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  "documentTitle": "Fairfax Financial Holdings Ltd. (FFH)",
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  "authorName": "Muddy Waters Research",
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  "presentationDate": "2024-02-08 00:00:00",
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  "notes": "Includes a direct excerpt from Atlas Corporation's 20-F 2020 filing regarding goodwill impairment.",
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      "text": "Only 9 months after the acquisition, Atlas wrote down $117.9 million in goodwill associated with the APR Energy acquisition. This implies a $117.9 million overpayment for an asset which, as we have already shown, could reasonably have been expected to result in 2020 losses. By the end of FY 2020 APR Energy had recorded losses of $458.9 million. Were it not for the acquisition, these would have been recorded on Fairfax's book.",
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      "text": "Upon the acquisition of APR Energy, the Company recognized $117,900,000 of goodwill. As part of the Company’s annual goodwill impairment test, it was determined that the carrying value of the mobile power generation reporting unit exceeded its fair value...",
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      "text": "1 Atlas Corporation 20-F 2020, Pg. 64.",
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      "text": "From: Atlas Corporation 20-F 2020, Pg. F-29.",
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      "text": "Goodwill table showing balance, acquisition, and impairment for Containership leasing and Mobile power generation segments.",
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      "text": "APR Energy Was a Poor Acquisition for Seaspan, Resulting in Losses and Impairments in 2020",
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