Goodwill and debt financing-Empirical analysis
Jing Zhao
2024-02-15
Data Analysis
In this study we investigate the timing of goodwill impairment and corporate bond issuance. If the empirical evidence show that structurally more impairments are announced after debt financing, it would provide evidence for strategic timing of impairment in order to secure debt financing.
To test this, we will use data from WRDS Audit Analytics and Mergent FISD Bond data.
Impairment data
In this part, we will import the impairment data from Audit Analytics which includes all material write downs that a firms file to SEC in 10-K, 10-Q, 8-K.
####Import impairment data
library(tidyverse)## Warning: package 'tidyverse' was built under R version 4.1.3## Warning: package 'tibble' was built under R version 4.1.3## Warning: package 'tidyr' was built under R version 4.1.3## Warning: package 'readr' was built under R version 4.1.3## Warning: package 'purrr' was built under R version 4.1.3## Warning: package 'dplyr' was built under R version 4.1.3## Warning: package 'forcats' was built under R version 4.1.3## Warning: package 'lubridate' was built under R version 4.1.3## -- Attaching core tidyverse packages ------------------------ tidyverse 2.0.0 --
## v dplyr 1.1.2 v readr 2.1.4
## v forcats 1.0.0 v stringr 1.5.1
## v ggplot2 3.4.4 v tibble 3.2.1
## v lubridate 1.9.2 v tidyr 1.3.0
## v purrr 1.0.1
## -- Conflicts ------------------------------------------ tidyverse_conflicts() --
## x dplyr::filter() masks stats::filter()
## x dplyr::lag() masks stats::lag()
## i Use the conflicted package (<http://conflicted.r-lib.org/>) to force all conflicts to become errors setwd("C:/MyFolder")
load(file = "aa_impairment_data.rda")
impairment_data<-select(aa.impairment.data,c(
"COMPANY_FKEY",
"QUANTITATIVE_TAXONOMY_TEXT",
"QUALTTIVE_TXNMY_TXT",
"DT_OF_8K_NTIFICATION",
"FILE_DATE",
"DATE_OF_8K_FORM_FKEY",
"FORM_FKEY",
"MTRL_IMPRMNT_FCT_KEY",
"ESTMATD_IMPCT_PRTX_INCM",
"ESTMATD_IMPCT_NT_INCM",
"MATCHQU_TSO_MARKCAP",
"MATCHQU_BALSH_ASSETS",
"MATCHQU_BALSH_BOOK_VAL",
"MATCHQU_INCMST_EBITDA_QTR",
"MATCHQU_INCMST_EBITDA_TTM",
"MATCHQU_INCMST_NETINC_QTR",
"MATCHQU_INCMST_NETINC_TTM",
"MATERIAL_IMPAIRMENT_TEXT"
)
)
head(impairment_data,10) ## # A tibble: 10 x 18
## COMPANY_FKEY QUANTITATIVE_TAXONOMY~1 QUALTTIVE_TXNMY_TXT DT_OF_8K_NTIFICATION
## <chr> <chr> <chr> <chr>
## 1 0000001750 PPE - Property, plant,~ "" ""
## 2 0000001750 PPE - Property, plant,~ "" ""
## 3 0000001750 PPE - Property, plant,~ "|Discontinued Ope~ ""
## 4 0000001750 PPE - Property, plant,~ "" ""
## 5 0000001750 Inventory "" ""
## 6 0000001750 PPE - Property, plant,~ "|Discontinued Ope~ ""
## 7 0000001750 Inventory "|Discontinued Ope~ ""
## 8 0000001750 Other/unspecified/misc~ "|Discontinued Ope~ ""
## 9 0000001750 Intangible Assets - Go~ "|Discontinued Ope~ ""
## 10 0000001750 Other/unspecified/misc~ "|Discontinued Ope~ ""
## # i abbreviated name: 1: QUANTITATIVE_TAXONOMY_TEXT
## # i 14 more variables: FILE_DATE <date>, DATE_OF_8K_FORM_FKEY <chr>,
## # FORM_FKEY <chr>, MTRL_IMPRMNT_FCT_KEY <dbl>, ESTMATD_IMPCT_PRTX_INCM <dbl>,
## # ESTMATD_IMPCT_NT_INCM <dbl>, MATCHQU_TSO_MARKCAP <dbl>,
## # MATCHQU_BALSH_ASSETS <dbl>, MATCHQU_BALSH_BOOK_VAL <dbl>,
## # MATCHQU_INCMST_EBITDA_QTR <dbl>, MATCHQU_INCMST_EBITDA_TTM <dbl>,
## # MATCHQU_INCMST_NETINC_QTR <dbl>, MATCHQU_INCMST_NETINC_TTM <dbl>, ...Create new variables
impairment_data<-impairment_data |>
mutate(
impairment_amount = -1* ESTMATD_IMPCT_PRTX_INCM,
.after = FILE_DATE
) |>
mutate(impairment_over_assets = impairment_amount/MATCHQU_BALSH_ASSETS,
.after = impairment_amount)
head(impairment_data,10) ## # A tibble: 10 x 20
## COMPANY_FKEY QUANTITATIVE_TAXONOMY~1 QUALTTIVE_TXNMY_TXT DT_OF_8K_NTIFICATION
## <chr> <chr> <chr> <chr>
## 1 0000001750 PPE - Property, plant,~ "" ""
## 2 0000001750 PPE - Property, plant,~ "" ""
## 3 0000001750 PPE - Property, plant,~ "|Discontinued Ope~ ""
## 4 0000001750 PPE - Property, plant,~ "" ""
## 5 0000001750 Inventory "" ""
## 6 0000001750 PPE - Property, plant,~ "|Discontinued Ope~ ""
## 7 0000001750 Inventory "|Discontinued Ope~ ""
## 8 0000001750 Other/unspecified/misc~ "|Discontinued Ope~ ""
## 9 0000001750 Intangible Assets - Go~ "|Discontinued Ope~ ""
## 10 0000001750 Other/unspecified/misc~ "|Discontinued Ope~ ""
## # i abbreviated name: 1: QUANTITATIVE_TAXONOMY_TEXT
## # i 16 more variables: FILE_DATE <date>, impairment_amount <dbl>,
## # impairment_over_assets <dbl>, DATE_OF_8K_FORM_FKEY <chr>, FORM_FKEY <chr>,
## # MTRL_IMPRMNT_FCT_KEY <dbl>, ESTMATD_IMPCT_PRTX_INCM <dbl>,
## # ESTMATD_IMPCT_NT_INCM <dbl>, MATCHQU_TSO_MARKCAP <dbl>,
## # MATCHQU_BALSH_ASSETS <dbl>, MATCHQU_BALSH_BOOK_VAL <dbl>,
## # MATCHQU_INCMST_EBITDA_QTR <dbl>, MATCHQU_INCMST_EBITDA_TTM <dbl>, ...####create dummy variable
impairment_data$goodwill_impairment <- as.integer(grepl("Goodwill", impairment_data$QUANTITATIVE_TAXONOMY_TEXT, fixed = TRUE))
impairment_data$F8K<-as.integer(grepl("8-K",impairment_data$DATE_OF_8K_FORM_FKEY,fixed=TRUE))
glimpse(impairment_data) ## Rows: 29,495
## Columns: 22
## $ COMPANY_FKEY <chr> "0000001750", "0000001750", "0000001750", "~
## $ QUANTITATIVE_TAXONOMY_TEXT <chr> "PPE - Property, plant, equipment", "PPE - ~
## $ QUALTTIVE_TXNMY_TXT <chr> "", "", "|Discontinued Operations|", "", ""~
## $ DT_OF_8K_NTIFICATION <chr> "", "", "", "", "", "", "", "", "", "", "",~
## $ FILE_DATE <date> 2011-07-13, 2012-07-19, 2015-07-15, 2015-0~
## $ impairment_amount <dbl> 5355000, 2500000, 57500000, 17700000, 89000~
## $ impairment_over_assets <dbl> 0.0030558580, 0.0011519145, 0.0371639090, 0~
## $ DATE_OF_8K_FORM_FKEY <chr> "", "", "", "", "", "", "", "", "", "", "",~
## $ FORM_FKEY <chr> "10-K", "10-K", "10-K", "10-K", "10-K", "10~
## $ MTRL_IMPRMNT_FCT_KEY <dbl> 16441, 14728, 13398, 20029, 20030, 25278, 2~
## $ ESTMATD_IMPCT_PRTX_INCM <dbl> -5355000, -2500000, -57500000, -17700000, -~
## $ ESTMATD_IMPCT_NT_INCM <dbl> NA, NA, NA, NA, NA, NA, NA, NA, NA, NA, NA,~
## $ MATCHQU_TSO_MARKCAP <dbl> 874988096, 597283264, 841740672, 841740672,~
## $ MATCHQU_BALSH_ASSETS <dbl> 1752372000, 2170300000, 1547200000, 1547200~
## $ MATCHQU_BALSH_BOOK_VAL <dbl> 670540000, 462100000, 697200000, 697200000,~
## $ MATCHQU_INCMST_EBITDA_QTR <dbl> 55100000, 69000000, 33800000, 33800000, 338~
## $ MATCHQU_INCMST_EBITDA_TTM <dbl> 2.1460e+08, 2.4910e+08, 3.4800e+07, 3.4800e~
## $ MATCHQU_INCMST_NETINC_QTR <dbl> 16600000, 18200000, 22900000, 22900000, 229~
## $ MATCHQU_INCMST_NETINC_TTM <dbl> 72700000, 69300000, 18700000, 18700000, 187~
## $ MATERIAL_IMPAIRMENT_TEXT <chr> "12. Impairment Charges Aircraft ~
## $ goodwill_impairment <int> 0, 0, 0, 0, 0, 0, 0, 0, 1, 0, 0, 0, 0, 0, 0~
## $ F8K <int> 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 0, 1, 1~####summary statistics
summary_statistics_df<-impairment_data |>
summarise(
mean_impairment_amount = mean(impairment_amount, na.rm = TRUE),
sd_impairment_amount = sd(impairment_amount, na.rm = TRUE),
min_impairment_amount = min(impairment_amount, na.rm = TRUE),
max_impairment_amount = max(impairment_amount, na.rm = TRUE),
mean_impairment_over_assets = mean(impairment_over_assets, na.rm = TRUE),
sd_impairment_over_assets = sd(impairment_over_assets, na.rm = TRUE),
min_impairment_over_assets = min(impairment_over_assets, na.rm = TRUE),
max_impairment_over_assets = max(impairment_over_assets, na.rm = TRUE),
mean_goodwill_impairment = mean(goodwill_impairment, na.rm = TRUE),
sd_goodwill_impairment = sd(goodwill_impairment, na.rm = TRUE),
min_goodwill_impairment = min(goodwill_impairment, na.rm = TRUE),
max_goodwill_impairment = max(goodwill_impairment, na.rm = TRUE),
mean_F8K=mean(F8K, na.rm = TRUE)
)
head(summary_statistics_df)## # A tibble: 1 x 13
## mean_impairment_amount sd_impairment_amount min_impairment_amount
## <dbl> <dbl> <dbl>
## 1 453803941. 28821618861. -214000000
## # i 10 more variables: max_impairment_amount <dbl>,
## # mean_impairment_over_assets <dbl>, sd_impairment_over_assets <dbl>,
## # min_impairment_over_assets <dbl>, max_impairment_over_assets <dbl>,
## # mean_goodwill_impairment <dbl>, sd_goodwill_impairment <dbl>,
## # min_goodwill_impairment <int>, max_goodwill_impairment <int>,
## # mean_F8K <dbl>library(tidyverse)
##plot impairment_amount based on the categories in the QUANTITATIVE_TAXONOMY_TEXT
ggplot(impairment_data, aes(x = FILE_DATE, y = impairment_amount, color = QUANTITATIVE_TAXONOMY_TEXT, group = QUANTITATIVE_TAXONOMY_TEXT)) +
geom_line()
library(tidyverse)
# Summarize data to count occurrences of each QUANTITATIVE_TAXONOMY_TEXT
summary_data <- impairment_data %>%
group_by(QUANTITATIVE_TAXONOMY_TEXT) %>%
summarise(count = n()) %>%
mutate(prop = count / sum(count)) # Calculate proportions
# Plot pie chart
ggplot(summary_data, aes(x = "", y = prop, fill = QUANTITATIVE_TAXONOMY_TEXT)) +
geom_bar(width = 1, stat = "identity", color = "white") +
coord_polar("y", start = 0) +
theme_void() +
labs(fill = "Quantitative Taxonomy",
title = "Pie Chart of Occurrences by Quantitative Taxonomy")
library(dplyr)
library(tidyverse)
# Step 1: Count occurrences of each group
count_data <- impairment_data %>%
group_by(QUANTITATIVE_TAXONOMY_TEXT) %>%
summarise(count = n())
# Step 2 & 3: Filter for "Intangible Assets - Goodwill" and calculate its percentage
goodwill_data <- impairment_data %>%
filter(QUANTITATIVE_TAXONOMY_TEXT == "Intangible Assets - Goodwill") %>%
summarise(
goodwill_count = n(),
total_count = nrow(impairment_data),
percentage = (goodwill_count / total_count) * 100
)
# Printing the result
print(goodwill_data)## # A tibble: 1 x 3
## goodwill_count total_count percentage
## <int> <int> <dbl>
## 1 4894 29495 16.6# Filter for "8-K" and count occurrences
eight_k_count <- impairment_data %>%
filter(DATE_OF_8K_FORM_FKEY == "8-K") %>%
summarise(Count = n())
# Print the count of "8-K"
print(eight_k_count)## # A tibble: 1 x 1
## Count
## <int>
## 1 1147# filter data with 8-K filing and goodwill impairment
filtered_data <- impairment_data %>%
filter(QUANTITATIVE_TAXONOMY_TEXT == "Intangible Assets - Goodwill" & DATE_OF_8K_FORM_FKEY == "8-K")
