Question - In 2009 Nike Corporation reported a large goodwill impairment loss. Referring to Nike's 2009 financial statements and applicable financial reporting standards, answer the following questions:
1. How much goodwill impairment charge did Nike report in 2009?
2. Why did Nike write down its goodwill in 2009? What are some other indicators for goodwill impairment in general?
3. How did Nike reflect this impairment in financial statement?
4. How often does Nike test its goodwill for impairment and what are the testing steps?
5. Certain other indefinite-lived intangibles and other long-lived assets (including intangible assets with a finite life) are also subject to impairment assessment. Did Nike incur any of these impairment charges in 2009? Explain briefly when and how Nike tests these assets for impairment.