SECTION 2.3  Impairment 2.3  SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS (CONTINUED) 2.3  ACCOUNTING POLICIES PROPERTY, PLANT AND EQUIPMENT ASSOCIATES 79 Consolidated financial statements SECTION 2: ASSET BASE AND RETURNS Carlsberg Group Annual Report 2013 to be maintained for an indefinite period  in the relevant markets, and these markets  are expected to be profitable for a long  period, the useful life of the trademark is  determined to be indefinite. The tax rate is the expected future tax rate  in each country based on current legislation.  The impairment test at year-end 2013 incor- porated tax rates in the range of 15-34%. The discount rate is an after-tax WACC cal- culated country by country based on long- term expectations for each trademark. Property, plant and equipment are impair- ment-tested when there are indications of  impairment. Management performs an  annual assessment of the assets’ future  application, e.g. in relation to changes in  production structure, restructurings or closing  of breweries. The impairment test is based  on budgeted and estimated cash flows from  the cash-generating unit. The assessment  is based on the lowest cash-generating unit  affected by the changes that indicate impair- ment. The discount rate is an after-tax WACC  that reflects the risk-free interest rate with  the addition of a risk premium associated  with the particular asset.  Management performs an impairment test  of investments in associates when there  are indications of impairment, e.g. due to  loss-making activities or major changes in  the business environment. The impairment  test is based on budgeted and estimated  cash flows from the associate and related  assets which form an integrated cash- generating unit. The pre-tax discount rate  reflects the risk-free interest rate with the  addition of a risk premium associated with  the particular investments. Goodwill and trademarks with indefinite useful life  are subject to an annual impairment test, initially  before the end of the acquisition year. The carrying amount of goodwill is tested for  impairment annually, together with the other non-current assets in the cash-generating unit  to which goodwill is allocated. The recoverable  amount is generally calculated as the present  value of expected future net cash flows (value in  use) from the entity or activity (cash-generating  unit) to which the goodwill is allocated.  The carrying amount of trademarks with indefinite  useful life is subject to an annual impairment test.  The recoverable amount is generally calculated as  the present value of expected future net cash flows  from the trademark in the form of royalties (the  relief from royalty method).  The carrying amount of other non-current assets is  subject to an annual test for indications of impair- ment. When there is an indication that assets may  be impaired, the recoverable amount of the asset is  determined. The impairment test is performed for  the individual asset or in combination with related  assets which form an integrated cash-generating  unit. The recoverable amount is the higher of an  asset’s fair value less expected costs to sell and its  value in use. Value in use is the present value of  the future cash flows expected to be derived from  an asset or the cash-generating unit to which the  asset belongs. An impairment loss is recognised if the carrying  amount of an asset or its cash-generating unit  exceeds the recoverable amount of the asset or  the cash-generating unit. Impairment of goodwill,  trademarks and significant impairment losses on  property, plant and equipment and associates, and impairment losses arising on extensive struc- turing of processes and fundamental structural  adjustments are recognised under special items.  Minor impairment losses are recognised in the  income statement under cost of sales, sales and  distribution expenses, administrative expenses or  other operating activities, net. Impairment of goodwill is not reversed. Impair- ment of other assets is reversed only to the extent  of changes in the assumptions and estimates  underlying the impairment calculation. Impairment  is only reversed to the extent that the asset’s new  carrying amount does not exceed the carrying  amount of the asset after amortisation/deprecia- tion had the asset not been impaired.