Staples 2012 Annual Report Download - page 128

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C-16
STAPLES, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (continued)
The Company's intangible assets are amortized over their estimated useful lives and are summarized below (in thousands):
Weighted
Average
Amortization
Period
February 2, 2013 January 28, 2012
Gross
Carrying
Amount Accumulated
Amortization Net
Gross
Carrying
Amount Accumulated
Amortization Net
Customer relationships 12.3 years $ 680,846 $ (305,245) $ 375,601 $ 678,608 $ (260,870) $ 417,738
Tradenames 15.9 years 208,449 (199,441) 9,008 248,714 (216,671) 32,043
Total 12.4 years $ 889,295 $ (504,686) $ 384,609 $ 927,322 $ (477,541) $ 449,781
Estimated future amortization expense associated with the intangible assets at February 2, 2013 is as follows (in thousands):
Fiscal Year Total
2013 $ 55,120
2014 54,888
2015 53,324
2016 48,290
2017 47,126
Thereafter 125,861
$ 384,609
Note D — Discontinued Operations
In September 2012, the Company announced its commitment to pursue the sale of PSD, a component of the Company's
International Operations segment, which operates in five countries in Europe and focuses on the sale, rental and servicing of
printing machinery. The Company is actively marketing the business and currently expects to complete the sale within one year
of this announcement. The Company does not plan to have continued involvement in the operations of PSD after the completion
of the sale, and subsequent to the sale, all cash flows related to PSD are expected to be eliminated from the Company's consolidated
financial statements. Accordingly, the Company has presented PSD's results of operations as discontinued operations in its
consolidated statement of income for all periods presented.
The Company has classified certain assets and liabilities of PSD as a disposal group and accounted for the group as held-
for-sale in the Company's consolidated balance sheet as of February 2, 2013. Given that the Company expects to complete the
sale within one year, the Company has presented the disposal group within current assets and current liabilities on the consolidated
balance sheet.