax assets of $18,710 and a cumulative-effect adjustment to retained earnings of $5,863. If we had not early adopted, the forecasted fiscal 2018 tax expense would be lower by $9,787.

Issued Accounting Standards to be Adopted

In August 2017, the FASB issued Accounting Standards Update No. 2017-12, "Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities (Topic 815)," (ASU 2017-12), which better aligns a company’s financial reporting for hedging activities with the economic objectives of those activities. The amendment is effective for us on July 1, 2019 and permits early adoption, including adoption in an interim period. The standard requires a modified retrospective transition approach, in which the Company will recognize the cumulative effect of the change on the opening balance of each affected component of equity in the statement of financial position as of the date of adoption. We do not expect this standard to have material impact on our consolidated financial statements.

In May 2017, the FASB issued Accounting Standards Update No. 2017-09, "Compensation - Stock Compensation (Topic 718)," (ASU 2017-09), which clarifies the application of Topic 718 when accounting for changes in the terms and conditions of a share-based payment award. The new standard requires changes to the terms or conditions of a share-based payment award to be accounted for under modification accounting unless there is no change to the fair value, vesting conditions and classification of the award after modification. The amendment is effective for us on July 1, 2018 and permits early adoption. The amendment is to be applied prospectively, and we are currently evaluating the impact on our financial statements.

In November 2016, the FASB issued Accounting Standards Update No. 2016-18, "Statement of Cash Flows (Topic 230) Restricted Cash" (ASU 2016-18), which requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendment is effective for us on July 1, 2018 and permits early adoption. This amendment will affect the presentation of our statement of cash flows once adopted, and we do not expect it to have material impact on our consolidated financial statements.

In March 2016, the FASB issued Accounting Standards Update No. 2016-04, "Liabilities - Extinguishment of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products" (ASU 2016-04), which requires an entity to recognize breakage for a liability resulting from the sale of a prepaid stored-value product in proportion to the pattern of rights expected to be exercised by the product holder only to the extent that it is probable that a significant reversal of the recognized breakage amount will not subsequently occur. The new standard is effective for us on July 1, 2018. The standard permits early adoption and should be applied either retrospectively to each period presented or by means of a cumulative adjustment to retained earnings as of the beginning of the fiscal year adopted. We do not expect the effect of ASU 2016-04 to have a material impact on our consolidated financial statements.

In March 2016, the FASB issued Accounting Standards Update No. 2016-02, "Leases (Topic 842)" (ASU 2016-02), which requires the recognition of lease assets and lease liabilities by lessees for those leases currently classified as operating leases. The standard also retains a distinction between finance leases and operating leases. The new standard is effective for us on July 1, 2019 and we expect to adopt the new standard using the modified retrospective approach. We also plan to use the transition relief package, in which we will not reassess the classification of our existing leases, whether any expired or existing contracts contain leases and if our existing leases have any initial direct costs. We are currently evaluating the requirements of the standard and we have not yet determined the impact of adoption on our consolidated financial statements.

In May 2014, the FASB issued Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers" (ASU 2014-09), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. This guidance will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for fiscal years beginning after December 15, 2017, which would result in an effective date for us of July 1, 2018. The standard permits the use of either the retrospective or modified retrospective method. We will adopt the new standard in the first quarter of fiscal 2019, and we will apply the modified retrospective approach.

We have substantially completed our impact assessment of the new standard, which was performed on a business unit by business unit basis through a review of contract terms and material revenue streams. We have identified an impact related to direct-response advertising costs, which are costs currently capitalized and expensed based on the guidance outlined in ASC 340. The guidance included in ASC 340 has been eliminated, and under the new revenue standard these costs will be expensed as incurred because they do not meet the requirements for capitalization since they are not direct and incremental to obtaining a contract. We expect this change to impact the timing for a portion of advertising expenses within our National Pen business, but we do not expect it to have a material impact on our consolidated results. We have also identified an impact related to customer loyalty programs that are offered by several of our businesses. Under the new revenue standard, the rewards associated with these programs will be recognized as an additional performance obligation, resulting in an allocation of the transaction price and deferral of revenue until the subsequent reward redemption. We do not expect this change to have a material impact on our consolidated results.

