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GOODWILL AND INTANGIBLES | 12 Months Ended
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Dec. 31, 2013
GOODWILL AND INTANGIBLES [Abstract] |
GOODWILL AND INTANGIBLES |
2. | GOODWILL AND INTANGIBLES
The Company consolidated its United States consumer brands under the TigerDirect name and recorded a one-time, non-cash impairment charge related to the goodwill and intangible assets of CompUSA and Circuit City of approximately $35.3 million, pre-tax, in the fourth quarter of 2012; however, the CompUSA brand continued to be used in Puerto Rico during 2013. In the fourth quarter of 2013, certain subsidiaries of the Company sold certain CompUSA intellectual property assets (primarily domain names, trademarks and certain historical customer information) and accordingly the Company has discontinued using the CompUSA brand in Puerto Rico and has rebranded its operations there as TigerDirect. As a result of the sale, the Company wrote off the remaining carrying value of the CompUSA intangible assets of approximately $2.9 million, pre-tax. Goodwill: The following table provides information related to the carrying value of goodwill (in millions):
|  | December 31, |  |  | December 31, |
|  | 2013 |  |  | 2012 |
Balance January 1 |  | $ | 2.4 |  |  | $ | 3.3 |
Impairment charges |  |  | - |  |  |  | (0.9 | )
Balance December 31 |  | $ | 2.4 |  |  | $ | 2.4 |
During 2013, the Company did not incur any impairment charges related to goodwill. During 2012, the Company incurred one-time impairment charges related to goodwill of approximately $0.9 million. This impairment charge was recorded in the Consolidated Statement of Operations as special charges within the Technology Products segment. Indefinite-lived intangible assets: The following table summarizes information related to indefinite-lived intangible assets (in millions):
|  | December 31, |  |  | December 31, |
|  | 2013 |  |  | 2012 |
Balance January 1 |  | $ | 5.4 |  |  | $ | 38.8 |
Intangible write offs |  |  | (2.9 | ) |  |  | (33.4 | )
Sale proceeds |  |  | (0.2 | ) |  |  | - |
Balance December 31 |  | $ | 2.3 |  |  | $ | 5.4 |
During 2013 the Company wrote off the remaining carrying value of the indefinite-lived intangible assets of CompUSA of approximately $2.9 million and in 2012 the Company recorded one-time impairment charges related to trademarks and domain names of approximately $33.4 million. These write offs and impairment charges were recorded in the Consolidated Statements of Operations as special charges within the Technology Products segment. Definite-lived intangible assets: The following table summarizes information related to definite-lived intangible assets (in millions):
|  | December 31, |  |  | December 31, |
|  | 2013 |  |  | 2012 |
|  | Gross Carrying Amount |  |  | Accumulated Amortization |  |  | Gross Carrying Amount |  |  | Accumulated Amortization |
Retail store leases |  | $ | 3.4 |  |  | $ | 2.5 |  |  | $ | 3.4 |  |  | $ | 1.3 |
Client lists |  |  | 2.6 |  |  |  | 2.2 |  |  |  | 2.6 |  |  |  | 1.7 |
Technology |  |  | 1.0 |  |  |  | 0.9 |  |  |  | 1.0 |  |  |  | 0.7 |
Total |  | $ | 7.0 |  |  | $ | 5.6 |  |  | $ | 7.0 |  |  | $ | 3.7 |
During 2013, the Company incurred accelerated amortization of approximately $0.9 million related to the termination of one of the retail store leases. During 2012, the Company incurred one-time impairment charges related to definite-lived intangible assets of approximately $1.0 million. This impairment charge was recorded in the Consolidated Statements of Operations as special charges within the Technology Products segment. The aggregate amortization expense for these intangibles was approximately $1.9 million in 2013. The estimated amortization for future years ending December 31 is as follows (in millions):
2014 |  | $ | 0.8 |
2015 |  |  | 0.1 |
2016 |  |  | 0.1 |
2017 and after |  |  | 0.4 |
Total |  | $ | 1.4 |

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- Definition The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16323-109275 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16373-109275 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=26713463&loc=d3e16265-109275 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13854-109267 + Details
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