Dick's Sporting Goods 2014 Annual Report Download - page 79

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53
DICK'S SPORTING GOODS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
On October 1, 2014, the Company purchased the intellectual property rights to the Field & Stream mark in product categories
that were not otherwise owned by the Company for $26.3 million. The Company previously owned the intellectual property
rights to the Field & Stream mark in the hunt, camp, fish and paddle product categories. These Field & Stream intellectual
property assets are indefinite-lived intangible assets, which are not being amortized.
The components of intangible assets were as follows (in thousands):
2014 2013
Gross
Amount Accumulated
Amortization Gross
Amount Accumulated
Amortization
Trademarks (indefinite-lived) $ 87,081 $ — $ 68,730 $ —
Trade name (indefinite-lived) 11,400 — 15,900 —
Customer list 1,200 (1,200) 1,200 (1,200)
Favorable leases and other finite-lived intangible assets 16,205 (9,882) 16,454 (7,674)
Other indefinite-lived intangible assets 5,358 — 4,845 —
Total intangible assets $ 121,244 $ (11,082) $ 107,129 $ (8,874)
Amortization expense for the Company's finite-lived intangible assets was $2.5 million, $2.3 million and $2.0 million for fiscal
2014, 2013 and 2012, respectively. The annual estimated amortization expense of the finite-lived intangible assets recorded as
of January 31, 2015 is expected to be as follows (in thousands):
Fiscal Year
Estimated
Amortization
Expense
2015 $ 1,553
2016 1,498
2017 1,273
2018 1,055
2019 554
Thereafter 390
Total $ 6,323
3. Store Closings
The following table summarizes the activity of the Company's store closing reserves (in thousands):
2014 2013
Accrued store closing and relocation reserves, beginning of period $ 17,102 $ 31,785
Expense charged to earnings 2,149 —
Cash payments (6,381)(12,516)
Interest accretion and other changes in assumptions (85)(2,167)
Accrued store closing and relocation reserves, end of period 12,785 17,102
Less: current portion of accrued store closing and relocation reserves (4,208)(5,949)
Long-term portion of accrued store closing and relocation reserves $ 8,577 $ 11,153
The current portion of accrued store closing and relocation reserves is included within accrued expenses and the long-term
portion is included within long-term deferred revenue and other liabilities on the Consolidated Balance Sheets. The related
expense is recorded within selling, general and administrative expenses on the Consolidated Statements of Income.