GameStop 2014 Annual Report Download - page 90

what it expects in exchange for the goods or services. The standard also requires more detailed disclosures and provides additional
guidance for transactions that were not addressed completely in the prior accounting guidance. The ASU provides alternative
methods of initial adoption and is effective for annual periods beginning after December 15, 2016 and interim periods within those
annual periods. Early adoption is not permitted. We are currently evaluating the impact that this standard will have on our
consolidated financial statements as well as the appropriate method of adoption.
In April 2014, the FASB issued ASU 2014-08 related to reporting discontinued operations and disclosures of disposals of
components of an entity.Specifically,the ASUamends the definition of adiscontinued operation, expands disclosure requirements
for transactions that meet the definition of adiscontinued operation and requires entities to disclose additional information about
individually significant components that are disposed of or held for sale and do not qualify as discontinued operations.Additionally,
entities will be required to reclassify assets and liabilities of adiscontinued operation for all comparative periods presented in the
statement of financial position and to separately present certain information related to the operating and investing cash flows of
the discontinued operation, for all comparative periods, in the statement of cash flows. The ASU is effective for us beginning in
the first quarter of our fiscal year ending January 30, 2016 and will be adopted on aprospective basis for all disposals (except
disposals classified as held for sale prior to the adoption date) or components initially classified as held for sale in periods beginning
on or after the adoption date, with early adoption permitted. We are currently evaluating the impact that this standard will have on
our consolidated financial statements.
GAMESTOP CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F-13
2. Asset Impairments
Fiscal 2014
We recognized impairment charges of $2.2 million in fiscal 2014 related to our evaluation of store property,equipment and
other assets in situations where the asset’s carrying value was not expected to be recovered by its future cash flows over its remaining
useful life.
Asummary of our asset impairment charges, by reportable segment, for the 52 weeks ended January 31, 2015 is as follows:
United States Canada Europe Total
(In millions)
Impairment of intangible assets ...................................... $—$—$0.3 $0.3
Impairments of property,equipment and other assets -
storeimpairments............................................................ 0.60.4 0.91.9
Total ................................................................................ $0.6 $0.4 $1.2 $2.2
There were no asset impairment charges in our Australia VideoGame Brands or Technology Brands segments during the 52
weeks ended January 31, 2015.
Fiscal 2013
We recognized impairment charges of $9.0 million in fiscal 2013 related to our evaluation of store property,equipment and
other assets in situations where the asset’s carrying value was not expected to be recovered by its future cash flows over its remaining
useful life. Additionally,wemade adecision during the fourth quarter of fiscal 2013 to abandon our Spawn Labs business and
related technology assets. As aresultofthisdecision, we recorded impairment charges of $2.1 million related to other intangible
assets and $7.4 million related to certain technology assets in connection with the exit of the Spawn Labs business, which are
reflected in the asset impairments line item in our consolidated statements of operations. Because we never integrated Spawn Labs
into our United States VideoGame Brands reporting unit, our decision to exit this business triggered an interim impairment test
that resulted in agoodwill impairment charge of $10.2 million, which is reflected in the goodwill impairments line item in our
consolidated statements of operations.