# View the filtered data, in total 241 observations
head(filtered_data,10)## # A tibble: 10 x 22
## COMPANY_FKEY QUANTITATIVE_TAXONOMY~1 QUALTTIVE_TXNMY_TXT DT_OF_8K_NTIFICATION
## <chr> <chr> <chr> <chr>
## 1 0000005133 Intangible Assets - Go~ |Item 2.06 8-K Dis~ 2005-12-12
## 2 0000006951 Intangible Assets - Go~ |Item 2.06 8-K Dis~ 2012-05-10
## 3 0000006955 Intangible Assets - Go~ |Item 2.06 8-K Dis~ 2012-09-18
## 4 0000006955 Intangible Assets - Go~ |Discontinued Oper~ 2013-06-03
## 5 0000006955 Intangible Assets - Go~ |Assets held for s~ 2019-01-24
## 6 0000008868 Intangible Assets - Go~ |Discontinued Oper~ 2013-07-02
## 7 0000008868 Intangible Assets - Go~ |Item 2.06 8-K Dis~ 2022-11-10
## 8 0000009984 Intangible Assets - Go~ |Item 2.06 8-K Dis~ 2022-07-29
## 9 0000012659 Intangible Assets - Go~ |Item 2.06 8-K Dis~ 2011-08-24
## 10 0000016040 Intangible Assets - Go~ |Item 2.06 8-K Dis~ 2015-07-16
## # i abbreviated name: 1: QUANTITATIVE_TAXONOMY_TEXT
## # i 18 more variables: FILE_DATE <date>, impairment_amount <dbl>,
## # impairment_over_assets <dbl>, DATE_OF_8K_FORM_FKEY <chr>, FORM_FKEY <chr>,
## # MTRL_IMPRMNT_FCT_KEY <dbl>, ESTMATD_IMPCT_PRTX_INCM <dbl>,
## # ESTMATD_IMPCT_NT_INCM <dbl>, MATCHQU_TSO_MARKCAP <dbl>,
## # MATCHQU_BALSH_ASSETS <dbl>, MATCHQU_BALSH_BOOK_VAL <dbl>,
## # MATCHQU_INCMST_EBITDA_QTR <dbl>, MATCHQU_INCMST_EBITDA_TTM <dbl>, ...library(tidyverse)
filtered_data |>
summarize(mean(impairment_amount,na.rm=TRUE))## # A tibble: 1 x 1
## `mean(impairment_amount, na.rm = TRUE)`
## <dbl>
## 1 507094639.The average impairment is $507 million in this filtered sample.
testing of the CIK and CUSIP codes
#find the entries with Company_FKEY equals to 0000005133
aa.impairment.data |>
filter(COMPANY_FKEY=="0000005133"
)## # A tibble: 8 x 221
## MTRL_IMPRMNT_FCT_KEY QUANTITATIVE_TAXONOMY_FKEY MTRL_IMPRMNT_KEY
## <dbl> <dbl> <dbl>
## 1 2634 1 2334
## 2 14865 1 8463
## 3 10434 1 5172
## 4 11085 3 5640
## 5 11086 2 5640
## 6 11087 24 5640
## 7 19632 3 11843
## 8 19633 2 11843
## # i 218 more variables: QUANTITATIVE_TAXONOMY_TEXT <chr>,
## # ESTMATD_IMPCT_NT_INCM <dbl>, ESTMATD_IMPCT_PRTX_INCM <dbl>,
## # IMPCT_ON_EARNING_PR_SHR <dbl>, IMPCT_ON_EARNING_PR_SHR_DILUTD <dbl>,
## # CURRNCY_CDE_FKEY <chr>, ESTMATD_IMPCT_NT_INCME_USD <dbl>,
## # ESTMATD_IMPCT_PRTAX_INCM_USD <dbl>, CONSOLIDATED_AMOUNT_USD <dbl>,
## # CONSOLIDATED_AMOUNT_FLAG <chr>, CONSOLIDATED_AMOUNT_LABEL <chr>,
## # IMPCT_ON_EARNING_PR_SHR_USD <dbl>, IMPCT_ON_ERNG_PR_SHR_DLTD_USD <dbl>, ...aa.impairment.data |>
filter(COMPANY_FKEY=="0000722077"
)## # A tibble: 4 x 221
## MTRL_IMPRMNT_FCT_KEY QUANTITATIVE_TAXONOMY_FKEY MTRL_IMPRMNT_KEY
## <dbl> <dbl> <dbl>
## 1 14813 24 8422
## 2 20471 6 8422
## 3 8683 3 4386
## 4 18635 24 11140
## # i 218 more variables: QUANTITATIVE_TAXONOMY_TEXT <chr>,
## # ESTMATD_IMPCT_NT_INCM <dbl>, ESTMATD_IMPCT_PRTX_INCM <dbl>,
## # IMPCT_ON_EARNING_PR_SHR <dbl>, IMPCT_ON_EARNING_PR_SHR_DILUTD <dbl>,
## # CURRNCY_CDE_FKEY <chr>, ESTMATD_IMPCT_NT_INCME_USD <dbl>,
## # ESTMATD_IMPCT_PRTAX_INCM_USD <dbl>, CONSOLIDATED_AMOUNT_USD <dbl>,
## # CONSOLIDATED_AMOUNT_FLAG <chr>, CONSOLIDATED_AMOUNT_LABEL <chr>,
## # IMPCT_ON_EARNING_PR_SHR_USD <dbl>, IMPCT_ON_ERNG_PR_SHR_DLTD_USD <dbl>, ...The company FKEY in the Audit Analytics data are 10 digits. The CIK code typically contain the same numbers in the last 4-7 digits as the company FKEY. We are able to find companies based on their CIK code in the impairment data from Audit Analytics data. We only need to add 3-6 zeros in front of the CIK code in order to make it a 10-digit number. The previous two examples show that.
# 1674862 ASHLAND GLOBAL HOLDINGS INC
aa.impairment.data |>
filter(COMPANY_FKEY=="0001674862"
)## # A tibble: 4 x 221
## MTRL_IMPRMNT_FCT_KEY QUANTITATIVE_TAXONOMY_FKEY MTRL_IMPRMNT_KEY
## <dbl> <dbl> <dbl>
## 1 25608 3 15506
## 2 28564 1 17751
## 3 33651 3 21278
## 4 33652 24 21278
## # i 218 more variables: QUANTITATIVE_TAXONOMY_TEXT <chr>,
## # ESTMATD_IMPCT_NT_INCM <dbl>, ESTMATD_IMPCT_PRTX_INCM <dbl>,
## # IMPCT_ON_EARNING_PR_SHR <dbl>, IMPCT_ON_EARNING_PR_SHR_DILUTD <dbl>,
## # CURRNCY_CDE_FKEY <chr>, ESTMATD_IMPCT_NT_INCME_USD <dbl>,
## # ESTMATD_IMPCT_PRTAX_INCM_USD <dbl>, CONSOLIDATED_AMOUNT_USD <dbl>,
## # CONSOLIDATED_AMOUNT_FLAG <chr>, CONSOLIDATED_AMOUNT_LABEL <chr>,
## # IMPCT_ON_EARNING_PR_SHR_USD <dbl>, IMPCT_ON_ERNG_PR_SHR_DLTD_USD <dbl>, ...Corporate bond data
The corporate bond data comes from Mergent FISD Issue data. This dataset includes the characteristics of bond issues, for example, Isser ID, Issue date, Principal amount, Maturity, Guarantee or not etc.
####Import data and some basic test of the ISSUER_CUSIP
library(tidyverse)
setwd("C:/MyFolder")
bond_data<- readRDS(file = "fisd_issue.rds")
Bdata<-select(bond_data,c(
"ISSUE_ID",
"ISSUER_ID",
"PROSPECTUS_ISSUER_NAME",
"ISSUER_CUSIP",
"ISSUE_CUSIP",
"ISSUE_NAME",
"MATURITY",
"SECURITY_LEVEL",
"GROSS_SPREAD",
"OFFERING_DATE",
"OFFERING_AMT",
"OFFERING_PRICE",
"OFFERING_YIELD",
"DELIVERY_DATE",
"COVENANTS"
)
)
head(Bdata,10)## # A tibble: 10 x 15
## ISSUE_ID ISSUER_ID PROSPECTUS_ISSUER_NAME ISSUER_CUSIP ISSUE_CUSIP ISSUE_NAME
## <dbl> <dbl> <chr> <chr> <chr> <chr>
## 1 1 3 AAR CORP 000361 AA3 NT
## 2 2 3 AAR CORP 000361 AB1 NT
## 3 3 40263 ABN AMRO BK N V N Y B~ 00077D AB5 MTN
## 4 4 40263 ABN AMRO BK N V N Y B~ 00077D AF6 SUB DEP N~
## 5 5 40263 ABN AMRO BK N V N Y B~ 00077T AA2 SUB DEP N~
## 6 6 40263 ABN AMRO BK N V N Y B~ 00077T AB0 SUB DEP N~
## 7 8 6 ACF INDS INC 000800 AR3 EQUIP TR ~
## 8 9 6 ACF INDS INC 000800 AX0 EQUIP TR ~
## 9 10 6 ACF INDS INC 000800 AY8 EQUIP TR ~
## 10 11 6 ACF INDS INC 000800 BA9 SINKING F~
## # i 9 more variables: MATURITY <date>, SECURITY_LEVEL <chr>,
## # GROSS_SPREAD <dbl>, OFFERING_DATE <date>, OFFERING_AMT <dbl>,
## # OFFERING_PRICE <dbl>, OFFERING_YIELD <dbl>, DELIVERY_DATE <date>,
## # COVENANTS <chr> #in total 602,446 observations bond_data |>
filter(ISSUER_CUSIP=="026375")## # A tibble: 14 x 66
## ISSUE_ID ISSUER_ID PROSPECTUS_ISSUER_NAME ISSUER_CUSIP ISSUE_CUSIP ISSUE_NAME
## <dbl> <dbl> <chr> <chr> <chr> <chr>
## 1 877 181 AMERICAN GREETINGS CO~ 026375 AC9 NT
## 2 878 181 AMERICAN GREETINGS CO~ 026375 AD7 NT
## 3 78371 181 AMERICAN GREETINGS CO~ 026375 AE5 NT
## 4 124616 181 AMERICAN GREETINGS CO~ 026375 AF2 SR SUB NT~
## 5 124714 181 AMERICAN GREETINGS CO~ 026375 AH8 SR SUB NT~
## 6 132569 181 AMERICAN GREETINGS CO~ 026375 AJ4 SUB NT CO~
## 7 135384 181 AMERICAN GREETINGS CO~ 026375 AG0 SR SUB NT
## 8 340085 181 AMERICAN GREETINGS CO~ 026375 AL9 SR NT
## 9 343332 181 AMERICAN GREETINGS CO~ 026375 AK1 SUB NT CO~
## 10 496746 181 AMERICAN GREETINGS CO~ 026375 AN5 SR NT
## 11 496761 181 AMERICAN GREETINGS CO~ 026375 AM7 SR NT
## 12 565251 181 AMERICAN GREETINGS CO~ 026375 AP0 SR NT
## 13 751113 181 AMERICAN GREETINGS CO~ 026375 AR6 SR NT RUL~
## 14 807937 181 AMERICAN GREETINGS CO~ 026375 AQ8 SR NT RUL~
## # i 60 more variables: MATURITY <date>, SECURITY_LEVEL <chr>,
## # SECURITY_PLEDGE <chr>, ENHANCEMENT <chr>, COUPON_TYPE <chr>,
## # CONVERTIBLE <chr>, MTN <chr>, ASSET_BACKED <chr>, YANKEE <chr>,
## # CANADIAN <chr>, OID <chr>, FOREIGN_CURRENCY <chr>, SLOB <chr>,
## # ISSUE_OFFERED_GLOBAL <chr>, SETTLEMENT_TYPE <chr>, GROSS_SPREAD <dbl>,
## # SELLING_CONCESSION <dbl>, REALLOWANCE <dbl>, COMP_NEG_EXCH_DEAL <chr>,
## # RULE_415_REG <chr>, SEC_REG_TYPE1 <chr>, SEC_REG_TYPE2 <chr>, ... # CUSI== 92113B106 ISSUER NAME==VAN KAMPEN STRATEGIC GROWTH FD There is a mismatch of the issuer name.
bond_data |>
filter(ISSUER_CUSIP=="092113")## # A tibble: 19 x 66
## ISSUE_ID ISSUER_ID PROSPECTUS_ISSUER_NAME ISSUER_CUSIP ISSUE_CUSIP ISSUE_NAME
## <dbl> <dbl> <chr> <chr> <chr> <chr>
## 1 2544 526 BLACK HILLS CORP 092113 AA7 1ST MTG S~
## 2 2545 526 BLACK HILLS CORP 092113 AB5 1ST MTG S~
## 3 27151 526 BLACK HILLS CORP 092113 AC3 1ST MTG S~
## 4 113292 526 BLACK HILLS CORP 092113 @A0 1ST MTG B~
## 5 164331 526 BLACK HILLS CORP 092113 AE9 NT
## 6 495892 526 BLACK HILLS CORP 092113 AF6 NT
## 7 526935 526 BLACK HILLS CORP 092113 AG4 SR NT
## 8 645881 526 BLACK HILLS CORP 092113 AK5 SR NT
## 9 645883 526 BLACK HILLS CORP 092113 AL3 SR NT
## 10 647482 526 BLACK HILLS CORP 092113 AH2 NT
## 11 660081 526 BLACK HILLS CORP 092113 AM1 GLOBAL SR~
## 12 660083 526 BLACK HILLS CORP 092113 AN9 GLOBAL SR~
## 13 673041 526 BLACK HILLS CORP 092113 125 EQUITY UN~
## 14 775905 526 BLACK HILLS CORP 092113 AQ2 GLOBAL SR~
## 15 853155 526 BLACK HILLS CORP 092113 AS8 GLOBAL SR~
## 16 853157 526 BLACK HILLS CORP 092113 AR0 GLOBAL SR~
## 17 911241 526 BLACK HILLS CORP 092113 AT6 GLOBAL NT
## 18 992389 526 BLACK HILLS CORP 092113 AU3 GLOBAL NT
## 19 1073654 526 BLACK HILLS CORP 092113 AV1 GLOBAL NT
## # i 60 more variables: MATURITY <date>, SECURITY_LEVEL <chr>,
## # SECURITY_PLEDGE <chr>, ENHANCEMENT <chr>, COUPON_TYPE <chr>,
## # CONVERTIBLE <chr>, MTN <chr>, ASSET_BACKED <chr>, YANKEE <chr>,
## # CANADIAN <chr>, OID <chr>, FOREIGN_CURRENCY <chr>, SLOB <chr>,
## # ISSUE_OFFERED_GLOBAL <chr>, SETTLEMENT_TYPE <chr>, GROSS_SPREAD <dbl>,
## # SELLING_CONCESSION <dbl>, REALLOWANCE <dbl>, COMP_NEG_EXCH_DEAL <chr>,
## # RULE_415_REG <chr>, SEC_REG_TYPE1 <chr>, SEC_REG_TYPE2 <chr>, ...The ISSUER_CUSIP in the Bond data has 6 digits, it contains a 0 and the first 5 digits of CUSIP_FULL in the CIK CUSIP file from Erik. When CUSIP contains letters, like in 92113B106 case, we have trouble finding the correct CUSIP. Because 092113 is a very different issuer than “VAN KAMPEN STRATEGIC GROWTH FD” as you can see in the previous example.
