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Trademarks, Licenses and Other Intangible Assets

2016	Gross		Accumulated		Net Book
	Amount		Amortization		Value
Trademarks (indefinite lives)	$	115,793	$	—	$	115,793
Trademarks (finite lives)		40,794		63		40,731
Licenses (finite lives)		62,102		37,206		24,896
Other intangible assets (finite lives)		12,861		10,413		2,448
Subtotal		115,757		47,682		68,075
Total	$	231,550	$	47,682	$	183,868

2015	Gross		Accumulated		Net Book
	Amount		Amortization		Value
Trademarks (indefinite lives)	$	119,459	$	—	$	119,459
Trademarks (finite lives)		42,046		61		41,985
Licenses (finite lives)		66,082		28,994		37,088
Other intangible assets (finite lives)		12,366		9,563		2,803
Subtotal		120,494		38,618		81,876
Total	$	239,953	$	38,618	$	201,335

Amortization expense was $5.9 million, $5.8 million and $6.6 million in 2016, 2015 and 2014, respectively. Amortization expense is expected to approximate $5.7 million in 2017 and 2018, and $4.6 million in 2019, 2020 and 2021. The weighted average amortization period for trademarks, licenses and other intangible assets with finite lives are 18 years, 14 years and 2 years, respectively, and 14 years in the aggregate.

There were no impairment charges for trademarks with indefinite useful lives in 2016, 2015 and 2014. The fair values used in our evaluations are estimated based upon discounted future cash flow projections using a weighted average cost of capital of 6.2%. The cash flow projections are based upon a number of assumptions, including, future sales levels and future cost of goods and operating expense levels, as well as economic conditions, changes to our business model or changes in consumer acceptance of our products which are more subjective in nature. The Company believes that the assumptions the Company has made in projecting future cash flows for the evaluations described above are reasonable and currently no impairment indicators exist for our indefinite-lived assets. However, if future actual results do not meet our expectations, the Company may be required to record an impairment charge, the amount of which could be material to our results of operations.

The cost of trademarks, licenses and other intangible assets with finite lives is being amortized by the straight-line method over the term of the respective license or the intangible assets estimated useful life which range from three to twenty years. If the residual value of a finite life intangible asset exceeds its carrying value, then the asset is not amortized. The Company reviews intangible assets with finite lives for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Product sales of our Karl Lagerfeld brand have not met with our original expectations. During the fourth quarter of 2016, the Company decided that it will most likely exercise its rights for an early termination of the Karl Lagerfeld license in 2024, rather than continue the license through its original expiration in 2032. As a result of the shortened expected life of the license, the Company recorded an impairment loss of $5.7 million as of December 31, 2016.

Trademarks (finite lives) primarily represent Lanvin brand names and trademarks and in connection with their purchase, Lanvin was granted the right to repurchase the brand names and trademarks in 2025 for the greater of €70 million (approximately $74 million) or one times the average of the annual sales for the years ending December 31, 2023 and 2024 (residual value). Because the residual value of the intangible asset exceeds its carrying value, the asset is not amortized.