| Intangible Assets |
Note F —
Intangible Assets
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| |
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Weighted
Average
Amortization
Period
|
|
|
Amortization
Methods |
|
Cost |
|
|
Accumulated
Amortization |
|
|
Net
Carrying
Amount |
|
| |
|
Dollars in
thousands |
|
|
December
2014
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Amortizable intangible
assets:
|
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|
|
|
|
Customer
relationships
|
|
|
20 years |
|
|
Accelerated |
|
$ |
593,575 |
|
|
$ |
351,764 |
|
|
$ |
241,811 |
|
|
License
agreements
|
|
|
24 years |
|
|
Accelerated and
straight-line
|
|
|
182,873 |
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|
86,137 |
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|
96,736 |
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Other
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9 years |
|
|
Straight-line |
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12,138 |
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|
7,775 |
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|
4,363 |
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Amortizable intangible
assets, net
|
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342,910 |
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Indefinite-lived intangible
assets:
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Trademarks and trade
names
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2,090,642 |
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Intangible assets,
net
|
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|
|
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|
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$ |
2,433,552 |
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| |
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Weighted
Average
Amortization
Period
|
|
|
Amortization
Methods |
|
Cost |
|
|
Accumulated
Amortization |
|
|
Net
Carrying
Amount |
|
| |
|
Dollars in
thousands |
|
|
December
2013
|
|
|
|
|
|
Amortizable intangible
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Customer
relationships
|
|
|
20 years |
|
|
Accelerated |
|
$ |
627,670 |
|
|
$ |
210,231 |
|
|
$ |
417,439 |
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License
agreements
|
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|
24 years |
|
|
Accelerated and
straight-line |
|
|
184,167 |
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|
76,378 |
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|
107,789 |
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Other
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8 years |
|
|
Straight-line |
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16,057 |
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9,533 |
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6,524 |
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Amortizable intangible
assets, net
|
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|
|
|
|
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|
531,752 |
|
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Indefinite-lived intangible
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Trademarks and trade
names
|
|
|
|
|
|
|
|
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2,428,449 |
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Intangible assets,
net
|
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$ |
2,960,201 |
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In 2014, VF
recorded impairment charges of $56.6 million for 7 For All
Mankind®
and $64.2 million for Splendid®
and Ella Moss®
to reduce the carrying values of their customer relationship assets
to fair value. In addition, VF recorded impairment charges of $87.6
million for 7 For All Mankind®
and $45.7 million for Splendid®
and Ella Moss®
to reduce the carrying values of their indefinite-lived trademarks
to fair value. See Note T for additional information on the fair
value measurements.
Amortization
expense (excluding impairment charges) for 2014, 2013 and 2012 was
$42.1 million, $45.8 million and $47.9 million, respectively.
Estimated amortization expense for the next five years is as
follows:
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Year
|
|
Amortization Expense |
|
| |
|
In
millions |
|
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2015
|
|
$ |
32.3 |
|
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2016
|
|
|
31.0 |
|
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2017
|
|
|
29.7 |
|
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2018
|
|
|
29.1 |
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2019
|
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|
28.5 |
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|