# CUSIP==46132L107 ISSUER NAME==INVESCO BOND FUND
bond_data |>
filter(ISSUER_CUSIP=="046132")## # A tibble: 0 x 66
## # i 66 variables: ISSUE_ID <dbl>, ISSUER_ID <dbl>,
## # PROSPECTUS_ISSUER_NAME <chr>, ISSUER_CUSIP <chr>, ISSUE_CUSIP <chr>,
## # ISSUE_NAME <chr>, MATURITY <date>, SECURITY_LEVEL <chr>,
## # SECURITY_PLEDGE <chr>, ENHANCEMENT <chr>, COUPON_TYPE <chr>,
## # CONVERTIBLE <chr>, MTN <chr>, ASSET_BACKED <chr>, YANKEE <chr>,
## # CANADIAN <chr>, OID <chr>, FOREIGN_CURRENCY <chr>, SLOB <chr>,
## # ISSUE_OFFERED_GLOBAL <chr>, SETTLEMENT_TYPE <chr>, GROSS_SPREAD <dbl>, ...#920955101
library(dplyr)
filtered_bond_data <- bond_data %>%
filter(grepl("VAN KAMPEN", PROSPECTUS_ISSUER_NAME, ignore.case = TRUE))
print(filtered_bond_data)## # A tibble: 2 x 66
## ISSUE_ID ISSUER_ID PROSPECTUS_ISSUER_NAME ISSUER_CUSIP ISSUE_CUSIP ISSUE_NAME
## <dbl> <dbl> <chr> <chr> <chr> <chr>
## 1 23273 4399 VAN KAMPEN MERRITT COS~ 920942 AA7 SR SECD NT
## 2 434032 40259 VAN KAMPEN MUN TR 920919 305 PERP TR P~
## # i 60 more variables: MATURITY <date>, SECURITY_LEVEL <chr>,
## # SECURITY_PLEDGE <chr>, ENHANCEMENT <chr>, COUPON_TYPE <chr>,
## # CONVERTIBLE <chr>, MTN <chr>, ASSET_BACKED <chr>, YANKEE <chr>,
## # CANADIAN <chr>, OID <chr>, FOREIGN_CURRENCY <chr>, SLOB <chr>,
## # ISSUE_OFFERED_GLOBAL <chr>, SETTLEMENT_TYPE <chr>, GROSS_SPREAD <dbl>,
## # SELLING_CONCESSION <dbl>, REALLOWANCE <dbl>, COMP_NEG_EXCH_DEAL <chr>,
## # RULE_415_REG <chr>, SEC_REG_TYPE1 <chr>, SEC_REG_TYPE2 <chr>, ...#81721102 BENEFICIAL CORP
bond_data |>
filter(ISSUER_CUSIP=="081721")## # A tibble: 24 x 66
## ISSUE_ID ISSUER_ID PROSPECTUS_ISSUER_NAME ISSUER_CUSIP ISSUE_CUSIP ISSUE_NAME
## <dbl> <dbl> <chr> <chr> <chr> <chr>
## 1 2433 497 BENEFICIAL CORP 081721 AG7 DEB
## 2 2434 497 BENEFICIAL CORP 081721 AH5 DEB
## 3 2435 497 BENEFICIAL CORP 081721 AK8 DEB
## 4 2436 497 BENEFICIAL CORP 081721 AL6 DEB
## 5 2437 497 BENEFICIAL CORP 081721 AN2 DEB
## 6 2438 497 BENEFICIAL CORP 081721 AP7 DEB
## 7 2439 497 BENEFICIAL CORP 081721 AQ5 DEB
## 8 2441 497 BENEFICIAL CORP 081721 AS1 DEB
## 9 2444 497 BENEFICIAL CORP 081721 AV4 DEB
## 10 2445 497 BENEFICIAL CORP 081721 AW2 DEB
## # i 14 more rows
## # i 60 more variables: MATURITY <date>, SECURITY_LEVEL <chr>,
## # SECURITY_PLEDGE <chr>, ENHANCEMENT <chr>, COUPON_TYPE <chr>,
## # CONVERTIBLE <chr>, MTN <chr>, ASSET_BACKED <chr>, YANKEE <chr>,
## # CANADIAN <chr>, OID <chr>, FOREIGN_CURRENCY <chr>, SLOB <chr>,
## # ISSUE_OFFERED_GLOBAL <chr>, SETTLEMENT_TYPE <chr>, GROSS_SPREAD <dbl>,
## # SELLING_CONCESSION <dbl>, REALLOWANCE <dbl>, COMP_NEG_EXCH_DEAL <chr>, ...#44186104 ASHLAND GLOBAL HOLDINGS INC
bond_data |>
filter(ISSUER_CUSIP=="044186")## # A tibble: 0 x 66
## # i 66 variables: ISSUE_ID <dbl>, ISSUER_ID <dbl>,
## # PROSPECTUS_ISSUER_NAME <chr>, ISSUER_CUSIP <chr>, ISSUE_CUSIP <chr>,
## # ISSUE_NAME <chr>, MATURITY <date>, SECURITY_LEVEL <chr>,
## # SECURITY_PLEDGE <chr>, ENHANCEMENT <chr>, COUPON_TYPE <chr>,
## # CONVERTIBLE <chr>, MTN <chr>, ASSET_BACKED <chr>, YANKEE <chr>,
## # CANADIAN <chr>, OID <chr>, FOREIGN_CURRENCY <chr>, SLOB <chr>,
## # ISSUE_OFFERED_GLOBAL <chr>, SETTLEMENT_TYPE <chr>, GROSS_SPREAD <dbl>, ...Merg Impairment data and the bond data
Import CIK_CUSIP file
# load the CIK_CUSIP data where we have the CIK and CUSIP in right format
cik_cusip <- read_csv("C:/Users/jzhao/OneDrive - Tilburg University/Documents/R/Goodwill project/CIK_CUSIP.csv")## New names:
## * `` -> `...15`
## * `` -> `...16`## Warning: One or more parsing issues, call `problems()` on your data frame for details,
## e.g.:
## dat <- vroom(...)
## problems(dat)## Rows: 31769 Columns: 16
## -- Column specification --------------------------------------------------------
## Delimiter: ","
## chr (9): COMPANY_FKEY, CoName, ISSUER_CUSIP, CUSIP_FULL, CUSIP, CIKDATE1, CI...
## dbl (4): CIK, ISSUE_CHECK, VALIDATED, LEN
## num (1): TMATCH
## lgl (2): ...15, ...16
##
## i Use `spec()` to retrieve the full column specification for this data.
## i Specify the column types or set `show_col_types = FALSE` to quiet this message.head(cik_cusip,10)## # A tibble: 10 x 16
## COMPANY_FKEY CIK CoName ISSUER_CUSIP CUSIP_FULL CUSIP CIKDATE1 CIKDATE2
## <chr> <dbl> <chr> <chr> <chr> <chr> <chr> <chr>
## 1 0000000020 20 K TRON IN~ 048273 482730108 4827~ 2/14/19~ 4/9/2010
## 2 0000001750 1750 AAR CORP 036110 361105 36110 2/7/1994 2/6/2023
## 3 0000001761 1761 TRANZONIC~ 089412 894120104 8941~ 2/5/1997 2/10/19~
## 4 0000001761 1761 TRANZONIC~ 089412 894120203 8941~ 4/7/1997 4/7/1997
## 5 0000001800 1800 ABBOTT LA~ 028241 2824100 2824~ 2/14/19~ 2/14/20~
## 6 0000001853 1853 ABERDEEN ~ 030501 3050101 3050~ 3/19/20~ 5/27/20~
## 7 0000001923 1923 ABRAMS IN~ 037881 3788106 3788~ 2/7/1996 2/11/20~
## 8 0000001923 1923 SERVIDYNE~ 081765 81765M106 8176~ 5/19/20~ 8/31/20~
## 9 0000001961 1961 WORLDS CO~ 098191 981918105 9819~ 4/16/19~ 5/29/20~
## 10 0000001961 1961 WORLDS INC 098191 981918105 9819~ 4/16/19~ 5/29/20~
## # i 8 more variables: TMATCH <dbl>, ISSUER <chr>, ISSUE <chr>,
## # ISSUE_CHECK <dbl>, VALIDATED <dbl>, LEN <dbl>, ...15 <lgl>, ...16 <lgl>###Merge impairment data and the CIK_CUSIP data
#impairment_data <- impairment_data %>%
#left_join(cik_cusip, by = "COMPANY_FKEY")
#library(dplyr)
#impairment_data <- rename(impairment_data, ISSUER_CUSIP = cik_cusip$ISSUER_CUSIP)
mergedt <- merge(impairment_data, cik_cusip, by= "COMPANY_FKEY")
head(mergedt,10)## COMPANY_FKEY QUANTITATIVE_TAXONOMY_TEXT
## 1 0000001750 Inventory
## 2 0000001750 Other/unspecified/misc. impairment
## 3 0000001750 Other/unspecified/misc. impairment
## 4 0000001750 PPE - Property, plant, equipment
## 5 0000001750 Intangible Assets - Goodwill
## 6 0000001750 Accounts/loans receivable and investments - other
## 7 0000001750 PPE - Property, plant, equipment
## 8 0000001750 Inventory
## 9 0000001750 Other/unspecified/misc. impairment
## 10 0000001750 Inventory
## QUALTTIVE_TXNMY_TXT DT_OF_8K_NTIFICATION FILE_DATE impairment_amount
## 1 |Discontinued Operations| 2018-07-11 21200000
## 2 |Discontinued Operations| 2018-07-11 2600000
## 3 |Discontinued Operations| 2019-07-18 74100000
## 4 2015-07-15 17700000
## 5 2023-07-18 1000000
## 6 2019-07-18 7600000
## 7 |Item 2.06 8-K Disclosure| 2020-06-29 2021-07-21 2600000
## 8 |Item 2.06 8-K Disclosure| 2020-06-29 2021-07-21 1400000
## 9 2020-07-21 11800000
## 10 2015-07-15 8900000
## impairment_over_assets DATE_OF_8K_FORM_FKEY FORM_FKEY MTRL_IMPRMNT_FCT_KEY
## 1 0.0137859279 10-K 27041
## 2 0.0016907270 10-K 27042
## 3 0.0440259046 10-K 27039
## 4 0.0114400207 10-K 20029
## 5 0.0005116660 10-K 39443
## 6 0.0045154774 10-K 27052
## 7 0.0016930390 8-K 10-K 33218
## 8 0.0009116364 8-K 10-K 33216
## 9 0.0068852842 10-K 29049
## 10 0.0057523268 10-K 20030
## ESTMATD_IMPCT_PRTX_INCM ESTMATD_IMPCT_NT_INCM MATCHQU_TSO_MARKCAP
## 1 -21200000 NA 1618899328
## 2 -2600000 NA 1618899328
## 3 -74100000 NA 1496129920
## 4 -17700000 NA 841740672
## 5 -1000000 NA 2155836160
## 6 -7600000 NA 1496129920
## 7 -2600000 NA 1202694400
## 8 -1400000 NA 1202694400
## 9 -11800000 NA 721388224
## 10 -8900000 NA 841740672
## MATCHQU_BALSH_ASSETS MATCHQU_BALSH_BOOK_VAL MATCHQU_INCMST_EBITDA_QTR
## 1 1537800000 784500000 36500000
## 2 1537800000 784500000 36500000
## 3 1683100000 780700000 33600000
## 4 1547200000 697200000 33800000
## 5 1954400000 881900000 34600000
## 6 1683100000 780700000 33600000
## 7 1535700000 866100000 24200000
## 8 1535700000 866100000 24200000
## 9 1713800000 767500000 12300000
## 10 1547200000 697200000 33800000
## MATCHQU_INCMST_EBITDA_TTM MATCHQU_INCMST_NETINC_QTR
## 1 147900000 15100000
## 2 147900000 15100000
## 3 138500000 4400000
## 4 34800000 22900000
## 5 161000000 -600000
## 6 138500000 4400000
## 7 133200000 11500000
## 8 133200000 11500000
## 9 65600000 -14500000
## 10 34800000 22900000
## MATCHQU_INCMST_NETINC_TTM
## 1 20100000
## 2 20100000
## 3 -3200000
## 4 18700000
## 5 66900000
## 6 -3200000
## 7 61800000
## 8 61800000
## 9 -14500000
## 10 18700000
## MATERIAL_IMPAIRMENT_TEXT
## 1 2. Discontinued Operations Our COCO business completed certain contracts in the second quarter of fiscal 2018. As the aircraft supporting these contracts were not placed on new contracts combined with the continued decline in operational tempo within the U.S. Department of Defense ("DoD") and an excess supply of aircraft assets in the market, we determined there was an impairment triggering event and tested the recoverability of our COCO assets. As a result, we recognized impairment and other charges of $54.2 million in the second quarter of fiscal 2018. The fair value of the aircraft and related assets was based on available market data for similar assets.
## 2 2. Discontinued Operations Our COCO business completed certain contracts in the second quarter of fiscal 2018. As the aircraft supporting these contracts were not placed on new contracts combined with the continued decline in operational tempo within the U.S. Department of Defense ("DoD") and an excess supply of aircraft assets in the market, we determined there was an impairment triggering event and tested the recoverability of our COCO assets. As a result, we recognized impairment and other charges of $54.2 million in the second quarter of fiscal 2018. The fair value of the aircraft and related assets was based on available market data for similar assets.
## 3 On March 15, 2019, we signed an agreement to sell certain contracts and assets of our COCO business. We expect the sale to close before the end of calendar 2019. In conjunction with this agreement and other expected asset sales, we recognized an impairment charge in discontinued operations of $74.1 million during the third quarter of fiscal 2019 reflecting the expected net proceeds to be received upon the completion of the sale transactions.
## 4 Aircraft may be classified as assets held for sale for more than one year as we continue to actively market the aircraft at reasonable prices. Certain aircraft types we currently have available for sale are specifically designed for particular functions which limits the marketability of those assets. We had eleven aircraft held for sale comprised of five fixed-wing and six rotary-wing aircraft at May 31, 2015 and nine aircraft held for sale comprised of five fixed-wing and four rotary-wing aircraft at May 31, 2014. During fiscal 2015, we recognized impairment charges of $8.9 million reflecting the decrease in fair value for certain aircraft held for sale and related rotable assets. Equipment under Leases Lease revenue is recognized as earned. The cost of the asset under lease is the original purchase price plus overhaul costs. Depreciation for aircraft is computed using the straight-line method over the estimated service life of the equipment. The balance sheet classification of equipment under lease is generally based on lease term, with fixed-term leases less than twelve months generally classified as short-term and all others generally classified as long-term. Equipment on short-term lease includes aircraft engines and parts on or available for lease to satisfy customers' immediate short-term requirements. The leases are renewable with fixed terms, which generally vary from one to twelve months. In conjunction with our decision to exit certain product lines in our landing gear business, we recognized an impairment charge of $17.7 million related to rotable assets in fiscal 2015.
## 5 In conjunction with the decision to exit certain product lines, we recognized rotable asset impairment charges of $1.0 million and $1.4 million in fiscal 2022 and 2021, respectively, in conjunction with reclassifying the rotable assets as inventory held for sale.
## 6 In fiscal 2019, we recognized a provision for doubtful accounts of $12.4 million related to the bankruptcy of a European airline customer. The provision consisted of impairment of non-current contract assets of $7.6 million, allowance for doubtful accounts of $3.3 million, and other liabilities of $1.5 million.
## 7 Inventories In conjunction with the decision to exit certain product lines and facilities, we recognized inventory impairment charges of $3.9 million in fiscal 2020. We also recognized rotable asset impairment charges of $1.9 million in fiscal 2020 in conjunction with reclassifying the rotable assets as inventory held for sale. In fiscal 2021, we recognized additional impairment charges of $1.4 million on these assets. Impairment of Long-Lived Assets We are required to test for impairment of long-lived assets whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable from its undiscounted cash flows. When applying accounting standards addressing impairment of long-lived assets, we have utilized certain assumptions to estimate future undiscounted cash flows, including current and future sales volumes or lease rates, expected changes to cost structures, lease terms, residual values, market conditions, and trends impacting future demand. Differences between actual results and the assumptions utilized by us when determining undiscounted cash flows could result in future impairments of long-lived assets. We recognized pre-tax asset impairment charges related to our COCO business of $11.8 million and $74.1 million in fiscal 2020 and 2019, respectively, related to assets included in our COCO business, which is classified as a discontinued operation. In our Expeditionary Services segment, we consolidated manufacturing facilities and recognized impairment and related charges of $2.6 million during fiscal 2021. We maintain a significant inventory of rotable parts and equipment to service customer aircraft and components. Portions of that inventory are used parts that are often exchanged with parts removed from aircraft or components, and are reworked to a useable condition. We may have to recognize an impairment of our rotable parts and equipment if we discontinue using or servicing certain aircraft models or if an older aircraft model is phased-out in the industry. In light of declines in commercial airline volumes and commercial program contract terminations, we evaluated future cash flows related to certain rotable assets supporting long-term programs and recognized asset impairment charges of $5.8 million and $1.9 million in fiscal 2021 and 2020, respectively.
## 8 Inventories In conjunction with the decision to exit certain product lines and facilities, we recognized inventory impairment charges of $3.9 million in fiscal 2020. We also recognized rotable asset impairment charges of $1.9 million in fiscal 2020 in conjunction with reclassifying the rotable assets as inventory held for sale. In fiscal 2021, we recognized additional impairment charges of $1.4 million on these assets. Impairment of Long-Lived Assets We are required to test for impairment of long-lived assets whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable from its undiscounted cash flows. When applying accounting standards addressing impairment of long-lived assets, we have utilized certain assumptions to estimate future undiscounted cash flows, including current and future sales volumes or lease rates, expected changes to cost structures, lease terms, residual values, market conditions, and trends impacting future demand. Differences between actual results and the assumptions utilized by us when determining undiscounted cash flows could result in future impairments of long-lived assets. We recognized pre-tax asset impairment charges related to our COCO business of $11.8 million and $74.1 million in fiscal 2020 and 2019, respectively, related to assets included in our COCO business, which is classified as a discontinued operation. In our Expeditionary Services segment, we consolidated manufacturing facilities and recognized impairment and related charges of $2.6 million during fiscal 2021. We maintain a significant inventory of rotable parts and equipment to service customer aircraft and components. Portions of that inventory are used parts that are often exchanged with parts removed from aircraft or components, and are reworked to a useable condition. We may have to recognize an impairment of our rotable parts and equipment if we discontinue using or servicing certain aircraft models or if an older aircraft model is phased-out in the industry. In light of declines in commercial airline volumes and commercial program contract terminations, we evaluated future cash flows related to certain rotable assets supporting long-term programs and recognized asset impairment charges of $5.8 million and $1.9 million in fiscal 2021 and 2020, respectively.
