Dick's Sporting Goods 2012 Annual Report Download - page 81

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59
DICK’S SPORTING GOODS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
The components of intangible assets were as follows (in thousands):
2012 2011
Gross Accumulated Gross Accumulated
Amount Amortization Amount Amortization
Trademarks (indefinite-lived) $ 68,730 $ - $ 24,270 $ -
Trade name (indefinite-lived) 15,900 - 15,900 -
Customer list 1,200 (960) 1,200 (720)
Favorable leases and other finite-lived
intangible assets 14,954 (5,580) 9,602 (3,846)
Other indefinite-lived intangible assets 4,659 - 4,084 -
Total intangible assets $ 105,443 $ (6,540) $ 55,056 $ (4,566)
Amortization expense for the Company’s finite-lived intangible assets is included within selling, general
and administrative expenses on the Consolidated Statements of Income, and was $2.0 million,
$1.4 million and $1.0 million for fiscal 2012, 2011 and 2010, respectively. The annual estimated
amortization expense of the finite-lived intangible assets recorded as of February 2, 2013 is expected to
be as follows (in thousands):
Estimated
Amortization
Fiscal Year Expense
2013 $ 1,982
2014 1,549
2015 1,446
2016 1,292
2017 1,124
Thereafter 2,221
Total $ 9,614
3. Store Closings
The following table summarizes the activity of the Company’s store closing reserves (in thousands):
2012 2011
Accrued store closing and relocation reserves, beginning of period $ 36,121 $ 46,918
Expense charged to earnings 2,403 -
Cash payments (9,285) (13,320)
Interest accretion and other changes in assumptions 2,546 2,523
Accrued store closing and relocation reserves, end of period 31,785 36,121
Less: current portion of accrued store closing and relocation reserves (7,496) (7,803)
Long-term portion of accrued store closing and relocation reserves $ 24,289 $ 28,318