We are continuing to make changes to certain processes and internal controls, in order to address the impacts of the new standard, which we expect to finalize during the fourth quarter of fiscal 2018. Lastly, we are continuing to evaluate the disclosure requirements of the new standard.

Fair Value Measurements

9 Months Ended

Mar. 31, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

We use a three-level valuation hierarchy for measuring fair value and include detailed financial statement disclosures about fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:


•	Level 1: Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.


•	Level 2: Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in markets that are not active and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.


•	Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following tables summarize our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy:



	March 31, 2018
	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets
Interest rate swap contracts	$	10,360		$	—	$	10,360		$	—
Currency forward contracts	26			—		26			—
Currency option contracts	11			—		11			—
Total assets recorded at fair value	$	10,397		$	—	$	10,397		$	—

Liabilities
Cross-currency swap contracts	$	(42,073	)	$	—	$	(42,073	)	$	—
Currency forward contracts	(37,885		)	—		(37,885		)	—
Currency option contracts	(685		)	—		(685		)	—
Total liabilities recorded at fair value	$	(80,643	)	$	—	$	(80,643	)	$	—



	June 30, 2017
	Total			Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Assets
Interest rate swap contracts	$	1,717		$	—	$	1,717		$	—
Total assets recorded at fair value	$	1,717		$	—	$	1,717		$	—

Liabilities
Interest rate swap contracts	$	(483	)	$	—	$	(483	)	$	—
Cross-currency swap contracts	(19,760		)	—		(19,760		)	—
Currency forward contracts	(14,700		)	—		(14,700		)	—
Currency option contracts	(651		)	—		(651		)	—
Contingent consideration	(5,453		)	—		—			(5,453		)
Total liabilities recorded at fair value	$	(41,047	)	$	—	$	(35,594	)	$	(5,453	)

During the quarter ended March 31, 2018 and year ended June 30, 2017, there were no significant transfers in or out of Level 1, Level 2 and Level 3 classifications.

The valuations of the derivatives intended to mitigate our interest rate and currency risk are determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each instrument. This analysis utilizes observable market-based inputs, including interest rate curves, interest rate volatility, or spot and forward exchange rates, and reflects the contractual terms of these instruments, including the period to maturity. We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparties' nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements.

Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to appropriately reflect both our own nonperformance risk and the respective counterparties' nonperformance risk in the fair value measurement. However, as of March 31, 2018, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 in the fair value hierarchy.

Contingent consideration obligations are measured at fair value and are based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The valuation of contingent consideration uses assumptions and estimates to forecast a range of outcomes and probabilities for the contingent consideration. Certain contingent consideration obligations are valued using a Monte Carlo simulation model. We assess these assumptions and estimates on a quarterly basis as additional data impacting the assumptions is obtained. Any changes in the fair value of contingent consideration related to updated assumptions and estimates will be recognized within general and administrative expenses in the consolidated statements of operations during the period in which the change occurs.

As part of the acquisition of WIRmachenDRUCK on February 1, 2016, we agreed to a variable contingent payment up to €40,000, previously based on the achievement of a cumulative gross profit target for calendar years 2016 and 2017. During the fourth quarter of fiscal 2017, we determined it was reasonably certain, based on recent performance, that the maximum earn-out would be achieved. Subsequently, during the first quarter of fiscal 2018, we amended the terms of this arrangement to remove the performance target and agreed to pay the maximum amount in January 2018. On January 2, 2018 we paid the maximum amount of €40,000 ($48,069 based on the exchange rate on the day of payment) and $5,951 of the amount paid is considered contingent consideration and included in the table below.

The following table represents the changes in fair value of Level 3 contingent consideration:



	Nine Months Ended March 31,
	2018 (1)			2017 (1)
Balance at June 30, 2017 and 2016, respectively	$	5,453		$	1,212
Fair value adjustment	220			2,514
Cash payments	(5,951		)	—
Foreign currency impact	278			(89		)
Balance at March 31	$	—		$	3,637

_____________________

(1) As of June 30, 2017 and March 31, 2017, contingent consideration was classified as a current liability on the consolidated balance sheets. As of June 30, 2016 the liability was classified as a long-term liability on the consolidated balance sheet.

As of March 31, 2018 and June 30, 2017, the carrying amounts of our cash and cash equivalents, accounts receivable, accounts payable, and other current liabilities approximated their estimated fair values. As of March 31, 2018 and June 30, 2017 the carrying value of our debt, excluding debt issuance costs and debt discounts, was $820,182 and $882,578, respectively, and the fair value was $777,314 and $906,744, respectively. Our debt at March 31, 2018 includes variable rate debt instruments indexed to LIBOR that resets periodically and fixed rate debt instruments. The estimated fair value of our debt was determined using available market information based on recent trades or activity of debt instruments with substantially similar risks, terms and maturities, which fall within Level 2 under the fair value hierarchy. The estimated fair value of assets and liabilities disclosed above may not be representative of actual values that could have been or will be realized in the future.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Derivative Financial Instruments

9 Months Ended

Mar. 31, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure [Text Block]

Derivative Financial Instruments

We use derivative financial instruments, such as interest rate swap contracts, cross-currency swap contracts, and currency forward and option contracts, to manage interest rate and foreign currency exposures. Derivatives are recorded in the consolidated balance sheets at fair value. If the derivative is designated as a cash flow hedge or net investment hedge, then the effective portion of changes in the fair value of the derivative is recorded in accumulated other comprehensive loss and is subsequently reclassified into earnings in the period the hedged forecasted transaction affects earnings. If a derivative is deemed to be ineffective, then the ineffective portion of the change in fair value of the derivative is recognized directly in earnings. The change in the fair value of derivatives not designated as hedges is recognized directly in earnings, as a component of other (expense) income, net.

Hedges of Interest Rate Risk

We enter into interest rate swap contracts to manage variability in the amount of our known or expected cash payments related to a portion of our debt. Our objective in using interest rate swaps is to add stability to interest expense and to manage our exposure to interest rate movements. We designate our interest rate swaps as cash flow hedges. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the contract agreements without exchange of the underlying notional amount. Realized gains or losses from interest rate swaps are recorded in earnings, as a component of interest expense, net. A portion of seven of our interest rate swap contracts were deemed to be ineffective during the three and nine months ended March 31, 2018 and during the three and nine months ended March 31, 2017 a portion of two of our interest rate swap contracts was deemed to be ineffective.

Amounts reported in accumulated other comprehensive loss related to interest rate swap contracts will be reclassified to interest expense as interest payments are accrued or made on our variable-rate debt. As of March 31, 2018, we estimate that $119 of income will be reclassified from accumulated other comprehensive loss to interest expense during the twelve months ending March 31, 2019. As of March 31, 2018, we had nine outstanding interest rate swap contracts indexed to one-month LIBOR. These instruments were designated as cash flow hedges of interest rate risk and have varying start dates and maturity dates through December 2025.



Interest rate swap contracts outstanding:	Notional Amounts
Contracts accruing interest as of March 31, 2018	$	65,000
Contracts with a future start date	350,000
Total	$	415,000

Hedges of Currency Risk

Cross-Currency Swap Contracts

From time to time, we execute cross-currency swap contracts designated as cash flow hedges or net investment hedges. Cross-currency swaps involve an initial receipt of the notional amount in the hedge currency in exchange for our reporting currency based on a contracted exchange rate. Subsequently, we receive fixed rate payments in our reporting currency in exchange for fixed rate payments in the hedged currency over the life of the contract. At maturity, the final exchange involves the receipt of our reporting currency in exchange for the notional amount in the hedged currency.

Cross-currency swap contracts designated as cash flow hedges are executed to mitigate our currency exposure to the interest receipts as well as the principal remeasurement and repayment associated with certain intercompany loans denominated in a currency other than our reporting currency, the U.S. Dollar. As of March 31, 2018, we had two outstanding cross-currency swap contracts designated as cash flow hedges with a total notional amount of $120,011, both maturing during June 2019. We entered into the two cross-currency swap contracts to hedge the risk of changes in one Euro denominated intercompany loan entered into with one of our consolidated subsidiaries that has the Euro as its functional currency.