## 9 Impairment of Long-Lived Assets We are required to test for impairment of long-lived assets whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable from its undiscounted cash flows. When applying accounting standards addressing impairment of long-lived assets, we have utilized certain assumptions to estimate future undiscounted cash flows, including current and future sales volumes or lease rates, expected changes to cost structures, lease terms, residual values, market conditions, and trends impacting future demand. Differences between actual results and the assumptions utilized by us when determining undiscounted cash flows could result in future impairments of long-lived assets. We recognized pre-tax asset impairment charges related to our COCO business of $11.8 million, $74.1 million, and $64.0 million in fiscal 2020, 2019, and 2018, respectively, related to assets included in our COCO business, which is classified as a discontinued operation. 29 Table of Contents We maintain a significant inventory of rotable parts and equipment to service customer aircraft and components. Portions of that inventory are used parts that are often exchanged with parts removed from aircraft or components, and are reworked to a useable condition. We may have to recognize an impairment of our rotable parts and equipment if we discontinue using or servicing certain aircraft models or if an older aircraft model is phased-out in the industry. In conjunction with the decision to exit certain product lines, we recognized rotable asset impairment charges of $1.9 million in fiscal 2020.
## 10 Aircraft may be classified as assets held for sale for more than one year as we continue to actively market the aircraft at reasonable prices. Certain aircraft types we currently have available for sale are specifically designed for particular functions which limits the marketability of those assets. We had eleven aircraft held for sale comprised of five fixed-wing and six rotary-wing aircraft at May 31, 2015 and nine aircraft held for sale comprised of five fixed-wing and four rotary-wing aircraft at May 31, 2014. During fiscal 2015, we recognized impairment charges of $8.9 million reflecting the decrease in fair value for certain aircraft held for sale and related rotable assets. Equipment under Leases Lease revenue is recognized as earned. The cost of the asset under lease is the original purchase price plus overhaul costs. Depreciation for aircraft is computed using the straight-line method over the estimated service life of the equipment. The balance sheet classification of equipment under lease is generally based on lease term, with fixed-term leases less than twelve months generally classified as short-term and all others generally classified as long-term. Equipment on short-term lease includes aircraft engines and parts on or available for lease to satisfy customers' immediate short-term requirements. The leases are renewable with fixed terms, which generally vary from one to twelve months. In conjunction with our decision to exit certain product lines in our landing gear business, we recognized an impairment charge of $17.7 million related to rotable assets in fiscal 2015.
## goodwill_impairment F8K CIK CoName ISSUER_CUSIP CUSIP_FULL CUSIP CIKDATE1
## 1 0 0 1750 AAR CORP 036110 361105 36110 2/7/1994
## 2 0 0 1750 AAR CORP 036110 361105 36110 2/7/1994
## 3 0 0 1750 AAR CORP 036110 361105 36110 2/7/1994
## 4 0 0 1750 AAR CORP 036110 361105 36110 2/7/1994
## 5 1 0 1750 AAR CORP 036110 361105 36110 2/7/1994
## 6 0 0 1750 AAR CORP 036110 361105 36110 2/7/1994
## 7 0 1 1750 AAR CORP 036110 361105 36110 2/7/1994
## 8 0 1 1750 AAR CORP 036110 361105 36110 2/7/1994
## 9 0 0 1750 AAR CORP 036110 361105 36110 2/7/1994
## 10 0 0 1750 AAR CORP 036110 361105 36110 2/7/1994
## CIKDATE2 TMATCH ISSUER ISSUE ISSUE_CHECK VALIDATED LEN ...15 ...16
## 1 2/6/2023 875 AAR CORP COM 5 3 4 NA NA
## 2 2/6/2023 875 AAR CORP COM 5 3 4 NA NA
## 3 2/6/2023 875 AAR CORP COM 5 3 4 NA NA
## 4 2/6/2023 875 AAR CORP COM 5 3 4 NA NA
## 5 2/6/2023 875 AAR CORP COM 5 3 4 NA NA
## 6 2/6/2023 875 AAR CORP COM 5 3 4 NA NA
## 7 2/6/2023 875 AAR CORP COM 5 3 4 NA NA
## 8 2/6/2023 875 AAR CORP COM 5 3 4 NA NA
## 9 2/6/2023 875 AAR CORP COM 5 3 4 NA NA
## 10 2/6/2023 875 AAR CORP COM 5 3 4 NA NA#in total 305,175 observations###Merge impairment data and bond data
finaldt <- merge(mergedt, Bdata, by= "ISSUER_CUSIP")
head(finaldt,10)## ISSUER_CUSIP COMPANY_FKEY
## 1 001877 0001086600
## 2 001877 0001086600
## 3 001877 0001086600
## 4 001877 0001086600
## 5 001877 0001086600
## 6 001877 0001086600
## 7 002917 0001507385
## 8 002917 0001507385
## 9 002917 0001507385
## 10 002917 0001507385
## QUANTITATIVE_TAXONOMY_TEXT
## 1 PPE - Property, plant, equipment
## 2 PPE - Property, plant, equipment
## 3 PPE - Property, plant, equipment
## 4 Other long-lived assets, incl. capital leases, etc.
## 5 PPE - Property, plant, equipment
## 6 Intangible Assets - Goodwill
## 7 PPE - Property, plant, equipment
## 8 Intangible Assets - Goodwill
## 9 Accounts/loans receivable and investments - Investments in real estate
## 10 PPE - Property, plant, equipment
## QUALTTIVE_TXNMY_TXT DT_OF_8K_NTIFICATION FILE_DATE
## 1 |Act of god - flood, fire, etc.| 2021-02-23
## 2 2016-02-26
## 3 2020-02-20
## 4 2013-03-01
## 5 2019-02-22
## 6 |Act of god - flood, fire, etc.| 2021-02-23
## 7 2018-02-22
## 8 2017-02-23
## 9 2017-02-23
## 10 2020-02-26
## impairment_amount impairment_over_assets DATE_OF_8K_FORM_FKEY FORM_FKEY
## 1 25000000 0.011621529 10-K
## 2 100130000 0.042275666 10-K
## 3 15200000 0.006342792 10-K
## 4 19000000 0.009502195 10-K
## 5 40500000 0.016296934 10-K
## 6 132000000 0.061361671 10-K
## 7 50500000 0.003494377 10-K
## 8 120900000 0.007872870 10-K
## 9 182800000 0.011903727 10-K
## 10 47100000 0.003419874 10-K
## MTRL_IMPRMNT_FCT_KEY ESTMATD_IMPCT_PRTX_INCM ESTMATD_IMPCT_NT_INCM
## 1 32015 -25000000 NA
## 2 18533 -100130000 NA
## 3 32669 -15200000 NA
## 4 13677 -19000000 NA
## 5 25902 -40500000 NA
## 6 32014 -132000000 NA
## 7 23649 -50500000 NA
## 8 25118 -120900000 NA
## 9 25117 -182800000 NA
## 10 32418 -47100000 NA
## MATCHQU_TSO_MARKCAP MATCHQU_BALSH_ASSETS MATCHQU_BALSH_BOOK_VAL
## 1 719924928 2151180000 1084220000
## 2 881344064 2368502000 810914000
## 3 405752736 2396421000 1051408000
## 4 2353803776 1999538000 NA
## 5 2557552640 2485130000 1239506000
## 6 719924928 2151180000 1084220000
## 7 6794293760 14451789000 4347277000
## 8 8232564224 15356535000 6828968000
## 9 8232564224 15356535000 6828968000
## 10 4470923776 13772437000 3446076000
## MATCHQU_INCMST_EBITDA_QTR MATCHQU_INCMST_EBITDA_TTM
## 1 NA NA
## 2 NA NA
## 3 NA NA
## 4 NA NA
## 5 NA NA
## 6 NA NA
## 7 -71785000 -368047000
## 8 -101094000 -416057000
## 9 -101094000 -416057000
## 10 255197000 164715000
## MATCHQU_INCMST_NETINC_QTR MATCHQU_INCMST_NETINC_TTM
## 1 24748000 40311000
## 2 47310000 247028000
## 3 -144783000 -21797000
## 4 102937000 355540000
## 5 276428000 487124000
## 6 24748000 40311000
## 7 31795000 49175000
## 8 14438000 -68339000
## 9 14438000 -68339000
## 10 86808000 -282849000
## MATERIAL_IMPAIRMENT_TEXT
## 1 Goodwill impairment. During 2020, we recorded a $132.0 million non-cash goodwill impairment charge associated with our Hamilton mine, primarily as the result of reduced expected production volumes due to weakened coal market conditions and low energy demand resulting in part from the COVID-19 pandemic. Asset impairments. During 2020, we recorded $25.0 million of non-cash asset impairment charges due to sealing our idled Gibson North mine, resulting in its permanent closure, and a decrease in the fair value of certain mining equipment and greenfield coal reserves as a result of weakened coal market conditions. During 2019, we recorded an asset impairment charge of $15.2 million due to the cessation of production at our Dotiki mine.
## 2 4. LONG-LIVED ASSET IMPAIRMENTS During the fourth quarter of 2015, we idled our Onton and Gibson North mines in response to market conditions and continued increases in coal inventories at our mines and customer locations. Our decision to idle these mines, as well as continued low coal prices and regulatory conditions, led to the conclusion that indicators of impairment were present and our carrying value for certain mines may not be fully recoverable. During our assessment of the recoverability of the carrying value of our operating segments, we determined that we would likely not recover the carrying value of the net assets at MC Mining within our Appalachia segment and Onton within our Illinois Basin segment. Accordingly, we estimated the fair values of the MC Mining and Onton net assets and then adjusted the carrying values to the fair values resulting in impairments of $19.5 million and $66.9 million, respectively. The fair value of the assets was determined using a market approach and represents a Level 3 fair value measurement under the fair value hierarchy. The fair value analysis was based on assumptions of marketability of coal properties in the current environment and the probability assessment of multiple sales scenarios based on observations of other recent mine sales. During the fourth quarter of 2015 we determined that certain undeveloped coal reserves and related property in western Pennsylvania were no longer a core part of our foreseeable development plans and thus surrendered the lease for the properties in order to avoid the high holding costs of those reserves. We recorded an impairment charge of $3.0 million to our Appalachia segment during the quarter ended December 31, 2015 to remove advanced royalties associated with the lease from our consolidated balance sheet. During the third quarter of 2015, we surrendered a lease agreement for certain undeveloped coal reserves and related property in western Kentucky. We determined that coal reserves held under this lease agreement were no longer a core part of our foreseeable development plans. As such, we surrendered the lease in order to avoid the high holding costs of those reserves. We recorded an impairment charge of $10.7 million to our Illinois Basin segment to remove certain assets associated with the lease, including mineral rights, advanced royalties and mining permits from our consolidated balance sheet.
## 3 Asset impairment. We recognized a non-cash asset impairment charge of $15.2 million at our Dotiki mine in 2019 as we ceased operations to shift production to our lower cost mines.
## 4 5. ASSET IMPAIRMENT CHARGE We estimated the fair value of the Pontiki Assets and determined it was exceeded by the carrying value and accordingly, we recorded an asset impairment charge of $19.0 million in our Central Appalachian segment during the quarter ended September 30, 2012 to reduce the carrying value of the Pontiki Assets to their estimated fair value of $16.1 million. The fair value of the Pontiki Assets was determined using the market and cost valuation techniques and represents a Level 3 fair value measurement. The fair value analysis was based on the marketability of coal properties in the current market environment, discounted projected future cash flows, and estimated fair value of assets that could be sold or used at other operations. As these estimates incorporate certain assumptions, including replacement cost of equipment and marketability of coal reserves in the Central Appalachian region, and it is possible that the estimates may change in the future resulting in the need to adjust our determination of fair value. The asset impairment established a new cost basis on which depreciation, depletion and amortization is calculated for the Pontiki Assets.
## 5 3.LONG-LIVED ASSET IMPAIRMENTS In connection with our budgeting process in the fourth quarter, it was determined that, within our Illinois Basin segment, our Dotiki mine is expected to incur a reduction and related uncertainty in its economic mine life. Accordingly, we adjusted the carrying value of Dotiki's assets of $85.3 million to their fair value of $51.0 million resulting in an impairment charge of $34.3 million. Also within our Illinois Basin segment, a decrease in the fair value of an option entitling us to lease certain coal reserves resulted in an impairment charge of $6.2 million in the fourth quarter of 2018.
## 6 Goodwill impairment. During 2020, we recorded a $132.0 million non-cash goodwill impairment charge associated with our Hamilton mine, primarily as the result of reduced expected production volumes due to weakened coal market conditions and low energy demand resulting in part from the COVID-19 pandemic. Asset impairments. During 2020, we recorded $25.0 million of non-cash asset impairment charges due to sealing our idled Gibson North mine, resulting in its permanent closure, and a decrease in the fair value of certain mining equipment and greenfield coal reserves as a result of weakened coal market conditions. During 2019, we recorded an asset impairment charge of $15.2 million due to the cessation of production at our Dotiki mine.
## 7 Note 4 – Real Estate Investments and Related Intangibles Impairment of Real Estate Investments The Company performs quarterly impairment review procedures, primarily through continuous monitoring of events and changes in circumstances that could indicate the carrying value of its real estate assets may not be recoverable. As part of the Company’s quarterly impairment review procedures and considering the factors discussed regarding the Company’s policies on real estate impairment mentioned in Note 2 – Summary of Significant Accounting Policies, real estate assets and an investment in a property subject to a direct financing lease with carrying values totaling $161.9 million were deemed to be impaired and their carrying values were reduced to their estimated fair values of $111.4 million resulting in impairment charges of $50.5 million during the year ended December 31, 2017. The majority of the 2017 impairment charges relate to certain office, restaurant and other properties that, during 2017, management identified for potential sale or determined, based on discussions with the current tenants, will not be re-leased.
## 8 Note 4 – Goodwill and Other Intangibles Goodwill The Company evaluates goodwill for impairment annually or more frequently when an event occurs or circumstances change that indicate the carrying value, by reporting unit, may not be recoverable. The analysis performed for the annual goodwill test during the years ended December 31, 2016, 2015 and 2014 resulted in impairment charges of $120.9 million, $139.7 million and $223.1 million, respectively, in the Cole Capital reporting unit. See Note 10 – Fair Value Measures for a discussion of the Company’s fair value measurements regarding goodwill and intangible assets. Note 5 – Real Estate Investments Impairment of Real Estate Investments The Company performs quarterly impairment review procedures, primarily through continuous monitoring of events and changes in circumstances that could indicate the carrying value of its real estate assets may not be recoverable. During the year ended December 31, 2016, management identified certain properties for potential sale as part of its portfolio management strategy to reduce exposure to office properties. Additionally, a tenant of 59 restaurant properties filed for bankruptcy during the year ended December 31, 2016. As part of the Company’s quarterly impairment review procedures and considering the factors mentioned above, real estate assets with carrying values totaling $668.2 million were deemed to be impaired and their carrying values were reduced to their estimated fair values of $485.4 million, resulting in impairment charges of $182.8 million during the year ended December 31, 2016. During the years ended December 31, 2015 and 2014, real estate assets with carrying values totaling $340.0 million and $199.5 million, respectively, were deemed to be impaired and their carrying values were reduced to their estimated fair values of $248.3 million and $99.0 million, respectively, resulting in impairment charges of $91.8 million and $100.5 million, respectively.
