Goodwill And Intangible Assets

3 Months Ended

May 04, 2013

Goodwill And Intangible Assets [Abstract]

Note 8

Goodwill and Intangible Assets

Goodwill and intangible assets were attributable to the Company's operating segments as follows:



	May 4,		April 28,		February 2,
($ thousands)		2013		2012		2013

Intangible Assets
Famous Footwear	$	2,800	$	2,800	$	2,800
Wholesale Operations		118,003		113,003		118,003
Specialty Retail		200		200		200
Total intangible assets		121,003		116,003		121,003
Accumulated amortization		(56,762)		(50,783)		(55,254)
Total intangible assets, net		64,241		65,220		65,749
Goodwill
Wholesale Operations		16,755		16,755		16,755
Total goodwill		16,755		16,755		16,755
Goodwill and intangible assets, net	$	80,996	$	81,975	$	82,504

Intangible assets, primarily owned trademarks, of $21.0 million as of May 4, 2013, April 28, 2012 and February 2, 2013 are not subject to amortization. All remaining intangible assets, primarily owned and licensed trademarks, are subject to amortization and have useful lives ranging from four to 20 years as of May 4, 2013. Amortization expense related to intangible assets was $1.7 million and $1.9 million for the thirteen weeks ended May 4, 2013 and April 28, 2012, respectively.

As more fully described in Note 3, subsequent to the first quarter of 2013, the Company sold ASG. The related assets were classified within discontinued operations in the condensed consolidated balance sheet as of May 4, 2013 and retrospectively for prior periods. The ASG intangible assets classified as discontinued operations totaled $29.0 million as of May 4, 2013, April 28, 2012 and February 2, 2013 along with accumulated amortization of $1.9 million, $1.1 million and $1.7 million, respectively. In addition, goodwill attributable to Avia and Nevados of $22.8 million was classified within discontinued operations in the condensed consolidated balance sheet as of May 4, 2013, April 28, 2012 and February 2, 2013, respectively.

During the first quarter of 2013, the Company recognized an impairment charge of $12.6 million, representing the difference in the fair value less costs to sell as compared to the net assets to be sold. This impairment charge was recognized within discontinued operations in the condensed consolidated balance sheet and condensed consolidated statement of earnings related to the estimated loss on sale of ASG.

Also in the first quarter of 2013, the Company classified Etienne Aigner and its related assets as discontinued operations with retrospective presentation for prior periods. The Etienne Aigner trademark intangible asset of $13.0 million and accumulated amortization of $7.0 million was classified as discontinued operations in the condensed consolidated balance sheet as of April 28, 2012. The Company recognized an impairment charge of $5.8 million to reduce the Etienne Aigner intangible asset to zero in the second quarter of 2012.

The increase in the intangible assets of the Wholesale Operations segment from April 28, 2012 to February 2, 2013 and May 4, 2013 is primarily related to the acquisition of a trademark, partially offset by amortization.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References+ Details