Amounts reported in accumulated other comprehensive loss will be reclassified to other (expense) income, net as interest payments are accrued or paid and upon remeasuring the intercompany loan. As of March 31, 2018, we estimate that $865 of income will be reclassified from accumulated other comprehensive loss to interest expense, net during the twelve months ending March 31, 2019.

Cross-currency swap contracts designated as net investment hedges are executed to mitigate our currency exposure of net investments in subsidiaries that have reporting currencies other than the U.S. Dollar. As of March 31, 2018, we had two outstanding cross-currency swap contracts designated as net investment hedges with a total notional amount of $122,969, both maturing during April 2019. We entered into the two cross-currency swap contracts to hedge the risk of changes in the U.S. Dollar equivalent value of a portion of our net investment in a consolidated subsidiary that has the Euro as its functional currency. Amounts reported in accumulated other comprehensive loss are recognized as a component of our cumulative translation adjustment.

We did not hold any ineffective cross-currency swaps during the three and nine months ended March 31, 2018 and 2017.

Other Currency Contracts

We execute currency forward and option contracts in order to mitigate our exposure to fluctuations in various currencies against our reporting currency, the U.S. Dollar.

As of March 31, 2018, we had six currency forward contracts designated as net investment hedges with a total notional amount of $175,262, maturing during various dates through October 2022. We entered into these contracts to hedge the risk of changes in the U.S. Dollar equivalent value of a portion of our net investment in a consolidated subsidiary that has the Euro as its functional currency. Amounts reported in accumulated other comprehensive loss are recognized as a component of our cumulative translation adjustment.

We have elected to not apply hedge accounting for all other currency forward and option contracts. During the three and nine months ended March 31, 2018 and 2017, we have experienced volatility within other (expense) income, net in our consolidated statements of operations from unrealized gains and losses on the mark-to-market of outstanding currency forward and option contracts. We expect this volatility to continue in future periods for contracts for which we do not apply hedge accounting. Additionally, since our hedging objectives may be targeted at non-GAAP financial metrics that exclude non-cash items such as depreciation and amortization, we may experience increased, not decreased, volatility in our GAAP results as a result of our currency hedging program.

As of March 31, 2018, we had the following outstanding currency derivative contracts that were not designated for hedge accounting and were used to hedge fluctuations in the U.S. Dollar value of forecasted transactions denominated in Australian Dollar, British Pound, Canadian Dollar, Danish Krone, Euro, Indian Rupee, Mexican Peso, New Zealand Dollar, Norwegian Krone, and Swedish Krona:



Notional Amount	Effective Date	Maturity Date	Number of Instruments	Index
$512,301	January 2017 through March 2018	Various dates through March 2020	489	Various

Financial Instrument Presentation

The table below presents the fair value of our derivative financial instruments as well as their classification on the balance sheet as of March 31, 2018 and June 30, 2017. Our derivative asset and liability balances will fluctuate with interest rate and currency exchange rate volatility. Our derivative liabilities have increased significantly during the nine months ended March 31, 2018 mainly due to the weakening of the US dollar.



	March 31, 2018
	Asset Derivatives								Liability Derivatives
Derivatives designated as hedging instruments	Balance Sheet line item	Gross amounts of recognized assets		Gross amount offset in consolidated balance sheet			Net amount		Balance Sheet line item	Gross amounts of recognized liabilities			Gross amount offset in consolidated balance sheet		Net amount
Derivatives in Cash Flow Hedging Relationships
Interest rate swaps	Other non-current assets	$	10,452	$	(92	)	$	10,360	Other current liabilities / other liabilities	$	—		$	—	$	—
Cross-currency swaps	Other non-current assets	—		—			—		Other liabilities	(18,897		)	—		(18,897		)
Derivatives in Net Investment Hedging Relationships
Cross-currency swaps	Other non-current assets	—		—			—		Other liabilities	(23,176		)	—		(23,176		)
Currency forward contracts	Other non-current assets	—		—			—		Other liabilities	(23,831		)	—		(23,831		)
Total derivatives designated as hedging instruments		$	10,452	$	(92	)	$	10,360		$	(65,904	)	$	—	$	(65,904	)