## 9 Note 4 – Goodwill and Other Intangibles Goodwill The Company evaluates goodwill for impairment annually or more frequently when an event occurs or circumstances change that indicate the carrying value, by reporting unit, may not be recoverable. The analysis performed for the annual goodwill test during the years ended December 31, 2016, 2015 and 2014 resulted in impairment charges of $120.9 million, $139.7 million and $223.1 million, respectively, in the Cole Capital reporting unit. See Note 10 – Fair Value Measures for a discussion of the Company’s fair value measurements regarding goodwill and intangible assets. Note 5 – Real Estate Investments Impairment of Real Estate Investments The Company performs quarterly impairment review procedures, primarily through continuous monitoring of events and changes in circumstances that could indicate the carrying value of its real estate assets may not be recoverable. During the year ended December 31, 2016, management identified certain properties for potential sale as part of its portfolio management strategy to reduce exposure to office properties. Additionally, a tenant of 59 restaurant properties filed for bankruptcy during the year ended December 31, 2016. As part of the Company’s quarterly impairment review procedures and considering the factors mentioned above, real estate assets with carrying values totaling $668.2 million were deemed to be impaired and their carrying values were reduced to their estimated fair values of $485.4 million, resulting in impairment charges of $182.8 million during the year ended December 31, 2016. During the years ended December 31, 2015 and 2014, real estate assets with carrying values totaling $340.0 million and $199.5 million, respectively, were deemed to be impaired and their carrying values were reduced to their estimated fair values of $248.3 million and $99.0 million, respectively, resulting in impairment charges of $91.8 million and $100.5 million, respectively.
## 10 Impairments Impairments of $47.1 million recorded during the year ended December 31, 2019 relate to certain office, retail and restaurant properties that, during 2019, management identified for potential sale or determined, based on discussions with the current tenants, would not be re-leased by the tenant and the Company believes the property will not be leased to another tenant at a rental rate that supports the current book value.
## goodwill_impairment F8K CIK CoName
## 1 0 0 1086600 ALLIANCE RESOURCE PARTNERS LP
## 2 0 0 1086600 ALLIANCE RESOURCE PARTNERS LP
## 3 0 0 1086600 ALLIANCE RESOURCE PARTNERS LP
## 4 0 0 1086600 ALLIANCE RESOURCE PARTNERS LP
## 5 0 0 1086600 ALLIANCE RESOURCE PARTNERS LP
## 6 1 0 1086600 ALLIANCE RESOURCE PARTNERS LP
## 7 0 0 1507385 AMERICAN REALTY CAPITAL PROPERTIES INC
## 8 1 0 1507385 AMERICAN REALTY CAPITAL PROPERTIES INC
## 9 0 0 1507385 AMERICAN REALTY CAPITAL PROPERTIES INC
## 10 0 0 1507385 AMERICAN REALTY CAPITAL PROPERTIES INC
## CUSIP_FULL CUSIP CIKDATE1 CIKDATE2 TMATCH ISSUER
## 1 01877R108 01877R10 8/30/1999 7/3/2018 125 ALLIANCE RESOURCE PARTNERS L P
## 2 01877R108 01877R10 8/30/1999 7/3/2018 125 ALLIANCE RESOURCE PARTNERS L P
## 3 01877R108 01877R10 8/30/1999 7/3/2018 125 ALLIANCE RESOURCE PARTNERS L P
## 4 01877R108 01877R10 8/30/1999 7/3/2018 125 ALLIANCE RESOURCE PARTNERS L P
## 5 01877R108 01877R10 8/30/1999 7/3/2018 125 ALLIANCE RESOURCE PARTNERS L P
## 6 01877R108 01877R10 8/30/1999 7/3/2018 125 ALLIANCE RESOURCE PARTNERS L P
## 7 02917T104 02917T10 9/16/2011 3/9/2015 106 AMERICAN RLTY CAP PPTYS INC
## 8 02917T104 02917T10 9/16/2011 3/9/2015 106 AMERICAN RLTY CAP PPTYS INC
## 9 02917T104 02917T10 9/16/2011 3/9/2015 106 AMERICAN RLTY CAP PPTYS INC
## 10 02917T104 02917T10 9/16/2011 3/9/2015 106 AMERICAN RLTY CAP PPTYS INC
## ISSUE ISSUE_CHECK VALIDATED LEN ...15 ...16 ISSUE_ID
## 1 UNIT LTD PARTNER INT 8 3 7 NA NA 982445
## 2 UNIT LTD PARTNER INT 8 3 7 NA NA 982445
## 3 UNIT LTD PARTNER INT 8 3 7 NA NA 982445
## 4 UNIT LTD PARTNER INT 8 3 7 NA NA 982445
## 5 UNIT LTD PARTNER INT 8 3 7 NA NA 982445
## 6 UNIT LTD PARTNER INT 8 3 7 NA NA 982445
## 7 COM 4 3 7 NA NA 126
## 8 COM 4 3 7 NA NA 126
## 9 COM 4 3 7 NA NA 126
## 10 COM 4 3 7 NA NA 126
## ISSUER_ID PROSPECTUS_ISSUER_NAME ISSUE_CUSIP ISSUE_NAME
## 1 51120 API GROUP DE INC AA7 GTD SR NT RULE 144A
## 2 51120 API GROUP DE INC AA7 GTD SR NT RULE 144A
## 3 51120 API GROUP DE INC AA7 GTD SR NT RULE 144A
## 4 51120 API GROUP DE INC AA7 GTD SR NT RULE 144A
## 5 51120 API GROUP DE INC AA7 GTD SR NT RULE 144A
## 6 51120 API GROUP DE INC AA7 GTD SR NT RULE 144A
## 7 5740 ABBEY NATL FIRST CAP B V AA0 GTD SUB NT
## 8 5740 ABBEY NATL FIRST CAP B V AA0 GTD SUB NT
## 9 5740 ABBEY NATL FIRST CAP B V AA0 GTD SUB NT
## 10 5740 ABBEY NATL FIRST CAP B V AA0 GTD SUB NT
## MATURITY SECURITY_LEVEL GROSS_SPREAD OFFERING_DATE OFFERING_AMT
## 1 2029-07-15 SEN NA 2021-06-15 350000
## 2 2029-07-15 SEN NA 2021-06-15 350000
## 3 2029-07-15 SEN NA 2021-06-15 350000
## 4 2029-07-15 SEN NA 2021-06-15 350000
## 5 2029-07-15 SEN NA 2021-06-15 350000
## 6 2029-07-15 SEN NA 2021-06-15 350000
## 7 2004-10-15 SENS 6.5 1994-10-18 500000
## 8 2004-10-15 SENS 6.5 1994-10-18 500000
## 9 2004-10-15 SENS 6.5 1994-10-18 500000
## 10 2004-10-15 SENS 6.5 1994-10-18 500000
## OFFERING_PRICE OFFERING_YIELD DELIVERY_DATE COVENANTS
## 1 100.000 4.125 2021-06-22 Y
## 2 100.000 4.125 2021-06-22 Y
## 3 100.000 4.125 2021-06-22 Y
## 4 100.000 4.125 2021-06-22 Y
## 5 100.000 4.125 2021-06-22 Y
## 6 100.000 4.125 2021-06-22 Y
## 7 99.767 8.234 1994-10-25 Y
## 8 99.767 8.234 1994-10-25 Y
## 9 99.767 8.234 1994-10-25 Y
## 10 99.767 8.234 1994-10-25 Y#97,999 observationsReorganize the final data
final_data<-select(finaldt,c(
"COMPANY_FKEY",
"CoName",
"ISSUER_CUSIP",
"ISSUE_NAME",
"MATURITY",
"SECURITY_LEVEL",
"GROSS_SPREAD",
"OFFERING_DATE",
"OFFERING_AMT",
"OFFERING_PRICE",
"OFFERING_YIELD",
"DELIVERY_DATE",
"COVENANTS",
"impairment_amount",
"impairment_over_assets",
"goodwill_impairment",
"QUANTITATIVE_TAXONOMY_TEXT",
"QUALTTIVE_TXNMY_TXT",
"DT_OF_8K_NTIFICATION",
"FILE_DATE",
"DATE_OF_8K_FORM_FKEY",
"FORM_FKEY",
"MTRL_IMPRMNT_FCT_KEY",
"ESTMATD_IMPCT_PRTX_INCM",
"ESTMATD_IMPCT_NT_INCM",
"MATCHQU_TSO_MARKCAP",
"MATCHQU_BALSH_ASSETS",
"MATCHQU_BALSH_BOOK_VAL",
"MATCHQU_INCMST_EBITDA_QTR",
"MATCHQU_INCMST_EBITDA_TTM",
"MATCHQU_INCMST_NETINC_QTR",
"MATCHQU_INCMST_NETINC_TTM",
"MATERIAL_IMPAIRMENT_TEXT"
)
)
head(final_data,10)## COMPANY_FKEY CoName ISSUER_CUSIP
## 1 0001086600 ALLIANCE RESOURCE PARTNERS LP 001877
## 2 0001086600 ALLIANCE RESOURCE PARTNERS LP 001877
## 3 0001086600 ALLIANCE RESOURCE PARTNERS LP 001877
## 4 0001086600 ALLIANCE RESOURCE PARTNERS LP 001877
## 5 0001086600 ALLIANCE RESOURCE PARTNERS LP 001877
## 6 0001086600 ALLIANCE RESOURCE PARTNERS LP 001877
## 7 0001507385 AMERICAN REALTY CAPITAL PROPERTIES INC 002917
## 8 0001507385 AMERICAN REALTY CAPITAL PROPERTIES INC 002917
## 9 0001507385 AMERICAN REALTY CAPITAL PROPERTIES INC 002917
## 10 0001507385 AMERICAN REALTY CAPITAL PROPERTIES INC 002917
## ISSUE_NAME MATURITY SECURITY_LEVEL GROSS_SPREAD OFFERING_DATE
## 1 GTD SR NT RULE 144A 2029-07-15 SEN NA 2021-06-15
## 2 GTD SR NT RULE 144A 2029-07-15 SEN NA 2021-06-15
## 3 GTD SR NT RULE 144A 2029-07-15 SEN NA 2021-06-15
## 4 GTD SR NT RULE 144A 2029-07-15 SEN NA 2021-06-15
## 5 GTD SR NT RULE 144A 2029-07-15 SEN NA 2021-06-15
## 6 GTD SR NT RULE 144A 2029-07-15 SEN NA 2021-06-15
## 7 GTD SUB NT 2004-10-15 SENS 6.5 1994-10-18
## 8 GTD SUB NT 2004-10-15 SENS 6.5 1994-10-18
## 9 GTD SUB NT 2004-10-15 SENS 6.5 1994-10-18
## 10 GTD SUB NT 2004-10-15 SENS 6.5 1994-10-18
## OFFERING_AMT OFFERING_PRICE OFFERING_YIELD DELIVERY_DATE COVENANTS
## 1 350000 100.000 4.125 2021-06-22 Y
## 2 350000 100.000 4.125 2021-06-22 Y
## 3 350000 100.000 4.125 2021-06-22 Y
## 4 350000 100.000 4.125 2021-06-22 Y
## 5 350000 100.000 4.125 2021-06-22 Y
## 6 350000 100.000 4.125 2021-06-22 Y
## 7 500000 99.767 8.234 1994-10-25 Y
## 8 500000 99.767 8.234 1994-10-25 Y
## 9 500000 99.767 8.234 1994-10-25 Y
## 10 500000 99.767 8.234 1994-10-25 Y
## impairment_amount impairment_over_assets goodwill_impairment
## 1 25000000 0.011621529 0
## 2 100130000 0.042275666 0
## 3 15200000 0.006342792 0
## 4 19000000 0.009502195 0
## 5 40500000 0.016296934 0
## 6 132000000 0.061361671 1
## 7 50500000 0.003494377 0
## 8 120900000 0.007872870 1
## 9 182800000 0.011903727 0
## 10 47100000 0.003419874 0
## QUANTITATIVE_TAXONOMY_TEXT
## 1 PPE - Property, plant, equipment
## 2 PPE - Property, plant, equipment
## 3 PPE - Property, plant, equipment
## 4 Other long-lived assets, incl. capital leases, etc.
## 5 PPE - Property, plant, equipment
## 6 Intangible Assets - Goodwill
## 7 PPE - Property, plant, equipment
## 8 Intangible Assets - Goodwill
## 9 Accounts/loans receivable and investments - Investments in real estate
## 10 PPE - Property, plant, equipment
## QUALTTIVE_TXNMY_TXT DT_OF_8K_NTIFICATION FILE_DATE
## 1 |Act of god - flood, fire, etc.| 2021-02-23
## 2 2016-02-26
## 3 2020-02-20
## 4 2013-03-01
## 5 2019-02-22
## 6 |Act of god - flood, fire, etc.| 2021-02-23
## 7 2018-02-22
## 8 2017-02-23
## 9 2017-02-23
## 10 2020-02-26
## DATE_OF_8K_FORM_FKEY FORM_FKEY MTRL_IMPRMNT_FCT_KEY ESTMATD_IMPCT_PRTX_INCM
## 1 10-K 32015 -25000000
## 2 10-K 18533 -100130000
## 3 10-K 32669 -15200000
## 4 10-K 13677 -19000000
## 5 10-K 25902 -40500000
## 6 10-K 32014 -132000000
## 7 10-K 23649 -50500000
## 8 10-K 25118 -120900000
## 9 10-K 25117 -182800000
## 10 10-K 32418 -47100000
## ESTMATD_IMPCT_NT_INCM MATCHQU_TSO_MARKCAP MATCHQU_BALSH_ASSETS
## 1 NA 719924928 2151180000
## 2 NA 881344064 2368502000
## 3 NA 405752736 2396421000
## 4 NA 2353803776 1999538000
## 5 NA 2557552640 2485130000
## 6 NA 719924928 2151180000
## 7 NA 6794293760 14451789000
## 8 NA 8232564224 15356535000
## 9 NA 8232564224 15356535000
## 10 NA 4470923776 13772437000
## MATCHQU_BALSH_BOOK_VAL MATCHQU_INCMST_EBITDA_QTR MATCHQU_INCMST_EBITDA_TTM
## 1 1084220000 NA NA
## 2 810914000 NA NA
## 3 1051408000 NA NA
## 4 NA NA NA
## 5 1239506000 NA NA
## 6 1084220000 NA NA
## 7 4347277000 -71785000 -368047000
## 8 6828968000 -101094000 -416057000
## 9 6828968000 -101094000 -416057000
## 10 3446076000 255197000 164715000
## MATCHQU_INCMST_NETINC_QTR MATCHQU_INCMST_NETINC_TTM
## 1 24748000 40311000
## 2 47310000 247028000
## 3 -144783000 -21797000
## 4 102937000 355540000
## 5 276428000 487124000
## 6 24748000 40311000
## 7 31795000 49175000
## 8 14438000 -68339000
## 9 14438000 -68339000
## 10 86808000 -282849000
## MATERIAL_IMPAIRMENT_TEXT
## 1 Goodwill impairment. During 2020, we recorded a $132.0 million non-cash goodwill impairment charge associated with our Hamilton mine, primarily as the result of reduced expected production volumes due to weakened coal market conditions and low energy demand resulting in part from the COVID-19 pandemic. Asset impairments. During 2020, we recorded $25.0 million of non-cash asset impairment charges due to sealing our idled Gibson North mine, resulting in its permanent closure, and a decrease in the fair value of certain mining equipment and greenfield coal reserves as a result of weakened coal market conditions. During 2019, we recorded an asset impairment charge of $15.2 million due to the cessation of production at our Dotiki mine.
