text: **Impairment**
  *Goodwill and Indefinite Life Intangible Assets*
  We test cash generating units or groups of cash generating units with 
  allocated goodwill and/or indefinite life intangible assets for impairment 
  as at October 1 of each calendar year. When assessing whether or not 
  there is impairment, we determine the recoverable amount of a cash 
  generating unit based on the greater of its value in use or its fair value 
  less costs to sell. 
  
  We estimate an asset’s value in use by: 
  (cid:129) Discounting estimated future cash flows to their present value. We 
  estimate the discounted future cash flows for periods of up to five 
  years, depending on the cash generating unit, and a terminal value. 
  (cid:129) The future cash flows are based on our estimates and expected 
  future operating results of the cash generating unit after considering, 
  economic conditions and a general outlook for the cash generating 
  unit’s industry. 
  
  We have made certain assumptions for the discount and terminal 
  growth rates to reflect variations in expected future cash flows. These 
  assumptions may differ or change quickly depending on economic 
  conditions or other events. It is therefore possible that future changes in 
  assumptions may negatively affect future valuations of cash generating 
  units and goodwill, which could result in impairment losses. 
  
  (cid:129) Our discount rates consider market rates of return, debt to equity 
  ratios and certain risk premiums, among other things. 
  
  (cid:129) The terminal value is the value attributed to the cash generating 
  unit’s operations beyond the projected time period of the cash flows 