Trademarks and Other Intangibles, net

3 Months Ended

Mar. 31, 2013

Trademarks and Other Intangibles, net

2. Trademarks and Other Intangibles, net

Trademarks and other intangibles, net consist of the following:

			March 31, 2013				December 31, 2012
(000’s omitted)	Estimated Lives in Years		Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Indefinite life trademarks and copyrights		Indefinite	$	1,940,671	$	—	$	1,750,201	$	—
Definite life trademarks		10-15		19,603		8,441		19,603		8,077
Non-compete agreements		2-15		940		39		10,475		10,475
Licensing agreements		1-9		23,788		14,326		20,636		12,855
			$	1,985,002	$	22,806	$	1,800,915	$	31,407
Trademarks and other intangibles, net					$	1,962,196			$	1,769,508

In February 2013, the Company completed its acquisition of a 51% controlling interest in the Buffalo brand, which increased its indefinite life trademarks by $142.6 million and its licensing agreements by $2.4 million. In February 2013, the Company also completed the acquisition of Lee Cooper which increased its indefinite life trademarks by $69.3 million and its licensing agreements by $0.9 million. See Note 3 for further explanation of these transactions.

Amortization expense for intangible assets for the Current Quarter and for the three months ended March 31, 2012 (the “Prior Year Quarter”) was $1.9 million and $1.5 million, respectively. The trademarks of Candie’s, Bongo, Joe Boxer, Rampage, Mudd, London Fog, Mossimo, Ocean Pacific, Danskin, Rocawear, Cannon, Royal Velvet, Fieldcrest, Charisma, Starter, Waverly, Ecko, Zoo York, Peanuts, Ed Hardy, Sharper Image, Umbro, Modern Amusement, Buffalo, and Lee Cooper have been determined to have an indefinite useful life and accordingly, consistent with ASC Topic 350, no amortization has been recorded in the Company’s consolidated income statements. Instead, each of these intangible assets are tested for impairment at least annually on an individual basis as separate single units of accounting, with any related impairment charge recorded to the income statement at the time of determining such impairment. Consistent with ASC Topic 350, there was no impairment of the indefinite-lived trademarks in the Current Quarter or the Prior Year Quarter. Consistent with ASC Topic 360, there was no impairment of the definite-lived trademarks in the Current Quarter or the Prior Year Quarter.