## 2 4. LONG-LIVED ASSET IMPAIRMENTS During the fourth quarter of 2015, we idled our Onton and Gibson North mines in response to market conditions and continued increases in coal inventories at our mines and customer locations. Our decision to idle these mines, as well as continued low coal prices and regulatory conditions, led to the conclusion that indicators of impairment were present and our carrying value for certain mines may not be fully recoverable. During our assessment of the recoverability of the carrying value of our operating segments, we determined that we would likely not recover the carrying value of the net assets at MC Mining within our Appalachia segment and Onton within our Illinois Basin segment. Accordingly, we estimated the fair values of the MC Mining and Onton net assets and then adjusted the carrying values to the fair values resulting in impairments of $19.5 million and $66.9 million, respectively. The fair value of the assets was determined using a market approach and represents a Level 3 fair value measurement under the fair value hierarchy. The fair value analysis was based on assumptions of marketability of coal properties in the current environment and the probability assessment of multiple sales scenarios based on observations of other recent mine sales. During the fourth quarter of 2015 we determined that certain undeveloped coal reserves and related property in western Pennsylvania were no longer a core part of our foreseeable development plans and thus surrendered the lease for the properties in order to avoid the high holding costs of those reserves. We recorded an impairment charge of $3.0 million to our Appalachia segment during the quarter ended December 31, 2015 to remove advanced royalties associated with the lease from our consolidated balance sheet. During the third quarter of 2015, we surrendered a lease agreement for certain undeveloped coal reserves and related property in western Kentucky. We determined that coal reserves held under this lease agreement were no longer a core part of our foreseeable development plans. As such, we surrendered the lease in order to avoid the high holding costs of those reserves. We recorded an impairment charge of $10.7 million to our Illinois Basin segment to remove certain assets associated with the lease, including mineral rights, advanced royalties and mining permits from our consolidated balance sheet.
## 3 Asset impairment. We recognized a non-cash asset impairment charge of $15.2 million at our Dotiki mine in 2019 as we ceased operations to shift production to our lower cost mines.
## 4 5. ASSET IMPAIRMENT CHARGE We estimated the fair value of the Pontiki Assets and determined it was exceeded by the carrying value and accordingly, we recorded an asset impairment charge of $19.0 million in our Central Appalachian segment during the quarter ended September 30, 2012 to reduce the carrying value of the Pontiki Assets to their estimated fair value of $16.1 million. The fair value of the Pontiki Assets was determined using the market and cost valuation techniques and represents a Level 3 fair value measurement. The fair value analysis was based on the marketability of coal properties in the current market environment, discounted projected future cash flows, and estimated fair value of assets that could be sold or used at other operations. As these estimates incorporate certain assumptions, including replacement cost of equipment and marketability of coal reserves in the Central Appalachian region, and it is possible that the estimates may change in the future resulting in the need to adjust our determination of fair value. The asset impairment established a new cost basis on which depreciation, depletion and amortization is calculated for the Pontiki Assets.
## 5 3.LONG-LIVED ASSET IMPAIRMENTS In connection with our budgeting process in the fourth quarter, it was determined that, within our Illinois Basin segment, our Dotiki mine is expected to incur a reduction and related uncertainty in its economic mine life. Accordingly, we adjusted the carrying value of Dotiki's assets of $85.3 million to their fair value of $51.0 million resulting in an impairment charge of $34.3 million. Also within our Illinois Basin segment, a decrease in the fair value of an option entitling us to lease certain coal reserves resulted in an impairment charge of $6.2 million in the fourth quarter of 2018.
## 6 Goodwill impairment. During 2020, we recorded a $132.0 million non-cash goodwill impairment charge associated with our Hamilton mine, primarily as the result of reduced expected production volumes due to weakened coal market conditions and low energy demand resulting in part from the COVID-19 pandemic. Asset impairments. During 2020, we recorded $25.0 million of non-cash asset impairment charges due to sealing our idled Gibson North mine, resulting in its permanent closure, and a decrease in the fair value of certain mining equipment and greenfield coal reserves as a result of weakened coal market conditions. During 2019, we recorded an asset impairment charge of $15.2 million due to the cessation of production at our Dotiki mine.
## 7 Note 4 – Real Estate Investments and Related Intangibles Impairment of Real Estate Investments The Company performs quarterly impairment review procedures, primarily through continuous monitoring of events and changes in circumstances that could indicate the carrying value of its real estate assets may not be recoverable. As part of the Company’s quarterly impairment review procedures and considering the factors discussed regarding the Company’s policies on real estate impairment mentioned in Note 2 – Summary of Significant Accounting Policies, real estate assets and an investment in a property subject to a direct financing lease with carrying values totaling $161.9 million were deemed to be impaired and their carrying values were reduced to their estimated fair values of $111.4 million resulting in impairment charges of $50.5 million during the year ended December 31, 2017. The majority of the 2017 impairment charges relate to certain office, restaurant and other properties that, during 2017, management identified for potential sale or determined, based on discussions with the current tenants, will not be re-leased.
## 8 Note 4 – Goodwill and Other Intangibles Goodwill The Company evaluates goodwill for impairment annually or more frequently when an event occurs or circumstances change that indicate the carrying value, by reporting unit, may not be recoverable. The analysis performed for the annual goodwill test during the years ended December 31, 2016, 2015 and 2014 resulted in impairment charges of $120.9 million, $139.7 million and $223.1 million, respectively, in the Cole Capital reporting unit. See Note 10 – Fair Value Measures for a discussion of the Company’s fair value measurements regarding goodwill and intangible assets. Note 5 – Real Estate Investments Impairment of Real Estate Investments The Company performs quarterly impairment review procedures, primarily through continuous monitoring of events and changes in circumstances that could indicate the carrying value of its real estate assets may not be recoverable. During the year ended December 31, 2016, management identified certain properties for potential sale as part of its portfolio management strategy to reduce exposure to office properties. Additionally, a tenant of 59 restaurant properties filed for bankruptcy during the year ended December 31, 2016. As part of the Company’s quarterly impairment review procedures and considering the factors mentioned above, real estate assets with carrying values totaling $668.2 million were deemed to be impaired and their carrying values were reduced to their estimated fair values of $485.4 million, resulting in impairment charges of $182.8 million during the year ended December 31, 2016. During the years ended December 31, 2015 and 2014, real estate assets with carrying values totaling $340.0 million and $199.5 million, respectively, were deemed to be impaired and their carrying values were reduced to their estimated fair values of $248.3 million and $99.0 million, respectively, resulting in impairment charges of $91.8 million and $100.5 million, respectively.
## 9 Note 4 – Goodwill and Other Intangibles Goodwill The Company evaluates goodwill for impairment annually or more frequently when an event occurs or circumstances change that indicate the carrying value, by reporting unit, may not be recoverable. The analysis performed for the annual goodwill test during the years ended December 31, 2016, 2015 and 2014 resulted in impairment charges of $120.9 million, $139.7 million and $223.1 million, respectively, in the Cole Capital reporting unit. See Note 10 – Fair Value Measures for a discussion of the Company’s fair value measurements regarding goodwill and intangible assets. Note 5 – Real Estate Investments Impairment of Real Estate Investments The Company performs quarterly impairment review procedures, primarily through continuous monitoring of events and changes in circumstances that could indicate the carrying value of its real estate assets may not be recoverable. During the year ended December 31, 2016, management identified certain properties for potential sale as part of its portfolio management strategy to reduce exposure to office properties. Additionally, a tenant of 59 restaurant properties filed for bankruptcy during the year ended December 31, 2016. As part of the Company’s quarterly impairment review procedures and considering the factors mentioned above, real estate assets with carrying values totaling $668.2 million were deemed to be impaired and their carrying values were reduced to their estimated fair values of $485.4 million, resulting in impairment charges of $182.8 million during the year ended December 31, 2016. During the years ended December 31, 2015 and 2014, real estate assets with carrying values totaling $340.0 million and $199.5 million, respectively, were deemed to be impaired and their carrying values were reduced to their estimated fair values of $248.3 million and $99.0 million, respectively, resulting in impairment charges of $91.8 million and $100.5 million, respectively.
## 10 Impairments Impairments of $47.1 million recorded during the year ended December 31, 2019 relate to certain office, retail and restaurant properties that, during 2019, management identified for potential sale or determined, based on discussions with the current tenants, would not be re-leased by the tenant and the Company believes the property will not be leased to another tenant at a rental rate that supports the current book value.Filter on goodwill impairments
# filter data with 8-K filing and goodwill impairment
final_filtered_data <- final_data %>%
filter(QUANTITATIVE_TAXONOMY_TEXT == "Intangible Assets - Goodwill" & DATE_OF_8K_FORM_FKEY == "8-K")
# View the filtered data
head(final_filtered_data,10)## COMPANY_FKEY CoName ISSUER_CUSIP ISSUE_NAME MATURITY
## 1 0001163165 CONOCOPHILLIPS 020825 JR SUB NT 2010-12-31
## 2 0001163165 CONOCOPHILLIPS 020825 SR SUB DEB 1996-10-01
## 3 0001002910 AMEREN CORP 023608 RMKD NT 2007-05-15
## 4 0001002910 AMEREN CORP 023608 GLOBAL SR NT 2014-05-15
## 5 0001002910 AMEREN CORP 023608 GLOBAL SR NT 2024-09-15
## 6 0001002910 AMEREN CORP 023608 GLOBAL SR NT 2027-03-15
## 7 0001002910 AMEREN CORP 023608 GLOBAL SR NT 2028-03-15
## 8 0001002910 AMEREN CORP 023608 GLOBAL SR NT 2020-11-15
## 9 0001002910 AMEREN CORP 023608 GLOBAL SR NT 2026-02-15
## 10 0001002910 AMEREN CORP 023608 GLOBAL SR NT 2031-01-15
## SECURITY_LEVEL GROSS_SPREAD OFFERING_DATE OFFERING_AMT OFFERING_PRICE
## 1 JUNS NA 2003-08-04 1640 100.0000
## 2 SENS 42.5000 1986-10-03 50000 100.0000
## 3 SEN 0.0635 2005-02-10 345000 100.9628
## 4 SEN 6.0000 2009-05-12 425000 99.5050
## 5 SEN 6.0000 2019-09-11 450000 99.9670
## 6 SEN 6.0000 2021-11-15 500000 99.9810
## 7 SEN 6.2500 2021-02-24 450000 99.9080
## 8 SEN 6.0000 2015-11-17 350000 99.9770
## 9 SEN 6.5000 2015-11-17 350000 99.9110
## 10 SEN 6.5000 2020-03-31 800000 99.7630
## OFFERING_YIELD DELIVERY_DATE COVENANTS impairment_amount
## 1 6.00000 2003-08-04 Y 2.54e+10
## 2 13.50000 1986-10-14 N 2.54e+10
## 3 3.83300 2005-02-15 N 3.00e+06
## 4 9.00012 2009-05-15 Y 3.00e+06
## 5 2.50706 2019-09-16 Y 3.00e+06
## 6 1.95356 2021-11-18 Y 3.00e+06
## 7 1.76401 2021-03-05 Y 3.00e+06
## 8 2.70500 2015-11-24 Y 3.00e+06
## 9 3.66100 2015-11-24 Y 3.00e+06
## 10 3.52700 2020-04-03 Y 3.00e+06
## impairment_over_assets goodwill_impairment QUANTITATIVE_TAXONOMY_TEXT
## 1 0.1773111532 1 Intangible Assets - Goodwill
## 2 0.1773111532 1 Intangible Assets - Goodwill
## 3 0.0001310101 1 Intangible Assets - Goodwill
## 4 0.0001310101 1 Intangible Assets - Goodwill
## 5 0.0001310101 1 Intangible Assets - Goodwill
## 6 0.0001310101 1 Intangible Assets - Goodwill
## 7 0.0001310101 1 Intangible Assets - Goodwill
## 8 0.0001310101 1 Intangible Assets - Goodwill
## 9 0.0001310101 1 Intangible Assets - Goodwill
## 10 0.0001310101 1 Intangible Assets - Goodwill
## QUALTTIVE_TXNMY_TXT DT_OF_8K_NTIFICATION FILE_DATE
## 1 |Item 2.06 8-K Disclosure| 2009-01-16 2009-02-25
## 2 |Item 2.06 8-K Disclosure| 2009-01-16 2009-02-25
## 3 |Item 2.06 8-K Disclosure| 2011-10-07 2012-02-28
## 4 |Item 2.06 8-K Disclosure| 2011-10-07 2012-02-28
## 5 |Item 2.06 8-K Disclosure| 2011-10-07 2012-02-28
## 6 |Item 2.06 8-K Disclosure| 2011-10-07 2012-02-28
## 7 |Item 2.06 8-K Disclosure| 2011-10-07 2012-02-28
## 8 |Item 2.06 8-K Disclosure| 2011-10-07 2012-02-28
## 9 |Item 2.06 8-K Disclosure| 2011-10-07 2012-02-28
## 10 |Item 2.06 8-K Disclosure| 2011-10-07 2012-02-28
## DATE_OF_8K_FORM_FKEY FORM_FKEY MTRL_IMPRMNT_FCT_KEY ESTMATD_IMPCT_PRTX_INCM
## 1 8-K 10-K 22864 -2.54e+10
## 2 8-K 10-K 22864 -2.54e+10
## 3 8-K 10-K 17590 -3.00e+06
## 4 8-K 10-K 17590 -3.00e+06
## 5 8-K 10-K 17590 -3.00e+06
## 6 8-K 10-K 17590 -3.00e+06
## 7 8-K 10-K 17590 -3.00e+06
## 8 8-K 10-K 17590 -3.00e+06
## 9 8-K 10-K 17590 -3.00e+06
## 10 8-K 10-K 17590 -3.00e+06
## ESTMATD_IMPCT_NT_INCM MATCHQU_TSO_MARKCAP MATCHQU_BALSH_ASSETS
## 1 NA 63097884672 1.43251e+11
## 2 NA 63097884672 1.43251e+11
## 3 NA 7885637632 2.28990e+10
## 4 NA 7885637632 2.28990e+10
## 5 NA 7885637632 2.28990e+10
## 6 NA 7885637632 2.28990e+10
## 7 NA 7885637632 2.28990e+10
## 8 NA 7885637632 2.28990e+10
## 9 NA 7885637632 2.28990e+10
## 10 NA 7885637632 2.28990e+10
## MATCHQU_BALSH_BOOK_VAL MATCHQU_INCMST_EBITDA_QTR MATCHQU_INCMST_EBITDA_TTM
## 1 5.0481e+10 4.29e+09 -3.177e+09
## 2 5.0481e+10 4.29e+09 -3.177e+09
## 3 7.0120e+09 3.39e+08 1.615e+09
## 4 7.0120e+09 3.39e+08 1.615e+09
## 5 7.0120e+09 3.39e+08 1.615e+09
## 6 7.0120e+09 3.39e+08 1.615e+09
## 7 7.0120e+09 3.39e+08 1.615e+09
## 8 7.0120e+09 3.39e+08 1.615e+09
## 9 7.0120e+09 3.39e+08 1.615e+09
## 10 7.0120e+09 3.39e+08 1.615e+09
## MATCHQU_INCMST_NETINC_QTR MATCHQU_INCMST_NETINC_TTM
## 1 8.00e+08 -1.9688e+10
## 2 8.00e+08 -1.9688e+10
## 3 -4.03e+08 5.2000e+07
## 4 -4.03e+08 5.2000e+07
## 5 -4.03e+08 5.2000e+07
## 6 -4.03e+08 5.2000e+07
## 7 -4.03e+08 5.2000e+07
## 8 -4.03e+08 5.2000e+07
## 9 -4.03e+08 5.2000e+07
## 10 -4.03e+08 5.2000e+07
## MATERIAL_IMPAIRMENT_TEXT
## 1 Note 10—Impairments Other Impairments As a result of the economic downturn in the fourth quarter of 2008, the outlook for crude oil and natural gas prices, refining margins, and power spreads sharply deteriorated. In addition, current project economics in our E&P segment resulted in revised capital spending plans. Because of these factors, certain E&P, R&M and Emerging Businesses properties no longer passed the undiscounted cash flow tests required by SFAS No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets,” and thus had to be written down to fair value. Consequently, we recorded property impairments of approximately $1,480 million, primarily consisting of: Also during 2008, we recorded property impairments of: • $63 million due to increased asset retirement obligations for properties at the end of their economic life, primarily for certain fields located in the North Sea. • $61 million associated with planned asset dispositions consisting mainly of $52 million for downstream assets in the United States. • $48 million for vacant office buildings in the United States. • $30 million for cancelled capital projects, primarily in our R&M segment. Accordingly, we recorded a noncash $7,410 million, before- and after-tax impairment, in our fourth-quarter 2008 results. This impairment had the effect of reducing our book value to $5,452 million, based on the market value of LUKOIL ADRs on December 31, 2008. Note 9—Goodwill and Intangibles Based on the above analysis, we concluded that a $25.4 billion before- and after-tax noncash impairment of the entire amount of recorded goodwill for the Worldwide E&P reporting unit was required. This impairment was recorded in the fourth quarter of 2008.
