VF Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS

INTANGIBLE ASSETS

12 Months Ended

Dec. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]



(In thousands)	Weighted Average Amortization Period	Amortization Method	Cost		Accumulated Amortization		Net Carrying Amount
December 2017
Amortizable intangible assets:
Customer relationships	18 years	Accelerated	$	338,209	$	133,994	$	204,215
License agreements	20 years	Accelerated	19,996		13,660		6,336
Trademarks	16 years	Straight-line	58,932		7,333		51,599
Other	9 years	Straight-line	9,001		3,648		5,353
Amortizable intangible assets, net							267,503
Indefinite-lived intangible assets:
Trademarks and trade names							1,822,278
Intangible assets, net							$	2,089,781



(In thousands)	Weighted Average Amortization Period	Amortization Method	Cost		Accumulated Amortization		Net Carrying Amount
December 2016
Amortizable intangible assets:
Customer relationships	20 years	Accelerated	$	233,092	$	107,679	$	125,413
License agreements	20 years	Accelerated	19,150		12,402		6,748
Trademark	16 years	Straight-line	58,132		3,633		54,499
Other	10 years	Straight-line	6,036		2,739		3,297
Amortizable intangible assets, net							189,957
Indefinite-lived intangible assets:
Trademarks and trade names							1,343,971
Intangible assets, net							$	1,533,928

Intangible assets increased during 2017 due to the Williamson-Dickie acquisition (Note B) and the impact of foreign currency fluctuations.

VF did not record any impairment charges in 2017 or 2015. In 2016, VF recorded an impairment charge of $40.3 million to write off the remaining trademark asset balance for the lucy^®brand, which was part of the Outdoor & Action Sports Coalition. Refer to Note U for additional information on the fair value measurements.

Amortization expense (excluding impairment charges) for 2017, 2016 and 2015 was $20.0 million, $18.8 million and $16.3 million, respectively. Estimated amortization expense for calendar years 2018 through 2022 is $27.9 million, $26.7 million, $25.6 million, $24.3 million and $22.4 million, respectively.