Derivatives not designated as hedging instruments
Currency forward contracts	Other current assets / other assets	$	26	$	—		$	26	Other current liabilities / other liabilities	$	(15,361	)	$	1,307	$	(14,054	)
Currency option contracts	Other current assets / other assets	11		—			11		Other current liabilities / other liabilities	(814		)	129		(685		)
Total derivatives not designated as hedging instruments		$	37	$	—		$	37		$	(16,175	)	$	1,436	$	(14,739	)



	June 30, 2017
	Asset Derivatives								Liability Derivatives
Derivatives designated as hedging instruments	Balance Sheet line item	Gross amounts of recognized assets		Gross amount offset in consolidated balance sheet			Net amount		Balance Sheet line item	Gross amounts of recognized liabilities			Gross amount offset in consolidated balance sheet		Net amount
Derivatives in Cash Flow Hedging Relationships
Interest rate swaps	Other non-current assets	$	2,072	$	(355	)	$	1,717	Other current liabilities / other liabilities	$	(483	)	$	—	$	(483	)
Cross-currency swaps	Other non-current assets	—		—			—		Other liabilities	(7,640		)	—		(7,640		)
Derivatives in Net Investment Hedging Relationships
Cross-currency swaps	Other non-current assets	—		—			—		Other liabilities	(12,120		)	—		(12,120		)
Currency forward contracts	Other non-current assets	—		—			—		Other liabilities	(9,896		)	—		(9,896		)
Total derivatives designated as hedging instruments		$	2,072	$	(355	)	$	1,717		$	(30,139	)	$	—	$	(30,139	)

Derivatives not designated as hedging instruments
Currency forward contracts	Other current assets / other assets	$	—	$	—		$	—	Other current liabilities / other liabilities	$	(8,033	)	$	3,229	$	(4,804	)
Currency Option Contracts	Other current assets / other assets	—		—			—		Other current liabilities / other liabilities	(651		)	—		(651		)
Total derivatives not designated as hedging instruments		$	—	$	—		$	—		$	(8,684	)	$	3,229	$	(5,455	)

The following table presents the effect of the effective portion of our derivative financial instruments designated as hedging instruments and their classification within comprehensive income (loss) for the three and nine months ended March 31, 2018 and 2017:



Derivatives in Hedging Relationships	Amount of Gain (Loss) Recognized in Comprehensive Income (Loss) on Derivatives
	Three Months Ended March 31,						Nine Months Ended March 31,
In thousands	2018			2017			2018			2017
Derivatives in Cash Flow Hedging Relationships
Interest rate swaps	$	6,087		$	314		$	7,330		$	3,078
Cross-currency swaps	2,321			(740		)	5,492			3,971
Derivatives in Net Investment Hedging Relationships
Cross-currency swaps	(3,873		)	(841		)	(10,307		)	3,983
Currency forward contracts	(5,576		)	(802		)	(13,935		)	137
	$	(1,041	)	$	(2,069	)	$	(11,420	)	$	11,169

The following table presents reclassifications out of accumulated other comprehensive loss for the three and nine months ended March 31, 2018 and 2017:



Details about Accumulated Other Comprehensive Loss Components	Amount Reclassified from Accumulated Other Comprehensive Income (Loss) to Net (Loss) Income												Affected line item in the Statement of Operations
	Three Months Ended March 31,						Nine Months Ended March 31,
In thousands	2018			2017			2018			2017
Derivatives in Cash Flow Hedging Relationships
Interest rate swaps	$	100		$	(61	)	$	(6	)	$	(100	)	Interest expense, net
Cross-currency swaps	(3,321		)	(1,131		)	(8,756		)	6,366			Other (expense) income, net
Total before income tax	(3,221		)	(1,192		)	(8,762		)	6,266			Income (loss) before income taxes
Income tax	805			297			2,212			(1,568		)	Income tax expense
Total	$	(2,416	)	$	(895	)	$	(6,550	)	$	4,698