## 2 Note 10—Impairments Other Impairments As a result of the economic downturn in the fourth quarter of 2008, the outlook for crude oil and natural gas prices, refining margins, and power spreads sharply deteriorated. In addition, current project economics in our E&P segment resulted in revised capital spending plans. Because of these factors, certain E&P, R&M and Emerging Businesses properties no longer passed the undiscounted cash flow tests required by SFAS No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets,” and thus had to be written down to fair value. Consequently, we recorded property impairments of approximately $1,480 million, primarily consisting of: Also during 2008, we recorded property impairments of: • $63 million due to increased asset retirement obligations for properties at the end of their economic life, primarily for certain fields located in the North Sea. • $61 million associated with planned asset dispositions consisting mainly of $52 million for downstream assets in the United States. • $48 million for vacant office buildings in the United States. • $30 million for cancelled capital projects, primarily in our R&M segment. Accordingly, we recorded a noncash $7,410 million, before- and after-tax impairment, in our fourth-quarter 2008 results. This impairment had the effect of reducing our book value to $5,452 million, based on the market value of LUKOIL ADRs on December 31, 2008. Note 9—Goodwill and Intangibles Based on the above analysis, we concluded that a $25.4 billion before- and after-tax noncash impairment of the entire amount of recorded goodwill for the Worldwide E&P reporting unit was required. This impairment was recorded in the fourth quarter of 2008.
## 3 NOTE 17 – GOODWILL, IMPAIRMENT AND OTHER CHARGES At the end of 2011, Genco ceased operations of its Meredosia and Hutsonville energy centers. The closure of these energy centers resulted in the elimination of 90 positions. Ameren and Genco each recorded the following pretax charges to earnings during 2011 related to the closure of these energy centers: Ÿ a $26 million noncash impairment, representing the remaining net investment in both energy centers; Ÿ a $4 million noncash impairment of materials and supplies; and Ÿ a $4 million estimate for future cash severance costs, which will be substantially paid during the first quarter of 2012. In July 2011, the EPA issued CSAPR, which created new allowances for SO2 and NOx emissions, and restricted the use of pre-existing SO2 and NOx allowances to the acid rain program and to the NOx budget trading program, respectively. As a result, observable market prices for existing emission allowances declined materially. Consequently, during 2011, Ameren and Genco recorded a noncash pretax impairment charge of $2 million and $1 million, respectively. Ameren Missouri recorded a $1 million impairment of its SO2 emission allowances by reducing a previously established regulatory liability relating to the SO2 emission allowances, which had no impact on earnings.
## 4 NOTE 17 – GOODWILL, IMPAIRMENT AND OTHER CHARGES At the end of 2011, Genco ceased operations of its Meredosia and Hutsonville energy centers. The closure of these energy centers resulted in the elimination of 90 positions. Ameren and Genco each recorded the following pretax charges to earnings during 2011 related to the closure of these energy centers: Ÿ a $26 million noncash impairment, representing the remaining net investment in both energy centers; Ÿ a $4 million noncash impairment of materials and supplies; and Ÿ a $4 million estimate for future cash severance costs, which will be substantially paid during the first quarter of 2012. In July 2011, the EPA issued CSAPR, which created new allowances for SO2 and NOx emissions, and restricted the use of pre-existing SO2 and NOx allowances to the acid rain program and to the NOx budget trading program, respectively. As a result, observable market prices for existing emission allowances declined materially. Consequently, during 2011, Ameren and Genco recorded a noncash pretax impairment charge of $2 million and $1 million, respectively. Ameren Missouri recorded a $1 million impairment of its SO2 emission allowances by reducing a previously established regulatory liability relating to the SO2 emission allowances, which had no impact on earnings.
## 5 NOTE 17 – GOODWILL, IMPAIRMENT AND OTHER CHARGES At the end of 2011, Genco ceased operations of its Meredosia and Hutsonville energy centers. The closure of these energy centers resulted in the elimination of 90 positions. Ameren and Genco each recorded the following pretax charges to earnings during 2011 related to the closure of these energy centers: Ÿ a $26 million noncash impairment, representing the remaining net investment in both energy centers; Ÿ a $4 million noncash impairment of materials and supplies; and Ÿ a $4 million estimate for future cash severance costs, which will be substantially paid during the first quarter of 2012. In July 2011, the EPA issued CSAPR, which created new allowances for SO2 and NOx emissions, and restricted the use of pre-existing SO2 and NOx allowances to the acid rain program and to the NOx budget trading program, respectively. As a result, observable market prices for existing emission allowances declined materially. Consequently, during 2011, Ameren and Genco recorded a noncash pretax impairment charge of $2 million and $1 million, respectively. Ameren Missouri recorded a $1 million impairment of its SO2 emission allowances by reducing a previously established regulatory liability relating to the SO2 emission allowances, which had no impact on earnings.
## 6 NOTE 17 – GOODWILL, IMPAIRMENT AND OTHER CHARGES At the end of 2011, Genco ceased operations of its Meredosia and Hutsonville energy centers. The closure of these energy centers resulted in the elimination of 90 positions. Ameren and Genco each recorded the following pretax charges to earnings during 2011 related to the closure of these energy centers: Ÿ a $26 million noncash impairment, representing the remaining net investment in both energy centers; Ÿ a $4 million noncash impairment of materials and supplies; and Ÿ a $4 million estimate for future cash severance costs, which will be substantially paid during the first quarter of 2012. In July 2011, the EPA issued CSAPR, which created new allowances for SO2 and NOx emissions, and restricted the use of pre-existing SO2 and NOx allowances to the acid rain program and to the NOx budget trading program, respectively. As a result, observable market prices for existing emission allowances declined materially. Consequently, during 2011, Ameren and Genco recorded a noncash pretax impairment charge of $2 million and $1 million, respectively. Ameren Missouri recorded a $1 million impairment of its SO2 emission allowances by reducing a previously established regulatory liability relating to the SO2 emission allowances, which had no impact on earnings.
## 7 NOTE 17 – GOODWILL, IMPAIRMENT AND OTHER CHARGES At the end of 2011, Genco ceased operations of its Meredosia and Hutsonville energy centers. The closure of these energy centers resulted in the elimination of 90 positions. Ameren and Genco each recorded the following pretax charges to earnings during 2011 related to the closure of these energy centers: Ÿ a $26 million noncash impairment, representing the remaining net investment in both energy centers; Ÿ a $4 million noncash impairment of materials and supplies; and Ÿ a $4 million estimate for future cash severance costs, which will be substantially paid during the first quarter of 2012. In July 2011, the EPA issued CSAPR, which created new allowances for SO2 and NOx emissions, and restricted the use of pre-existing SO2 and NOx allowances to the acid rain program and to the NOx budget trading program, respectively. As a result, observable market prices for existing emission allowances declined materially. Consequently, during 2011, Ameren and Genco recorded a noncash pretax impairment charge of $2 million and $1 million, respectively. Ameren Missouri recorded a $1 million impairment of its SO2 emission allowances by reducing a previously established regulatory liability relating to the SO2 emission allowances, which had no impact on earnings.
## 8 NOTE 17 – GOODWILL, IMPAIRMENT AND OTHER CHARGES At the end of 2011, Genco ceased operations of its Meredosia and Hutsonville energy centers. The closure of these energy centers resulted in the elimination of 90 positions. Ameren and Genco each recorded the following pretax charges to earnings during 2011 related to the closure of these energy centers: Ÿ a $26 million noncash impairment, representing the remaining net investment in both energy centers; Ÿ a $4 million noncash impairment of materials and supplies; and Ÿ a $4 million estimate for future cash severance costs, which will be substantially paid during the first quarter of 2012. In July 2011, the EPA issued CSAPR, which created new allowances for SO2 and NOx emissions, and restricted the use of pre-existing SO2 and NOx allowances to the acid rain program and to the NOx budget trading program, respectively. As a result, observable market prices for existing emission allowances declined materially. Consequently, during 2011, Ameren and Genco recorded a noncash pretax impairment charge of $2 million and $1 million, respectively. Ameren Missouri recorded a $1 million impairment of its SO2 emission allowances by reducing a previously established regulatory liability relating to the SO2 emission allowances, which had no impact on earnings.
## 9 NOTE 17 – GOODWILL, IMPAIRMENT AND OTHER CHARGES At the end of 2011, Genco ceased operations of its Meredosia and Hutsonville energy centers. The closure of these energy centers resulted in the elimination of 90 positions. Ameren and Genco each recorded the following pretax charges to earnings during 2011 related to the closure of these energy centers: Ÿ a $26 million noncash impairment, representing the remaining net investment in both energy centers; Ÿ a $4 million noncash impairment of materials and supplies; and Ÿ a $4 million estimate for future cash severance costs, which will be substantially paid during the first quarter of 2012. In July 2011, the EPA issued CSAPR, which created new allowances for SO2 and NOx emissions, and restricted the use of pre-existing SO2 and NOx allowances to the acid rain program and to the NOx budget trading program, respectively. As a result, observable market prices for existing emission allowances declined materially. Consequently, during 2011, Ameren and Genco recorded a noncash pretax impairment charge of $2 million and $1 million, respectively. Ameren Missouri recorded a $1 million impairment of its SO2 emission allowances by reducing a previously established regulatory liability relating to the SO2 emission allowances, which had no impact on earnings.
## 10 NOTE 17 – GOODWILL, IMPAIRMENT AND OTHER CHARGES At the end of 2011, Genco ceased operations of its Meredosia and Hutsonville energy centers. The closure of these energy centers resulted in the elimination of 90 positions. Ameren and Genco each recorded the following pretax charges to earnings during 2011 related to the closure of these energy centers: Ÿ a $26 million noncash impairment, representing the remaining net investment in both energy centers; Ÿ a $4 million noncash impairment of materials and supplies; and Ÿ a $4 million estimate for future cash severance costs, which will be substantially paid during the first quarter of 2012. In July 2011, the EPA issued CSAPR, which created new allowances for SO2 and NOx emissions, and restricted the use of pre-existing SO2 and NOx allowances to the acid rain program and to the NOx budget trading program, respectively. As a result, observable market prices for existing emission allowances declined materially. Consequently, during 2011, Ameren and Genco recorded a noncash pretax impairment charge of $2 million and $1 million, respectively. Ameren Missouri recorded a $1 million impairment of its SO2 emission allowances by reducing a previously established regulatory liability relating to the SO2 emission allowances, which had no impact on earnings.We get a sample of 276 observations that reported goodwill impairment via 8K filings.
Then we can compare the 8K filing data and the bond issuing date.
