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Trademarks, Licenses and Other Intangible Assets

2013	Gross		Accumulated		Net Book
	Amount		Amortization		Value
Trademarks (indefinite lives)	$	4,257	$	-	$	4,257
Trademarks (finite lives)		53,319		102		53,217
Licenses (finite lives)		80,842		24,747		56,095
Other intangible assets (finite lives)		11,964		9,290		2,674
Subtotal		146,125		34,139		111,986
Total	$	150,382	$	34,139	$	116,243

2012	Gross		Accumulated		Net Book
	Amount		Amortization		Value
Trademarks (indefinite lives)	$	6,631	$	-	$	6,631
Trademarks (finite lives)		53,115		382		52,733
Licenses (finite lives)		69,373		18,387		50,986
Other intangible assets (finite lives)		15,469		12,778		2,691
Subtotal		137,957		31,547		106,410
Total	$	144,588	$	31,547	$	113,041

Amortization expense was $6.2 million, $7.0 million and $7.9 million for 2013, 2012 and 2011, respectively. Amortization expense is expected to approximate $6.9 million in 2014 and 2015, and $5.9 million in 2016, 2017 and 2018. The weighted average amortization period for trademarks, licenses and other intangible assets with finite lives are 18 years, 13 years and 2 years, respectively, and 14 years in the aggregate.

There were no impairment charges for trademarks with indefinite useful lives in 2013, 2012 and 2011. The fair values used in our evaluations are estimated based upon discounted future cash flow projections using a weighted average cost of capital of 6.7%. The cash flow projections are based upon a number of assumptions, including, future sales levels and future cost of goods and operating expense levels, as well as economic conditions, changes to our business model or changes in consumer acceptance of our products which are more subjective in nature. The Company believes that the assumptions the Company has made in projecting future cash flows for the evaluations described above are reasonable and currently no impairment indicators exist for our indefinite-lived assets. However, if future actual results do not meet our expectations, the Company may be required to record an impairment charge, the amount of which could be material to our results of operations.

The cost of trademarks, licenses and other intangible assets with finite lives is being amortized by the straight-line method over the term of the respective license or the intangible assets estimated useful life which range from three to twenty years. If the residual value of a finite life intangible asset exceeds its carrying value, then the asset is not amortized. The Company reviews intangible assets with finite lives for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

Trademarks (finite lives) primarily represents Lanvin brand names and trademarks and in connection with their purchase, Lanvin was granted the right to repurchase the brand names and trademarks in 2025 for the greater of €70 million (approximately $97 million) or one times the average of the annual sales for the years ending December 31, 2023 and 2024 (residual value). Because the residual value of the intangible asset exceeds its carrying value, the asset is not amortized.

In December 2013, the Company sold its Nickel brand and trademarks for $3.5 million, which was approximately equal to the then current book value of the goodwill and trademark; therefore, there was no material gain or loss as a result of the sale.