The following table presents the adjustment to fair value recorded within the consolidated statements of operations for derivative instruments for which we did not elect hedge accounting, as well as the effect of the ineffective portion and de-designated derivative financial instruments that no longer qualify as hedging instruments in the period:



	Amount of Gain (Loss) Recognized in Net (Loss) Income											Location of Gain (Loss) Recognized in Income (Ineffective Portion)
	Three Months Ended March 31,						Nine Months Ended March 31,
In thousands	2018			2017			2018			2017
Derivatives not designated as hedging instruments
Currency contracts	$	(9,103	)	$	(820	)	$	(19,382	)	$	12,481	Other (expense) income, net
Interest rate swaps	1			3			279			256		Other (expense) income, net
	$	(9,102	)	$	(817	)	$	(19,103	)	$	12,737

Accumulated Other Comprehensive Income

9 Months Ended

Mar. 31, 2018

Equity [Abstract]

Accumulated Other Comprehensive Income

Accumulated Other Comprehensive Loss

The following table presents a roll forward of amounts recognized in accumulated other comprehensive loss by component, net of tax of $(3,237) for the nine months ended March 31, 2018:



	Gains (losses) on cash flow hedges (1)			Gains (losses) on pension benefit obligation			Translation adjustments, net of hedges (2)			Total
Balance as of June 30, 2017	$	(2,250	)	$	(357	)	$	(110,791	)	$	(113,398	)
Other comprehensive income (loss) before reclassifications	12,822			—			24,650			37,472
Amounts reclassified from accumulated other comprehensive loss to net (loss) income	(6,550		)	—			—			(6,550		)
Net current period other comprehensive income (loss)	6,272			—			24,650			30,922
Balance as of March 31, 2018	$	4,022		$	(357	)	$	(86,141	)	$	(82,476	)

________________________

(1) Gains (losses) on cash flow hedges include our interest rates swap and cross-currency swap contracts designated in cash flow hedging relationships.

(2) As of March 31, 2018 and June 30, 2017, the translation adjustment is inclusive of the effects of our net investment hedges, of which, unrealized losses of $41,290 and $17,048, respectively, net of tax, have been included in accumulated other comprehensive loss.

Goodwill and Acquired Intangible Assets

9 Months Ended

Mar. 31, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Acquired Intangible Assets

Goodwill

The carrying amount of goodwill by reportable segment as of March 31, 2018 and June 30, 2017 is as follows:



	Vistaprint			Upload and Print		National Pen			All Other Businesses		Total
Balance as of June 30, 2017	$	147,207		$	321,805	$	34,520		$	11,431	$	514,963
Adjustments	(58		)	—		(86		)	—		(144		)
Effect of currency translation adjustments (1)	2,706			24,844		—			—		27,550
Balance as of March 31, 2018	$	149,855		$	346,649	$	34,434		$	11,431	$	542,369

_________________

(1) Relates to goodwill held by subsidiaries whose functional currency is not the U.S. Dollar.

Acquired Intangible Assets

Acquired intangible assets amortization expense for the three and nine months ended March 31, 2018 was $12,941 and $38,132, respectively, compared to $13,450 and $33,542 for the prior comparative periods, respectively. In addition, during the three and nine months ended March 31, 2017, we recognized an impairment of $3,211, related to the acquired intangible assets within the Tradeprint asset group. Refer below for additional discussion regarding the impairment.

Impairment Review

Fiscal 2017

During the third quarter of fiscal 2017, we concluded that the goodwill of our Tradeprint reporting unit, part of our Upload and Print reportable segment, was not fully recoverable as the reporting unit was forecasting lower profits than originally forecasted as of the acquisition date. This resulted in an impairment of goodwill of $6,345 and an impairment of acquired intangible assets of $3,211 during the quarter ended March 31, 2017.

- 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.

+ References + Details