GameStop 2013 Annual Report Download - page 93

F-20
During fiscal 2013, we recorded a $28.7 million impairment charge related to assets measured at fair value on a nonrecurring
basis, comprised of $16.4 million of property and equipment impairments, $10.2 million of goodwill impairments and $2.1 million
of other intangible asset impairments. During fiscal 2012, we recorded a $680.7 million impairment charge related to assets
measured at fair value on a nonrecurring basis, comprised of $627 million of goodwill impairments, $44.9 million of trade name
impairment and $8.8 million of property and equipment impairments. When recognizing an impairment charge, the carrying value
of the asset is reduced to fair value and the difference is recorded within operating earnings in our consolidated statements of
operations. The fair value measurements included in the goodwill, trade name and property and equipment impairments were
primarily based on significant unobservable inputs (Level 3) developed using company-specific information. See Note 9 for further
information associated with the goodwill and trade name impairments and Note 2 for further information associated with the
property and equipment impairments.
Additionally, we recorded the fair value of net assets acquired and liabilities assumed in connection with the Spring Mobile
and Simply Mac acquisitions in the fourth quarter of 2013. The fair value measurements were primarily based on significant
unobservable inputs (Level 3) developed using company-specific information. See Note 3 for further information associated with
the values recorded in the acquisitions.
Other Fair Value Disclosures
The carrying value of financial instruments such as cash and cash equivalents, receivables, net and accounts payable
approximates their fair value, except for differences with respect to our senior notes that were outstanding until December 2011.
As of January 28, 2012, there were no senior notes payable.
7. Receivables, Net
Receivables consist primarily of bankcard receivables and other receivables. Other receivables include receivables from
Game Informer magazine advertising customers, receivables from landlords for tenant allowances and receivables from vendors
for merchandise returns, vendor marketing allowances and various other programs. An allowance for doubtful accounts has been
recorded to reduce receivables to an amount expected to be collectible. Receivables consisted of the following (in millions):
February 1, 2014 February 2, 2013
Bankcard receivables ................................................................................................ $ 42.6 $ 35.9
Other receivables ...................................................................................................... 45.5 40.0
Allowance for doubtful accounts.............................................................................. (3.7)(2.3)
Total receivables, net ................................................................................................ $ 84.4 $ 73.6
8. Accrued Liabilities
Accrued liabilities consisted of the following (in millions):
February 1, 2014 February 2, 2013
Customer liabilities.................................................................................................... $ 368.8 $ 362.8
Deferred revenue ....................................................................................................... 118.1 93.5
Employee benefits, compensation and related taxes ................................................. 145.3 129.8
Other taxes................................................................................................................. 53.5 60.5
Other accrued liabilities............................................................................................. 176.0 92.3
Total accrued liabilities.............................................................................................. $ 861.7 $ 738.9
9. Goodwill and Intangible Assets
Goodwill
The changes in the carrying amount of goodwill, by reportable segment, for the 53 weeks ended February 2, 2013 and the
52 weeks ended February 1, 2014 were as follows: