2. Trademarks and Other Intangibles, net

Trademarks and other intangibles, net consist of the following:


	Estimated Lives in Years	December 31, 2013				December 31, 2012
	Estimated Lives in Years	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
	(000’s omitted)

Indefinite life trademarks and copyrights	Indefinite	$	1,939,534	$	—	$	1,750,201	$	—
Definite life trademarks	10-15		19,622		9,531		19,603		8,077
Non-compete agreements	2-15		940		215		10,475		10,475
Licensing contracts	1-9		23,979		18,685		20,636		12,855

		$	1,984,075	$	28,431	$	1,800,915	$	31,407

Trademarks and other intangibles, net				$	1,955,644			$	1,769,508

In February 2013, the Company completed the acquisition of a 51% interest in the Buffalo brand, including trademarks and related assets. As a result of this transaction, the Company increased its indefinite life trademarks by $142.6 million, its licensing agreements by $2.4 million and its non-compete agreements by $0.9 million. Also in February 2013, the Company completed the acquisition of the Lee Cooper brand, including trademarks and related assets. As a result of this transaction, the Company 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.

In November 2012, the Company completed the acquisition of Umbro, including trademarks and other related assets. As a result of this transaction, the Company increased its indefinite life trademarks by $220.5 million and its licensing agreements by $2.2 million. In December 2012 the Company completed the acquisition of Modern Amusement which increased its indefinite life trademarks by $9.8 million. See Note 3 for further explanation of these transactions.

Amortization expense for intangible assets for FY 2013, FY 2012 and FY 2011 was $7.4 million, $5.5 million and $7.0 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 annually and as needed on an individual basis as separate single units of accounting, with any related impairment charge recorded to the statement of operations at the time of determining such impairment. The annual evaluation of the Company’s indefinite lived trademarks is performed as of October 1, the beginning of the Company’s fourth fiscal quarter. Consistent with ASC Topic 350, there was no impairment of the indefinite-lived trademarks during FY 2013, FY 2012 or FY 2011. Further, as it relates to the Company’s definite-lived trademarks, and consistent with ASC Topic 360, there was no impairment of the definite-lived trademarks during FY 2013, FY 2012 or FY 2011.