Broadwing alters goodwill write-off

        Broadwing Inc., parent of Cincinnati Bell, has refined the size of the non-cash write-off it expects to record this quarter to reflect new accounting rules for goodwill.

        The company said in a quarterly filing with the Securities and Exchange Commission this week that it expects a write-off between $1.2 billion and $1.8 billion, reflecting the decline in the value of assets purchased in its acquisition of IXC Communications.

        Previously, the company said the “significant write-down” would be in excess of $1 billion. Last year, Broadwing estimated goodwill, or the premium paid for an acquisition over the net asset value, at $2 billion.
       

Hillenbrand changes directors

        Three longtime members of Hillenbrand Industries Inc.'s board of directors are retiring and being replaced by three health-care industry executives.

        Retiring Friday from the Batesville, Ind., company's board were: Peter F. Coffaro, 73, director of several private Cincinnati area companies and a Hillenbrand director since 1987; Edward S. Davis, 70, partner in the New York law firm of Hughes Hubbard & Reed, and a director since 1974; and Leonard Granoff, 75, president of Granoff Associates and a director since 1978.

        They were replaced by Rolf A. Classon, 56, executive vice president of Bayer Corp.; Charles E. Golden, 55, executive vice president and CFO for Eli Lilly and Co.; and Peter H. Soderberg, 55, president of Welch Allyn Inc., a maker of diagnostic equipment.

— From staff reports

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