final_filtered_data$diff_in_days<- difftime(final_filtered_data$OFFERING_DATE ,final_filtered_data$DT_OF_8K_NTIFICATION , units = c("days"))
head(final_filtered_data,10)## COMPANY_FKEY CoName ISSUER_CUSIP ISSUE_NAME MATURITY
## 1 0001163165 CONOCOPHILLIPS 020825 JR SUB NT 2010-12-31
## 2 0001163165 CONOCOPHILLIPS 020825 SR SUB DEB 1996-10-01
## 3 0001002910 AMEREN CORP 023608 RMKD NT 2007-05-15
## 4 0001002910 AMEREN CORP 023608 GLOBAL SR NT 2014-05-15
## 5 0001002910 AMEREN CORP 023608 GLOBAL SR NT 2024-09-15
## 6 0001002910 AMEREN CORP 023608 GLOBAL SR NT 2027-03-15
## 7 0001002910 AMEREN CORP 023608 GLOBAL SR NT 2028-03-15
## 8 0001002910 AMEREN CORP 023608 GLOBAL SR NT 2020-11-15
## 9 0001002910 AMEREN CORP 023608 GLOBAL SR NT 2026-02-15
## 10 0001002910 AMEREN CORP 023608 GLOBAL SR NT 2031-01-15
## SECURITY_LEVEL GROSS_SPREAD OFFERING_DATE OFFERING_AMT OFFERING_PRICE
## 1 JUNS NA 2003-08-04 1640 100.0000
## 2 SENS 42.5000 1986-10-03 50000 100.0000
## 3 SEN 0.0635 2005-02-10 345000 100.9628
## 4 SEN 6.0000 2009-05-12 425000 99.5050
## 5 SEN 6.0000 2019-09-11 450000 99.9670
## 6 SEN 6.0000 2021-11-15 500000 99.9810
## 7 SEN 6.2500 2021-02-24 450000 99.9080
## 8 SEN 6.0000 2015-11-17 350000 99.9770
## 9 SEN 6.5000 2015-11-17 350000 99.9110
## 10 SEN 6.5000 2020-03-31 800000 99.7630
## OFFERING_YIELD DELIVERY_DATE COVENANTS impairment_amount
## 1 6.00000 2003-08-04 Y 2.54e+10
## 2 13.50000 1986-10-14 N 2.54e+10
## 3 3.83300 2005-02-15 N 3.00e+06
## 4 9.00012 2009-05-15 Y 3.00e+06
## 5 2.50706 2019-09-16 Y 3.00e+06
## 6 1.95356 2021-11-18 Y 3.00e+06
## 7 1.76401 2021-03-05 Y 3.00e+06
## 8 2.70500 2015-11-24 Y 3.00e+06
## 9 3.66100 2015-11-24 Y 3.00e+06
## 10 3.52700 2020-04-03 Y 3.00e+06
## impairment_over_assets goodwill_impairment QUANTITATIVE_TAXONOMY_TEXT
## 1 0.1773111532 1 Intangible Assets - Goodwill
## 2 0.1773111532 1 Intangible Assets - Goodwill
## 3 0.0001310101 1 Intangible Assets - Goodwill
## 4 0.0001310101 1 Intangible Assets - Goodwill
## 5 0.0001310101 1 Intangible Assets - Goodwill
## 6 0.0001310101 1 Intangible Assets - Goodwill
## 7 0.0001310101 1 Intangible Assets - Goodwill
## 8 0.0001310101 1 Intangible Assets - Goodwill
## 9 0.0001310101 1 Intangible Assets - Goodwill
## 10 0.0001310101 1 Intangible Assets - Goodwill
## QUALTTIVE_TXNMY_TXT DT_OF_8K_NTIFICATION FILE_DATE
## 1 |Item 2.06 8-K Disclosure| 2009-01-16 2009-02-25
## 2 |Item 2.06 8-K Disclosure| 2009-01-16 2009-02-25
## 3 |Item 2.06 8-K Disclosure| 2011-10-07 2012-02-28
## 4 |Item 2.06 8-K Disclosure| 2011-10-07 2012-02-28
## 5 |Item 2.06 8-K Disclosure| 2011-10-07 2012-02-28
## 6 |Item 2.06 8-K Disclosure| 2011-10-07 2012-02-28
## 7 |Item 2.06 8-K Disclosure| 2011-10-07 2012-02-28
## 8 |Item 2.06 8-K Disclosure| 2011-10-07 2012-02-28
## 9 |Item 2.06 8-K Disclosure| 2011-10-07 2012-02-28
## 10 |Item 2.06 8-K Disclosure| 2011-10-07 2012-02-28
## DATE_OF_8K_FORM_FKEY FORM_FKEY MTRL_IMPRMNT_FCT_KEY ESTMATD_IMPCT_PRTX_INCM
## 1 8-K 10-K 22864 -2.54e+10
## 2 8-K 10-K 22864 -2.54e+10
## 3 8-K 10-K 17590 -3.00e+06
## 4 8-K 10-K 17590 -3.00e+06
## 5 8-K 10-K 17590 -3.00e+06
## 6 8-K 10-K 17590 -3.00e+06
## 7 8-K 10-K 17590 -3.00e+06
## 8 8-K 10-K 17590 -3.00e+06
## 9 8-K 10-K 17590 -3.00e+06
## 10 8-K 10-K 17590 -3.00e+06
## ESTMATD_IMPCT_NT_INCM MATCHQU_TSO_MARKCAP MATCHQU_BALSH_ASSETS
## 1 NA 63097884672 1.43251e+11
## 2 NA 63097884672 1.43251e+11
## 3 NA 7885637632 2.28990e+10
## 4 NA 7885637632 2.28990e+10
## 5 NA 7885637632 2.28990e+10
## 6 NA 7885637632 2.28990e+10
## 7 NA 7885637632 2.28990e+10
## 8 NA 7885637632 2.28990e+10
## 9 NA 7885637632 2.28990e+10
## 10 NA 7885637632 2.28990e+10
## MATCHQU_BALSH_BOOK_VAL MATCHQU_INCMST_EBITDA_QTR MATCHQU_INCMST_EBITDA_TTM
## 1 5.0481e+10 4.29e+09 -3.177e+09
## 2 5.0481e+10 4.29e+09 -3.177e+09
## 3 7.0120e+09 3.39e+08 1.615e+09
## 4 7.0120e+09 3.39e+08 1.615e+09
## 5 7.0120e+09 3.39e+08 1.615e+09
## 6 7.0120e+09 3.39e+08 1.615e+09
## 7 7.0120e+09 3.39e+08 1.615e+09
## 8 7.0120e+09 3.39e+08 1.615e+09
## 9 7.0120e+09 3.39e+08 1.615e+09
## 10 7.0120e+09 3.39e+08 1.615e+09
## MATCHQU_INCMST_NETINC_QTR MATCHQU_INCMST_NETINC_TTM
## 1 8.00e+08 -1.9688e+10
## 2 8.00e+08 -1.9688e+10
## 3 -4.03e+08 5.2000e+07
## 4 -4.03e+08 5.2000e+07
## 5 -4.03e+08 5.2000e+07
## 6 -4.03e+08 5.2000e+07
## 7 -4.03e+08 5.2000e+07
## 8 -4.03e+08 5.2000e+07
## 9 -4.03e+08 5.2000e+07
## 10 -4.03e+08 5.2000e+07
## MATERIAL_IMPAIRMENT_TEXT
## 1 Note 10—Impairments Other Impairments As a result of the economic downturn in the fourth quarter of 2008, the outlook for crude oil and natural gas prices, refining margins, and power spreads sharply deteriorated. In addition, current project economics in our E&P segment resulted in revised capital spending plans. Because of these factors, certain E&P, R&M and Emerging Businesses properties no longer passed the undiscounted cash flow tests required by SFAS No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets,” and thus had to be written down to fair value. Consequently, we recorded property impairments of approximately $1,480 million, primarily consisting of: Also during 2008, we recorded property impairments of: • $63 million due to increased asset retirement obligations for properties at the end of their economic life, primarily for certain fields located in the North Sea. • $61 million associated with planned asset dispositions consisting mainly of $52 million for downstream assets in the United States. • $48 million for vacant office buildings in the United States. • $30 million for cancelled capital projects, primarily in our R&M segment. Accordingly, we recorded a noncash $7,410 million, before- and after-tax impairment, in our fourth-quarter 2008 results. This impairment had the effect of reducing our book value to $5,452 million, based on the market value of LUKOIL ADRs on December 31, 2008. Note 9—Goodwill and Intangibles Based on the above analysis, we concluded that a $25.4 billion before- and after-tax noncash impairment of the entire amount of recorded goodwill for the Worldwide E&P reporting unit was required. This impairment was recorded in the fourth quarter of 2008.
## 2 Note 10—Impairments Other Impairments As a result of the economic downturn in the fourth quarter of 2008, the outlook for crude oil and natural gas prices, refining margins, and power spreads sharply deteriorated. In addition, current project economics in our E&P segment resulted in revised capital spending plans. Because of these factors, certain E&P, R&M and Emerging Businesses properties no longer passed the undiscounted cash flow tests required by SFAS No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets,” and thus had to be written down to fair value. Consequently, we recorded property impairments of approximately $1,480 million, primarily consisting of: Also during 2008, we recorded property impairments of: • $63 million due to increased asset retirement obligations for properties at the end of their economic life, primarily for certain fields located in the North Sea. • $61 million associated with planned asset dispositions consisting mainly of $52 million for downstream assets in the United States. • $48 million for vacant office buildings in the United States. • $30 million for cancelled capital projects, primarily in our R&M segment. Accordingly, we recorded a noncash $7,410 million, before- and after-tax impairment, in our fourth-quarter 2008 results. This impairment had the effect of reducing our book value to $5,452 million, based on the market value of LUKOIL ADRs on December 31, 2008. Note 9—Goodwill and Intangibles Based on the above analysis, we concluded that a $25.4 billion before- and after-tax noncash impairment of the entire amount of recorded goodwill for the Worldwide E&P reporting unit was required. This impairment was recorded in the fourth quarter of 2008.
## 3 NOTE 17 – GOODWILL, IMPAIRMENT AND OTHER CHARGES At the end of 2011, Genco ceased operations of its Meredosia and Hutsonville energy centers. The closure of these energy centers resulted in the elimination of 90 positions. Ameren and Genco each recorded the following pretax charges to earnings during 2011 related to the closure of these energy centers: Ÿ a $26 million noncash impairment, representing the remaining net investment in both energy centers; Ÿ a $4 million noncash impairment of materials and supplies; and Ÿ a $4 million estimate for future cash severance costs, which will be substantially paid during the first quarter of 2012. In July 2011, the EPA issued CSAPR, which created new allowances for SO2 and NOx emissions, and restricted the use of pre-existing SO2 and NOx allowances to the acid rain program and to the NOx budget trading program, respectively. As a result, observable market prices for existing emission allowances declined materially. Consequently, during 2011, Ameren and Genco recorded a noncash pretax impairment charge of $2 million and $1 million, respectively. Ameren Missouri recorded a $1 million impairment of its SO2 emission allowances by reducing a previously established regulatory liability relating to the SO2 emission allowances, which had no impact on earnings.
## 4 NOTE 17 – GOODWILL, IMPAIRMENT AND OTHER CHARGES At the end of 2011, Genco ceased operations of its Meredosia and Hutsonville energy centers. The closure of these energy centers resulted in the elimination of 90 positions. Ameren and Genco each recorded the following pretax charges to earnings during 2011 related to the closure of these energy centers: Ÿ a $26 million noncash impairment, representing the remaining net investment in both energy centers; Ÿ a $4 million noncash impairment of materials and supplies; and Ÿ a $4 million estimate for future cash severance costs, which will be substantially paid during the first quarter of 2012. In July 2011, the EPA issued CSAPR, which created new allowances for SO2 and NOx emissions, and restricted the use of pre-existing SO2 and NOx allowances to the acid rain program and to the NOx budget trading program, respectively. As a result, observable market prices for existing emission allowances declined materially. Consequently, during 2011, Ameren and Genco recorded a noncash pretax impairment charge of $2 million and $1 million, respectively. Ameren Missouri recorded a $1 million impairment of its SO2 emission allowances by reducing a previously established regulatory liability relating to the SO2 emission allowances, which had no impact on earnings.
## 5 NOTE 17 – GOODWILL, IMPAIRMENT AND OTHER CHARGES At the end of 2011, Genco ceased operations of its Meredosia and Hutsonville energy centers. The closure of these energy centers resulted in the elimination of 90 positions. Ameren and Genco each recorded the following pretax charges to earnings during 2011 related to the closure of these energy centers: Ÿ a $26 million noncash impairment, representing the remaining net investment in both energy centers; Ÿ a $4 million noncash impairment of materials and supplies; and Ÿ a $4 million estimate for future cash severance costs, which will be substantially paid during the first quarter of 2012. In July 2011, the EPA issued CSAPR, which created new allowances for SO2 and NOx emissions, and restricted the use of pre-existing SO2 and NOx allowances to the acid rain program and to the NOx budget trading program, respectively. As a result, observable market prices for existing emission allowances declined materially. Consequently, during 2011, Ameren and Genco recorded a noncash pretax impairment charge of $2 million and $1 million, respectively. Ameren Missouri recorded a $1 million impairment of its SO2 emission allowances by reducing a previously established regulatory liability relating to the SO2 emission allowances, which had no impact on earnings.
## 6 NOTE 17 – GOODWILL, IMPAIRMENT AND OTHER CHARGES At the end of 2011, Genco ceased operations of its Meredosia and Hutsonville energy centers. The closure of these energy centers resulted in the elimination of 90 positions. Ameren and Genco each recorded the following pretax charges to earnings during 2011 related to the closure of these energy centers: Ÿ a $26 million noncash impairment, representing the remaining net investment in both energy centers; Ÿ a $4 million noncash impairment of materials and supplies; and Ÿ a $4 million estimate for future cash severance costs, which will be substantially paid during the first quarter of 2012. In July 2011, the EPA issued CSAPR, which created new allowances for SO2 and NOx emissions, and restricted the use of pre-existing SO2 and NOx allowances to the acid rain program and to the NOx budget trading program, respectively. As a result, observable market prices for existing emission allowances declined materially. Consequently, during 2011, Ameren and Genco recorded a noncash pretax impairment charge of $2 million and $1 million, respectively. Ameren Missouri recorded a $1 million impairment of its SO2 emission allowances by reducing a previously established regulatory liability relating to the SO2 emission allowances, which had no impact on earnings.
## 7 NOTE 17 – GOODWILL, IMPAIRMENT AND OTHER CHARGES At the end of 2011, Genco ceased operations of its Meredosia and Hutsonville energy centers. The closure of these energy centers resulted in the elimination of 90 positions. Ameren and Genco each recorded the following pretax charges to earnings during 2011 related to the closure of these energy centers: Ÿ a $26 million noncash impairment, representing the remaining net investment in both energy centers; Ÿ a $4 million noncash impairment of materials and supplies; and Ÿ a $4 million estimate for future cash severance costs, which will be substantially paid during the first quarter of 2012. In July 2011, the EPA issued CSAPR, which created new allowances for SO2 and NOx emissions, and restricted the use of pre-existing SO2 and NOx allowances to the acid rain program and to the NOx budget trading program, respectively. As a result, observable market prices for existing emission allowances declined materially. Consequently, during 2011, Ameren and Genco recorded a noncash pretax impairment charge of $2 million and $1 million, respectively. Ameren Missouri recorded a $1 million impairment of its SO2 emission allowances by reducing a previously established regulatory liability relating to the SO2 emission allowances, which had no impact on earnings.
## 8 NOTE 17 – GOODWILL, IMPAIRMENT AND OTHER CHARGES At the end of 2011, Genco ceased operations of its Meredosia and Hutsonville energy centers. The closure of these energy centers resulted in the elimination of 90 positions. Ameren and Genco each recorded the following pretax charges to earnings during 2011 related to the closure of these energy centers: Ÿ a $26 million noncash impairment, representing the remaining net investment in both energy centers; Ÿ a $4 million noncash impairment of materials and supplies; and Ÿ a $4 million estimate for future cash severance costs, which will be substantially paid during the first quarter of 2012. In July 2011, the EPA issued CSAPR, which created new allowances for SO2 and NOx emissions, and restricted the use of pre-existing SO2 and NOx allowances to the acid rain program and to the NOx budget trading program, respectively. As a result, observable market prices for existing emission allowances declined materially. Consequently, during 2011, Ameren and Genco recorded a noncash pretax impairment charge of $2 million and $1 million, respectively. Ameren Missouri recorded a $1 million impairment of its SO2 emission allowances by reducing a previously established regulatory liability relating to the SO2 emission allowances, which had no impact on earnings.
## 9 NOTE 17 – GOODWILL, IMPAIRMENT AND OTHER CHARGES At the end of 2011, Genco ceased operations of its Meredosia and Hutsonville energy centers. The closure of these energy centers resulted in the elimination of 90 positions. Ameren and Genco each recorded the following pretax charges to earnings during 2011 related to the closure of these energy centers: Ÿ a $26 million noncash impairment, representing the remaining net investment in both energy centers; Ÿ a $4 million noncash impairment of materials and supplies; and Ÿ a $4 million estimate for future cash severance costs, which will be substantially paid during the first quarter of 2012. In July 2011, the EPA issued CSAPR, which created new allowances for SO2 and NOx emissions, and restricted the use of pre-existing SO2 and NOx allowances to the acid rain program and to the NOx budget trading program, respectively. As a result, observable market prices for existing emission allowances declined materially. Consequently, during 2011, Ameren and Genco recorded a noncash pretax impairment charge of $2 million and $1 million, respectively. Ameren Missouri recorded a $1 million impairment of its SO2 emission allowances by reducing a previously established regulatory liability relating to the SO2 emission allowances, which had no impact on earnings.
## 10 NOTE 17 – GOODWILL, IMPAIRMENT AND OTHER CHARGES At the end of 2011, Genco ceased operations of its Meredosia and Hutsonville energy centers. The closure of these energy centers resulted in the elimination of 90 positions. Ameren and Genco each recorded the following pretax charges to earnings during 2011 related to the closure of these energy centers: Ÿ a $26 million noncash impairment, representing the remaining net investment in both energy centers; Ÿ a $4 million noncash impairment of materials and supplies; and Ÿ a $4 million estimate for future cash severance costs, which will be substantially paid during the first quarter of 2012. In July 2011, the EPA issued CSAPR, which created new allowances for SO2 and NOx emissions, and restricted the use of pre-existing SO2 and NOx allowances to the acid rain program and to the NOx budget trading program, respectively. As a result, observable market prices for existing emission allowances declined materially. Consequently, during 2011, Ameren and Genco recorded a noncash pretax impairment charge of $2 million and $1 million, respectively. Ameren Missouri recorded a $1 million impairment of its SO2 emission allowances by reducing a previously established regulatory liability relating to the SO2 emission allowances, which had no impact on earnings.
## diff_in_days
## 1 -1991.9583 days
## 2 -8140.9583 days
## 3 -2429.9167 days
## 4 -877.9167 days
## 5 2896.0833 days
## 6 3692.0833 days
## 7 3428.0833 days
## 8 1502.0833 days
## 9 1502.0833 days
## 10 3098.0833 days###Plot the frequency of these difference in time
ggplot(final_filtered_data, aes(x=diff_in_days))+
geom_histogram()## Don't know how to automatically pick scale for object of type <difftime>.
## Defaulting to continuous.
## `stat_bin()` using `bins = 30`. Pick better value with `binwidth`.